Aviationinsurancemarketoverview

H12025

AbusinessofMarshMcLennan

Contents

1

Introduction

2

FactorsimpactingtheLondoninsurancemarket

3

Premiumchangeanalysis

4

Potentialriskcapacity

5

Appendix

Executivesummary

Thefirsthalfof2025wasmarkedbyturbulence,withconflictandtariffsdominatingheadlinesandcreatingeconomicuncertaintyforbusinessesandconsumers.AsQ2progressedandtariffswere

temporarilyreprieved,marketsrebounded,andpositiveconsumersentimentandspendingappearedtofollow.However,ongoing

geopoliticaltensionsandunresolvedtradeissuessuggestthatuncertaintyislikelytopersist.

Severalmajorincidentsinvolvingcommercialairlinesinthefirsthalfof2025resultedinthetragiclossofover300lives.Attrition

continuedtorise,drivenbyincreasedcosts.TheUKHighCourtissuedarulinginfavorofaircraftleasingcompanies,withpotential

implicationsfortheaviationinsurancemarket.

Underwritingcapacityremainsplentiful.However,one(re)insurer’swithdrawalfromdirectaviationinsurance,inadditiontoinsurers’performanceoverall,mayleadtostrategicshifts.

Overallaswemoveintothesecondhalfof2025,theoutlookfortheaviationinsurancemarketremainspositive.Thereisasurplusof

capacitytomeetthegrowingdemandsoftheaviationindustry,supportingcontinuedgrowthandstability.

DavidGeorge

DeputyChairmanofAviation,UK&Ireland

Factors

impactingtheLondoninsurancemarket

5AviationinsurancemarketoverviewH12025

FactorsimpactingtheLondoninsurancemarketduringH12025

GAAerospaceAirlines

Influencingfactors

In2024,bothrevenueandpassengernumbersreachedrecordhighs.However,aswemovefartherinto2025,geopoliticalandeconomicuncertaintiescoulddampenconsumer

confidence,especiallyinEuropeandtheUS.

Whileinflationarypressureshavestabilized,

supplychaindisruptionsandworkforceshortagesremainchallenges.Conversely,AIandnewdigitaltechnologiespresentopportunitiesforgrowth

andinnovation.Additionally,theindustrymayseeasubstantialincreaseindefensespendinginthecomingyears.

Generalaviationmanufacturersexperienced

heighteneddemandfornewaircraft,withfleet

sizescontinuingtoexpandasoperatorsreplaceagingaircraftornewstart-upsenterthemarket.Whilethishashelpedregulatethenumberof

operationalaircrafttodate,thegrowingdemandpressuresonmanufacturerscouldleadtogreateraircraftutilizationoverall.

MarketfactorsCurrentstatus

Capacityinthemarketremainedhealthy,despiteone(re)insurerexitingthedirectaviationmarket.

Significantlossesinthisperiod,includingtheAir

IndiacrashandtheUKHighCourtrulinginfavorofaircraftleasingcompanies,underscoretheongoingneedfortheaviationinsuranceindustryto

continuouslyadapttoeffectivelymanagerisk.

Attritionallossescontinuedtoriseduetoincreasedrepaircostsandsupplychainrestrictions.

Theindustrycloselymonitoredmajorairlinelosses,withinvestigationsandclaimsexpectedtounfoldinthenearterm.TheUKHighCourtrulinginfavorofaircraftleasingcompaniesmayhavesignificantimplications.

NewMGAentrantswithadditionalcapacity

increaseddownwardpressureonrates.Whilepremiumsarestillreducingespeciallyonlargerpremiumbasedrisks,underwritersgenerallyshowedanappetiteforwritingmoreaccounts.

AirlineswhorenewedinH1withhighlevelsof

exposuregrowthbroadlybenefitedfromcontinuedhighlevelsofcompetition.Someunderwritershaveexpressedthatpremiumsshouldriseorthattheyneedtomanageexposurethroughreducedline

sizetoprotectagainstincreasingattritionaland

majorlossesexperiencedthroughoutthelastyear.

