A team of three officials from GIC Re participated in the Annual General Meeting of International Union of Aerospace Insurers held in the first week of June 2012 at Montreux, Switzerland. The AGM had presentations by five working groups dealing with airlines, general aviation, manufacturers' products and airports, space and legal and claims.
In the meeting this year there was some relief that 2011 turned out to be one of the best years in terms of lowest number of fatalities and lowest in respect of frequency and severity – except for the tragic loss at the Reno Airshow. However, with market being competitive in equal measure by pricing in the low claims figures, there was little margin with the market for any catastrophic loss. It was noted that leaders were losing their eminent position as far as pricing was concerned and there was a need to restore their eminence. There was also an interesting presentation on Solar Max. Usual annual stock taking, technology issues and emerging issues were discussed.
GIC Re team made a presentation on “General Aviation in India and SAARC” giving an overview of general aviation in the region which was well received.
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