A financial crisis is incoming for the aviation industry in the new year due to insurers’ responses to lawsuits filed after multiple air crashes in the last two years, misjudging how much money is needed to pay damages, an expert warns. 

Steven Marks, partner at Podhurst Orseck in Miami, told Law.com that an industrywide panic is likely on its way in 2024, prompted by reinsurers who provide coverage for air carriers failing to move their cases out of the United States and causing damages leveled against them to climb to astronomical levels.