Published on : Tuesday, August 11, 2020
According to Gallagher survey, aviation and tourism sectors are areas of concern for insurers.
Aviation (26.9 percent) is the top sector of concern and tourism (10 percent) is the third-highest among sectors cited by underwriters when questioned about what concerned them most in their portfolios. The oil and gas sector (26.4 percent) came second.
In the survey, Gallagher wrote to 76 individual underwriters representing 46 insurance companies or Lloyd’s syndicates.
This survey comes amid major airlines around the world facing an uncertain recovery, and tourism destinations around the world suffering due to lack of traffic and travel restrictions. With the recommencement of travel, new credit restrictions for corporate travel agencies will invite heavier financial burdens.
“We would expect to see oil and gas in here given the scale of the industry for this class of insurance,” said Matthew Solley, managing director of structured credit and political risks for Gallagher.