I would like an essay that covers how the following aspects of catastrophic events (storms, major accidents) affect the aviation insurance market. Please develop a scholarly response without any titles above paragraphs. Please try to address each aspect clearly with minimal repitition.
1. Evaluate risk exposure from natural disasters or major accidents:
How specific natural disasters (e.g., hurricanes, earthquakes, wildfires) and major aviation accidents increase risk exposure for airlines, airports, and FBOs.
2. Examine insurance policy implications:
Research how aviation insurance policies, such as hull, liability, and property insurance, respond to claims arising from natural disasters and major accidents.
3. Assess the financial impact on aviation insurers:
Research financial implications for aviation insurers when faced with significant claims from natural disasters or major accidents, including potential insolvency risks.
4. Explore reinsurance and risk transfer strategies:
Look at the role of reinsurance in mitigating the impact of catastrophic events on aviation insurers, including the availability and cost of reinsurance coverage.