There has hardly been a better time to be a buyer of aviation insurance, as all signs point to a buyer’s market. Several factors are driving lower rates in this insurance segment, including fewer airline accidents, lower overall insurance claims, the economy, more underwriters entering the market, increased adoption of safety management systems and more sophisticated aircraft. AIN talked to David McKay, president and CEO of insurer USAIG, to get a better sense of this market. USAIG and McKay are here at the Paris Air Show supporting long-time customer Bombardier.
MedAire (Booth 739), an International SOS company, announced the launch of HealthMap 2013 during EBACE here this week. HealthMap, a four-year-old project, is a tool that can help companies with traveling employees understand the medical risks in the markets where they operate. Understanding risk is key to managing health threats to employees, passengers and crew, according to MedAire.
International travelers know that medical risks and health care vary from country to country. How can you know what levels of risk and care will be available to you, if you never have been somewhere before?
Sydney, Australia-based Aerosafe, which specializes in aviation risk-management, is introducing three new accredited training courses at Heli-Expo’13. The courses focus on safety-management systems, risk management and regulatory oversight and, according to the company, provide training that is not currently available anywhere else.
Most of us have a love/hate relationship with insurance; we hate paying the premiums but if something goes wrong, we love having someone else who was willing to take the risk resolve many of the headaches. Across the U.S. aviation industry, there are so many insurance companies willing to shoulder the risks that the premiums remain at low levels even for the riskier helicopter segment.
ExecuJet Africa has partnered with international risk management company MS Risk to offer emergency response plans for clients with staff based at remote locations in Africa. Under the new Urgent Response Plan (URP) service, ExecuJet and MS Risk will work with clients’ human resources and safety managers to develop evacuation plans for those companies that do not currently have one in place or integrate services into an existing program. The URP will also include intelligence reporting, remote site visits, ground and air service options and logistics coordination.
Aviation insurer Chartis has added crisis response coverage to aviation policies for corporate customers, including airports and charter management companies. The new product provides customers access to immediate funds for crisis management costs resulting from a catastrophic event. With the coverage, policyholders can receive up to $250,000 of additional policy limits for costs associated with hiring a crisis management firm to help manage reputation risk, as well as for other crisis-related expenses, such as temporary living, travel, counseling, medical and funeral costs.
Argus Prism released what it claims is the first-ever flight-risk analysis tool (Frat) app for the iPad. The free app is intended to be integrated with a comprehensive safety management system (SMS). With the app, operators can access specifically designed flight-risk analysis report forms, allowing them to record risk factors, submit the Frat report and activate any required notifications for excess risk.
Conklin & de Decker will host its “Essential Tools for Your New Maintenance Manager’s Role” from February 15 through 17 in Irving, Texas. “The seminar provides helicopter maintenance managers the necessary tools needed to master their challenging position,” said Brandon Battles, v-p and co-owner. “Many maintenance professionals, when thrust into a management role, feel behind the power curve.
The Middle East Business Aviation Association (MEBAA) launched an aviation insurance group discount program for members on Tuesday at the Dubai Air Show.