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Notiziario Marketpress di
Giovedì 24 Marzo 2005
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Pagina1 |
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COMPETITION: AVIATION INSURERS COMMIT TO REFORMS TO PROMOTE COMPETITION AND TRANSPARENCY |
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Brussels, 24 March 2005 - Following an investigation by the European Commission, leading European aviation insurers have undertaken to reform their practices as regards the operation of aviation insurance in order to promote more competition and transparency. The reforms foresee inter alia greater transparency in key industry committees based in London, including one that establishes standard wordings for aviation insurance policies and clauses. In addition, the undertakings provide that if an unforeseeable crisis resulting from war or terrorism arises, insurers will limit any co-ordinated action to that which is indispensable to ensure that capacity continues to be available and customers can continue to buy insurance, and the effects on competition from the co-ordinated action are kept to a strict minimum. The undertakings were given following a Commission investigation to establish whether certain practices in the aviation insurance industry in the aftermath of 11 September 2001 were in violation of the Ec Treaty’s ban on restrictive business practices (Article 81). The inquiry revealed that existing structures for cooperation among aviation insurers were impeding the market from working as well as it should, and that safeguards against excessive coordination among insurers could enhance competition. In the light of the undertakings given, the Commission‘s investigation will be closed. The Commission will continue to monitor market developments and keep the aviation insurance market under close scrutiny. Aviation insurance, mainly based in London, covers air transport and risks related to the operation, manufacture and sale of aircraft, the operation of airports, air traffic control and groundhandling. The International Underwriting Association of London and the Lloyd’s Market Association are parties to the undertakings, which will enter into force immediately, binding individual insurers as members of these associations. Standard wording for aviation insurance policies and clauses have up until now been drawn up solely by committees of insurers. In the future, customers will also have a say in the development of published standard clauses. A new Aviation Insurance Clauses Group will grant customers far reaching rights and opportunities to participate by being consulted on proposed clauses as well as by proposing new wording, clauses or variants themselves. Publication of the Group’s meeting records will help ensure transparency. Also, the risk of excessive coordination between the two sets of underwriters will be reduced by the more stringent terms of reference and the clearer remit of a new Aviation Liaison Forum that replaces the present Joint Executive Committee, a body in which the two leading aviation insurers’ associations meet to discuss matters of common interest. A new Crisis Response Protocol aims to ensure that competition is maintained even in crisis situations, and that the minimum of disruption is caused to the normal operations of aviation insurance policyholders due to the actual or potential unavailability of adequate aviation insurance.
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