Aviation insurance posing increasing challenges

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This year’s aviation disasters contradict the industry’s long-term improvement in safety with currently fewer than two passenger deaths for every 100 million passengers on commercial flights, according to a new report by aviation insurer Allianz Global Corporate & Specialty SE (AGCS). By comparison during an early decade of the jet age (1962-1971) there were 133 passenger deaths out of every 100 million passengers.

However, the aviation industry’s safety management record will be tested further in the future by a number of potential new risk scenarios. These include the increasing likelihood of cyber attacks, greater reliance on automation and the anticipated growth of drones in commercial use according to AGCS’s “Global Aviation Safety Study”.

“Air safety has improved greatly, underpinned by technology, navigation systems, engine improvement and design improvements such as fail-safe design criteria and fly-by-wire control”. At the same time, the standard of crew training and safety management has become notably higher. Innovations such as digital message communications systems – enabling pilots and controllers to ‘text’ each other – are enhancing the aviation safety environment further,” according to Michael Dalton, Regional Manager Aviation at AGCS Asia Pacific in Sydney.

 

Source = Allianz Australia
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