The South African aviation insurance market
The aviation insurance market worldwide is extremely limited in comparison to other classes of insurance. Aviation insurance is highly specialised and extremely complex and it is therefore of paramount importance to only deal with brokers and insurers who have the specialised ability to offer advice on and produce the correct products for the aviation insurance buyer.
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Looking at the South African insurance market, there are a mere five insurance companies who write aviation insurance and who mainly concentrate on general aviation risks as opposed to airline business. One of the main reasons is the exposure and the cost of reinsurance protection as aircraft accidents have the tendency to result in large property damage and loss of human life claims. Aon’s Airline Insurance Market Outlook for 2016.
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About the author
Anne Meadows, Aon South Africa's aviation manager