Themarketoverallremainsrelativelystable.TherehavenotbeenanyadditionalwithdrawalssincetheinitialnewsthatonereinsurerceasedunderwritingdirectAviationrisks.Insurersareactivelyseekingtoenhancetheirpositionsonaccounts.

TherewerenomajorlossesintheGAmarket,

althoughattritionallossescontinuedtooccur.Thiscanbebeneficialtoclientsasadditionalcoverageisoftenavailableatnoextracost.However,

continuedlossesinthewideraviationmarketmaybegintoaffecttheavailabilityoftreatyreinsuranceforinsurers.Thesefactorsmayimpactcapacityandpricinglaterin2025intoearly2026.

6

AviationinsurancemarketoverviewH12025

TheHullWarmarket

Currentmarketdynamicsremainpositiveandbeneficialforclientsrenewing,subjecttoscrutinyoftheirriskprofile.

Eachriskisreviewedbasedonitsindividualprofile;however,ratingreductionsareattainable.

Anexcessofcapacityforlower-limitrisksisfosteringincreasedcompetitionamonginsurersandenablingtheverticalizationofplacements.Thisdynamiccanleadtopotentialcostsavingsandpremiumreductionscomparedtoexpiringterms.

Insurerhavebeenrequestingadditionalinformationfromclientsandareseekingtoimposeshorternoticeperiods,especiallyforhotspotlocations.

ThistrendisparticularlyevidentintheMiddleEastandAsiaregions,whereheightenedgeopoliticaltensionspromptinsurerstocloselymonitorexposuresandaggregationrisks.

Keyfactorsremain:

?Areasofoperations

?Aircraftvalues

?Fleetaggregations

?Riskmitigation/additionalprotocolsinplace

7AviationinsurancemarketoverviewH12025

Thechangingexcess

AVN52market

Pricingremainedstable,supportedbyongoingeffortsto

improvenuclearreinstatementprovisionsandstrengthen

overallclientprotection;however,capacityconstraintsremain.

Coverage

PressureonprimaryexcesspointstoUS$350million.Someinsurershaveexpressedadesiretomovetowards“excess”basisratherthan“differencebetween.”

Premiumincreases

Continuedfocusonpricingascostofcapacitydeployedforlimit.

Premiumsgenerallyrangedfromflattosmallreductions.

Capacityrestrictions

Capacitylimitationswereobserved-basedmarketforlargerlimitrisks;thoughnewentrantsaddedcapacityandtherewereincreasedlinesfromsomeinsurers.

Automaticreinstatement

Automaticreinstatementprovisionsvaryfrom48hoursto7days.

8

AviationinsurancemarketoverviewH12025

AviationreinsurancemarketH12025

Underlyingmarketdynamics

Majorriskexposures(passengernumbers,flights,andequipmentvalue)continuedtoincrease

Ratesremainedvariableandreducedmodestly.However,premiumscontinuetobeinfluencedbyspecificrisk

characteristicsandclaimshistory.

Losscostsincreased.Hullsimpactedbyrepaircostsandsupplyissues;liabilityimpactedbylargejuryverdictsintheUS.

RussianleasingUKHighCourtproceedingsconcluded;otherquestionsremain.

AseriesoflargeprofilelossesincludingJeju,AA/PSA,Delta,andAirIndia,promptedincreasedfocusontheairline

segment’sprofitability.Prioryearlossdeteriorationremainsaconcern.

門

Capacityremainsavailableformostbusinesssegments,supportedbyincreasedreinsurerappetitesandnewentrants,

despitetherecentwithdrawalofonereinsurer.

Source|GuyCarpenter

Source|GuyCarpenter

9

AviationinsurancemarketoverviewH12025

AviationreinsurancemarketH12025

Riskexcesscovers

PredominantlyatoolforUSgeneralaviationportfoliostoenablelargehull/liabilitylimits.

