Our Future: Together
2020 has been a challenging year. It is our hope that our industry will come out of these difficult times with renewed purpose, finding greater strength and resilience from each other. We recognise that during these times, our clients need dependability, confidence and trust in the people they choose to do business with.
Aviation is an inherently volatile class of business for underwriters: year to year, its fortunes are driven by extreme fluctuations in both loss experience and market dynamics. It only really makes sense if you can take a longer-term perspective.
When we started underwriting, aircraft were made of wood and fabric, and the story since then has been a thrilling, but bumpy, ride: we have underwritten every innovation, every success and also every failure. We have customers today who have been with us for over 70 years, often through multiple times of crisis followed by as many times of recovery and prosperity.
The experience of 2020 has forced all of us to reassess our business models. But we remain convinced that there is real value in long-term partnerships that can be resilient in any crisis.
For almost 100 years, Global Aerospace has adapted and changed with our customers. The reason we can say that is simple. We are an aerospace speciality insurer, so our interests are uniquely aligned with that of our customers. Their success is our success. We understand our customers and we are vested in supporting their growth and success. That will not change.
Into the Future
Simon Sinek, author of The Infinite Game and Start with Why, says, “We last longer if we compete against ourselves for the good of others instead of competing against others for the good of ourselves.”
The backbone of a healthy, globally competitive, knowledge-driven aerospace industry starts with investment in new products and services. We understand the importance of underwriting those investments, whether they be “new space” initiatives, supersonic flight or urban air mobility. Alongside that, we understand the challenges that our customers face in today’s uncertain times. After all, it’s our future —together.
OEMs are working to deliver more fuel-efficient airframes and engines to airlines who are, in turn, pushing to reduce cost and increase operational efficiency. This is being achieved in three primary ways. Firstly, through aerodynamic design changes to aircraft and engines. Secondly, using lighter materials and innovative processes in manufacturing of both airframe and interior components and finally, by developing the use of alternative fuels.
The global space economy is growing. Governments around the world are realising the potential the space industry could be bringing into their respective economies. An exceptional amount of capital is being invested both by governments and the private sector.