Morning Briefing: The $1 trillion aviation risk

Morning Briefing: The $1 trillion aviation risk

Morning Briefing: The $1 trillion aviation risk The $1 trillion aviation risk
The aviation sector is facing risk exposure of $1 trillion by 2020 according to an international specialty insurer. Allianz Global Corporate and Specialty. It says that despite aviation technology and practices becoming increasingly safe, exposure is raised by the increased value of aircraft and by ever-growing passenger numbers.

In its publication Global Risk Dialogue, the insurer marks 100 years of aviation insurance and highlights International Air Transport Association predictions that by 2050 passenger numbers will top 16 billion – a 384 per cent increase on today’s numbers – with air freight rising to 400 million tonnes from 50 million today.

There is also additional risk to the aviation sector from climate change. The International Energy Agency forecasts that if carbon dioxide emissions double by 2050 turbulence on the North Atlantic Flight Corridor could increase to 170 per cent.
 
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The small commercial specialty lines division of the ACE Group has announced several new products aimed at small businesses. ACE Commercial Risk Services has launched products aimed at real estate investors, the hospitality industry, umbrella coverage, data breach and professional liability.
 
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An event in London, UK will offer the latest in thought-leadership on the future of the insurance industry. Marketforce is presenting the three day conference including a day dedicated to data and analytics and how they can be used to benefit the insurance industry. The main part of the conference will then examine the disruptive business models and technology that are changing the face of the insurance business. There will also be a session looking at the state of the market, areas of opportunity and the broker relationship.