Appetitetosupporttheproducthasreducedoverrecentyearsdespitepremiumincreases.

Unlikelytoseeanyfundamentalchangesbutremainsalimited-supplyproduct.

Excessoflosstreaties(XoL)

~US$600m+PremiumUS$250m+OILAttachment

Limitedverticalizationpersisted.Retentionsunchangedonrecentrenewals.

Competitionthroughalternativeproductsandindividualreinsurerappetiteisinfluencingthesizeoforders.

Currentratinglevelsattractmorecapacity.Existingreinsurerscontinuetoseekgrowthopportunities.

RecentAllRiskslosses(Jeju,AA/PSA,Delta,AirIndia)likelytoimpacttheXoLmarket,

dependingontheultimatelossreserves.

Post-2019,significantpremiumgrowthandincreasedaverageretentions.

Reinsuranceresultsremainfollowingsubstantiallosses2019.

2018~US$175mPremiumUS$150mOILAttachment

inthered

in2018and

2025

Proportionaltreaties(QuotaShareorQS)

QScapacityremainslargelyunchanged,however,thereareinstanceswhereadditionalcapacitybecomesavailablewhenplacementsarelinkedtoanXoLtreatyorwhentheportfoliocontainsalowproportionofMajorRisks’

business.

Reinsurerslookingtoalignwiththeirkeytradingpartnersaheadofpotentialmarketupturn.

Commissionsbroadlyunchanged,butsomeupwardmovementwheregoodresultsandotherfactorsapply.

10

AviationinsurancemarketoverviewH12025

Majorlossanalysis

Airlineallriskslosses>USD10million

Date

Operator

Aircrafttype

Location

Losstype

Detail

6/12/2025

AirIndia

787

India

TotalLoss

Theaircraftwasdestroyedwhenitcrashedaftertake-offfromAhmedabad,Gujarat

5/8/2025

NorseAtlanticAirways

787

Norway

MajorPartialLoss

EnginesdamagedduringgroundrunatGardermoenAirport,Oslo

4/2/2025

*3/13/2025

3/1/2025

Aeromexico

AmericanAirlines(USA)

FedEx

737Max9

737-800

767

Mexico

UnitedStates

UnitedStates

MajorPartialLoss

TotalLoss

MinorLoss

LeftenginedamagedduringlandinginMexicoCity

Aircraftdivertedduetoenginevibrations,withasubsequentenginefireonlanding

EnginesdamagedbytwobirdstrikesontakeofffromNewark,NewJersey

2/17/2025

Delta(EndeavorAir)

CRJ-900

Canada

TotalLoss

TheaircraftwasdestroyedafterlandingatToronto

1/29/2025

AmericanAirlines(PSAAirlines)

CRJ700

UnitedStates

TotalLoss

AircraftcollidedwithaUSArmyhelicopterduringapproachtoWashingtonNationalAirport,DC

1/28/2025

AirBusan

A321-200

SouthKorea

TotalLoss

AircraftcaughtfirewhilepreparingfordepartureatBusan

1/8/2025

AlaskaAirlines

737-900ER

UnitedStates

MajorPartialLoss

Nosewheeldamaged,rightenginestruckanembankmentontaxiwayatAnchorage

*LossnotyetrecordedbyCirium,butMarshunderstandslikelytoexceedUS$10mbasedonreportedfactsofloss.

Note:Includingairlinehull,airlineliabilityandproductliability.Cirium’slossinformationisderivedfromseveralsourcesandmaynotreflectthelatestreserveorfinalsettlementfigures.

Source|Cirium

11AviationinsurancemarketoverviewH12025

01|Airlineallriskslosses>USD10million

$951

$1,000

$900

$800

Sumoflosses>US$10m(US$m)

$700

$600

$489

$366

$500

$400

$309

$300

$200

$76

$100

$0

2020

2021

2022

2023

2024

Sumoflosses>=US$mAverage

Source|Cirium

Keysafetyfactors

?275passengerandcrewfatalitiesrecordedin2024,179ofthesedeathsoccurredinasingleaccident,theJejuAircrashatMuan,SouthKoreaonDecember29.

