Thu, Apr 19, 2007
Will Also Research Human Factors In Accidents
How
often do we hear about an insurance company lowering its rates? At
a Wednesday press conference at Sun 'N Fun, Avemco Insurance
Company announced the company has lowered its rates on coverage for
specific models in the Technically Advanced Aircraft (TAA)
category. Rates have been reduced for all Cirrus models and
Diamond's new DA-42.
When asked why they were making the change, Avemco Executive VP
Jim Lauerman said, "To maintain our leadership in General Aviation
insurance, we constantly monitor our underwriting results to ensure
that we charge a rte that is adequate to promptly pay for all
covered claims and also provide a solid return on our stockholders'
investments. While inflation usually means that those rates need to
increase, sometimes the analysis indicates that we no longer have
to be as conservative in some of our assumptions. This is one of
those times."
When asked if the continued education programs being announced
by Cirrus and Diamond were contributing factors, Lauerman said,
"These programs definitely made the decision easier."
Lauerman also announced higher liability thresholds for policy
holders based on market demand. These changes are in addition to
Avemco's recent broadening of liability coverage for bodily injury
to family members who are injured due to the negligence of another
family member.
In their continued interest in aviation safety, Avemco is
working on a study of Human Factors as they relate to aviation
accidents. This will be a multi-year research study known as
Airmanship Education Research Initiative (AERI). The study seeks to
understand pilot-induced accidents as they relate to mental
processes and compare them with those processes of expert airman
who have remained accident free.
"The goal of this research project for Avemco is obviously a
business one: determining characteristics and practices that are
associated with accidents will help us in underwriting and pricing
risks" Jim Lauerman explains, "understanding more about piloting
expertise will make for better and smarter pilots at all levels,
and ultimately safer skies."
Lauerman noted, "Who better to do the research than an insurance
company?"
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