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Thu, Apr 19, 2007

Avemco Announces Rate Decreases At Lakeland

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?"

FMI: www.avemco.com

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