?Thisisthehighestnumberoffatalitiessince2018.Bycontrast2023sawanear-recordlownumberof

fatalities.

Insurancemarketconsiderations

?In2024,thecostofincurredhullandliabilityclaims,includingattritionallosses,exceededwrittennet

premiumestimatesbyatleastUSD$200million.

?ClaimsrelatedtoleasedaircraftthathaveremainedinRussiasinceMarch2022arenotdepictedinthechartatleft.TheUKHighCourtrulingwillallow

variouslessorstocollectUSD$4.5billionfromtheirHullWarpolicies.

12AviationinsurancemarketoverviewH12025

02|Aviationmarketperformance–2015to2024

$2,000

$1,865

$1,793$1,673

$1,768

$1,800

$1,600

$1,400

$1,200

$1,850$1,800

$1,612

$1,680

$1,620

$1,600

Averageclaims:$1,385m

USDm

$1,191

$1,150

$1,350

$1,325

$1,300

$1,314

$1,150

$1,000

$1,014

$941

$800

$600

$681

$400

2015201620172018201920202021202220232024

NetpremiumIncurredclaimsAverageclaims

Source|Cirium

Premiumchangeanalysis

14

Meanaverage

Thisisthemeanaverageoftheindividualairlinepercentageincreases.

(2%+20%+3%)/3=8.33%

Howthisimpactsouranalysis

Thiscanpotentiallybedistortedbyasmallaccountwithalargepercentagechange.

AviationinsurancemarketoverviewH12025

HowwepresentmarkettrendsMeanaveragevs.weightedaverageexplained

Airline

Airline1

2024

premium

100

2025

premium

102

%change

2%

Airline2

150

180

20%

Airline3

1,000

1,030

3%

Totals

1,250

1,312

Weightedaverage

Thisiscalculatedbysummingtheentireportfolioforeachyearandshowingthepercentagechangebetweenthese.

(1,312-1,250)/1,250=4.96%

Howthisimpactsouranalysis

Asweightedaverageusespremiumvolume,itmaypotentiallydistortthepercentagechangeapplicabletoairlineswherepremiumvolumeislow.

Summary

Weightedaverageconsiderspremiumvolumeandmeanaveragedoesnot.

15AviationinsurancemarketoverviewH12025

03|Airlinespremiumchange

15%Analysisbyquarter

10%

Grosspremiumchange%

5%

0%

-5%

-10%

WeightedaveragechangeMeanaveragechange

Source|Marsh

Keyratingfactors

?Insuredsafetyrecordandlosshistory.

?Geographicalrisk.

?Aircraft,passenger,anddepartureexposuremovement.

?Limitsofliabilitypurchased.

Additionalmarketconsiderations

?Increasingreinsurancecost.

?LossesemanatingfromtheRussia-Ukrainewarremainsomewhatunresolved.

?Concernsoverattritionallossespersistasfleets

continuetoincreasetheirusagebutwithsomewhatlessexperiencedstaff.

?Competitionremainsstrongamongaviationinsurers.

?Thereisincreasingcompetitiononleadlayersfrominsurersofteninfollowingpositions.

