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The cost of aviation insurance, like all insurance, is driven by risk factors. The higher your risk of being involved in an incident, the higher your insurance premium will be. The good news for aircraft owners and operators is that there are steps you can take to show the underwriter reviewing your insurance application that you pose a lower risk. In doing so, you can “earn” a better insurance premium.
The RedTail Flight Academy is a charitable 501(c)(3) organization dedicated to “honoring the legacy of the Tuskegee Airmen by providing aviation opportunities for aspiring aviators of color.”
Aviation is both a vital industry and one that has a significant impact on the environment. Concerned parties—from government regulators to aviation companies to private citizens—are increasingly pushing for advances in sustainability.
The processes for adjusting and managing aircraft insurance claims have not changed significantly in recent decades. Depending on the extent of the damage, most hull claims have typically involved an adjuster being on site within a few days of an accident to assess the damage and plan for necessary repairs. However, in a world in which we are increasingly time- and cost-sensitive, as well as environmentally conscious, change is afoot.
When considering the challenges of realizing the goal of flying taxis and personal commuting aircraft, thoughts of airspace management, aircraft certification and operational safety may immediately spring to mind.
A shift to airplanes powered by electric motors via lithium-ion batteries is in motion. Just recently, a major aircraft engine manufacturer announced the first flight of its all-electric aircraft. As this next generation of aircraft becomes more common, claims professionals and other personnel in the aviation industry will need to become familiar with the unique challenges presented by electric aircraft.
InsureTech or InsurTech or insurtech—It seems the industry has not yet decided on the preferred spelling, but it is the latest insurance buzzword and similar in meaning to fintech. As fintech is shorthand for “financial technology,” insurtech refers to “insurance technology,” and its use is changing insurance operations for the better in three key areas.
The U.S. has big plans. It wants to send humans back to the moon and eventually further on to Mars. This starts with landing the first woman and first person of colour on the moon within the next few years.
When people think of aircraft insurance, what typically comes to mind is cover for accidents, hard landings and the like. In fact, most “technical” pricing of aircraft insurance uses only operational statistics and basic exposure data points (aircraft values, passenger numbers, etc.) to determine equitable premiums.
An industry driven by innovation and advancement stands on the precipice of transformation, with two different but complementary elements at play. The first is the development and adoption of cleaner fuels for existing aircraft and less carbon-intense ways of managing the existing aerospace infrastructure.