16AviationinsurancemarketoverviewH12025

04|ManufacturersandMRO’sAerospace

25%

20%

15%

Grosspremiumchange%

10%

5%

0%

-5%

-10%

-15%

-20%

Analysisbyquarter

4.31%

2.66%

2.36%

-2.68%

WeightedaveragechangeMeanaveragechangeWeightedaveragerollingfourquartersMeanaveragerollingfourquarters

Source|Marsh

17AviationinsurancemarketoverviewH12025

05|AirportsandserviceprovidersAerospace

25%

20%

15%

Grosspremiumchange%

10%

5%

0%

-5%

-10%

-15%

-20%

Analysisbyquarter

4.40%

-0.25%

0.21%

-1.91%

WeightedaveragechangeMeanaveragechangeWeightedaveragerollingfourquartersMeanaveragerollingfourquarters

Source|Marsh

18AviationinsurancemarketoverviewH12025

06|Generalaviationpremiumchange

Keyratingfactors

?Limitofliabilitypurchasedandanyself-insuredretention.

?Aircrafttype.

?Overallfleetvalueandsize.

?Geographicareaofoperationandaggregationofhullexposure.

?Businessoperation.

?Losshistory.

?Company’soperatingmodelandsafetyrecord.

Additionalmarketconsiderations

?Increasingreinsurancecost.

?LossesemanatingfromtheRussia-Ukrainewarremainsomewhatunresolved.

?Concernsoverattritionallossespersistasfleets

continuetoincreasetheirusagebutwithsomewhatlessexperiencedstaff.

?Competitionremainsstrongamongaviationinsurers.

?Thereisincreasingcompetitiononleadlayersfrominsurersofteninfollowingpositions.

Grosspremiumchange%

Analysisbyquarter

20%

15%

10%

5%

2.59%-0.90%

0%

-2.28%

-5%

23Q323Q424Q124Q224Q324Q425Q125Q2

WeightedaveragechangeMeanaveragechange

WeightedaveragerollingfourquartersMeanaveragerollingfourquarters

-10%

-15%

-20%

3.90%

25%

Source|Marsh

Potential

riskcapacity

20AviationinsurancemarketoverviewH12025

Airlineriskcapacity

PotentialmaximumLondonlinesizebasedonafavorablelossexperience*.MajorairlineriskwithUS$2bncombinedsinglelimit

Lloyd’s

24%

Lloyd’s40%

London

43%

US

198%

UnitedStates

London

124%

Non-US

247%

80%

Restoftheworld

Restoftheworld

83%

51%

*Favorableexperiencedenotesrisksthathavenotincurredalargeclaim,meaningexceeding10%ofannualpremiuminanyoftheprevious5years.

.

Source:Informationprovidedbyinsurersasgathered,aggregated,andunderstoodbyMarsh

N.B.Linesizesareestimatesonlyandshouldonlybetakenasaguide.Eachindividualinsurermaydeclineariskortodeployitscapacityinlinewithitsindividualriskappetites.

Source|Marsh

Source|Marsh

21

AviationinsurancemarketoverviewH12025

Aerospaceriskcapacity

PotentialmaximumLondonlinesizebasedonafavorablelossexperience.MajoraerospaceriskwithUS$1.5bncombinedsinglelimit

Lloyd’s

34%

Lloyd’s22%

Major

Airport

253%

Restoftheworld

manufacturer

London

140%

Restoftheworld

212%

London

130%

60%

79%

Source:Informationprovidedbyinsurersasgathered,aggregated,andunderstoodbyMarsh

N.B.Linesizesareestimatesonlyandshouldonlybetakenasaguide.Eachindividualinsurermaydeclineariskortodeployitscapacityinlinewithitsindividualriskappetites.

Source|Marsh

22

AviationinsurancemarketoverviewH12025

Generalaviationriskcapacity

PotentialmaximumLondonlinesizebasedonafavorablelossexperienceforGeneralaviationfleet

Businessjets(CSLUS$250m)

Lloyd's

50%

Restoftheworld

68%

308%

London

190%

Mid-sizedmixedfleet

(CSLUS$50m)

Restoftheworld

Lloyd's

150%

104%

444%

London

190%

Largerotorwingfleet

(CSLUS$50m)

Lloyd's

72%

Restoftheworld

90%

315%

London

153%

Largefixedwingfleet

(CSLUS$75m)

Restoftheworld

123%

Lloyd's

57%

London

133%

313%

Source:Informationprovidedbyinsurersasgathered,aggregated,andunderstoodbyMarsh

N.B.Linesizesareestimatesonlyandshouldonlybetakenasaguide.Eachindividualinsurermaydeclineariskortodeployitscapacityinlinewithitsindividualriskappetites.

23AviationinsurancemarketoverviewH12025

War&AVN52PotentialCapacity

07|HullWarpotentialcapacitytodate

$1,000

$900

PotentialDollarLine(US$m)

$800

$700

$600

$500

$400

$300

$200

$100

$0

2022

2023

2024

2025

2021

LondonRestoftheworldLloyd's

08|AVN52potentialcapacitytodate

$2,000

$1,800

PotentialDollarLine(US$m)

$1,600

$1,400

$1,200

$1,000

$800

$600

$400

$200

$0

2021

2022

2024

2025

2023

London

Lloyd's

Restoftheworld

2025onlyincludesH1informationtodate.Source|Marsh

Appendix

25AviationinsurancemarketoverviewH12025

Nuclear

ReinstatementLanguage

ThecurrentpolicywordingrelatingtoWarRiskswasdraftedatatimewhenthehostiledetonationofanuclearweaponwasconsidereda“doomsday”scenario.However,theadventandproliferationoftacticalnuclearweaponsmeanthatnowsuchaneventcouldbemorelocalized.

TheRussia-Ukrainewarhasbroughttheprospectofsuchaneventintofocus.

Overthelastfewyears,thepotentialimplicationsofautomatic

terminationhavebeenafocus.Responseshavebeenindividualizedwithdifferentviewsandsolutionsoffered.

Theuseofvaryingapproacheshasresultedinapotential“jigsaw

puzzle”ofcoverageoptions.Theintroductionofanewmarketclause(IUA07-001)in2024wasviewedasapositivedevelopment.Akey

distinctionamongthereinstatementclausesisthenoticeperiod–

eithersevendaysor48hours–andinQ4itbecameevidentthatovermuchofagivenplacementcouldbecompletedbasedonaseven-daynotice.

Whileapproachestothereinstatementprovisioncontinuetovary,theevolutiontodatehasfavoredpolicyholders.

26

AviationinsurancemarketoverviewH12025

Nuclearreinstatementlanguage

Therisksandcoverageobjective

Followingahostilenuclearweapondetonation,the

entireaviationindustry(includingairlines)wouldbe

facedwithimmediateautomaticcancellationofliabilitycover,regardlessofwherethedetonationoccurredandwhattypeofweaponwasinvolved(tacticalorother).

Allairlinesgloballywouldpotentiallybegroundedbyimmediateautomaticterminationofliabilitycover.Aircraftalreadyinflightwouldremaininsureduntillandedandenginesshutdown.

Theexpressed(re)insurerintentionofthenuclear

reinstatementlanguageistoprovideforcontinuityof

coverageafterahostiledetonationtriggersautomatic

termination,allowinga“breathingspace”ofbetween48hoursandsevendaysduringwhich(re)insurersandthe

insuredcanlooktocontinuecoverageunderreviewedandagreedterms,limits,conditions,andgeographicallimits.

Thelanguagerecognizesthatterminationofcoveragemaynotbedesiredornecessaryinallcases,allowingforatailoredapproachtomanagingtheimpactofahostiledetonationevent.

Severalversionsofaclause,intendingtoprovidesomelevelofcontinuityofcoverfollowingahostile

detonation,arenowavailable.However,therearethreeprincipalareaswheretheproposedwordingsdiffer.

1.48hoursversussevendaysadditionalcoveroutside“blastzone”.

2.ExtensiononlyapplicabletotheRussia-Ukrainewar.

3.Extensionrestrictedonthenumberofhostiledetonations.

27

AviationinsurancemarketoverviewH12025

Automaticterminationclause

LIIBAAV002

LIIBAAV003

AXAXLAV0017A

Global191

Global191B

Global191(Fidelis

amended

11/23/22)

Automatic

termination

Anycoverextendedwithin:

?500kmofthepointofdetonation.

?Countryoflaunch.

?Countryresponsiblefor.

?Countrywherethe

detonationoccurred.

uponthefirsthostiledetonation.

Anycoverextendedwithin:

?500kmofthepointofdetonation.

?Countryoflaunch.

?Countryresponsiblefor.

?Countrywherethedetonationoccurred.

uponthefirsthostiledetonation.

Anycoverextendedwithin:

?500kmofthepointofdetonation.

?Countryoflaunch.

?Countryresponsiblefor.

?Countrywherethe

detonationoccurred.

?WithinRepublicof

Belarus,Russian

Federation,andUkraine(includingdisputed

regionsandCrimeanPeninsula).

uponthefirsthostiledetonation.

Anycoverextendedwithin:

?500kmofthepointofdetonation.

?Countryoflaunch.

?Countryresponsiblefor.

?Countrywherethe

detonationoccurred.

uponthefirsthostiledetonation.

Anycoverextendedwithin:

?500kmfromthepoint

ofdetonation.

?Countryoflaunch.

?Countryresponsiblefor.

?Countrywherethe

detonationoccurred.

?WithinRepublicof

Belarus,Russian

Federation,andUkraine(includingdisputed

regionsandCrimeanPeninsula).

uponthefirsthostiledetonation.

Anycoverextendedwithin:

?500kmofthepointofdetonation.

?Countryoflaunch.

?Countryresponsiblefor.

?Countrywherethe

detonationoccurred.

uponthefirsthostiledetonation.

Anyadditionalapplicable

territoriestobeexcludedtobeadvisedwithin48hoursfromthehostiledetonation.

Non-automatictermination,limited

cancellation(timeframe)

Insurersmaygivenoticeto

reviewpremiums,

geographicallimits,and/orissuea48-hournoticeof

cancellation,sevendaysafterdetonation,ofoneormorepartsoftheremainingcover

within30daysofdetonation.Additionalpremium:TBA.

Inrespectofthedeletionofsub-

paragraph(a)ofclauseAVN48B,coverterminatesautomatically

sevendaysfromhostiledetonationinallothergeographicalareasnotlistedabove.

Insurersmaygivenoticetoreviewpremiums,geographicallimits,

and/orissuea48-hournoticeof

cancellation,sevendaysafter

detonation,ofoneormorepartsoftheremainingcoverwithin30daysofdetonation.

Additionalpremium:TBA.

Terminatesautomaticallysevendaysfromhostiledetonation.

Insurersmaygivenoticeofcancellationofoneormorepartsofthecover.

Insurersmayreinstate

coverageatterms,limits,

conditions,andgeographicallimitsasagreedbyeach

insurer.

Additionalpremium:TBA.

Terminates48hoursfromhostiledetonation.

Insurersmaygivenoticeofcancellationofoneormorepartsofthecover.

Insurersmaygivenoticetoamendthepremiumand/orgeographicallimits.

Terminatesautomatically48hoursfromhostile

detonation.

Insurersmaygivenoticeofcancellationofoneormorepartsofthecover.

Insurersmayreinstate

coverageatterms,limits,

conditionsandgeographicallimitsasagreedbyeach

Insurer.

Terminates48hoursfromhostiledetonation.

Insurersmaygivenoticeofcancellationofoneormorepartsofthecover.

Insurersmaygivenoticetoamendthepremiumand/orgeographicallimits.

Subsequenthostile

detonation

ProvisionsofAVN52E/Gapplyunamended.

ProvisionsofAVN52E/Gapplyunamended.

ProvisionsofAVN52E/Gapplyunamended.

ProvisionsofAVN52E/Gapplyunamended.

ProvisionsofAVN52E/Gapplyunamended.

ProvisionsofAVN52E/Gapp