Since Hiscox began writing aviation insurance in 2010, our aerospace team quickly established itself as a key partner for discerning clients: offering damage and liability cover for the risks of accidents and grounded aircraft to every type of aviation operation including airlines, corporate jet owners, airports and aircraft/component manufacturers.
Flying has become safer and cheaper as new aircraft technologies, materials, engines and systems allow aircraft to be built bigger, fly further, and travel faster in the post-supersonic era. The airline industry is undergoing a complete transformation as increased fuel efficiency and readily available financing drive the demand for new, mainly composite aircraft, powered by revolutionary ‘geared turbofan’ engine technology. These new aircraft are now being manufactured and operated all around the globe as the middle classes expand, creating a new generation of flyers, previously unable to access or afford air travel. Consequently, solutions have had to be found to cater for increased congestion around many of the world’s major airports, as aircraft numbers almost double every 20 years. The huge reduction in fuel costs and the improved profitability of the industry should also breed a whole new generation of airlines.
Hiscox, as one of the most innovative and respected underwriting teams, is one of the few insurers to look forward rather than backwards in terms of the products it is willing to offer in response to this ever-changing aviation landscape. We are already looking forward to what might be next. Space tourism vehicles continue to develop. Drones of all sizes have become common place, with many potential applications. Could unmanned commercial passenger aircraft ever become a reality?
Space insurance is also a field that demands people with insight, understanding and real working experience, which is why Hiscox employs specialists in spacecraft engineering as underwriters. Since the late 1990s, we have built a space portfolio which provides a perfect counterbalance to the other catastrophic exposures Hiscox underwrites: the risk of a rocket exploding with two $350 million satellites on board has nothing to do with natural disasters or the state of the global economy.
The depth of our space expertise means we are one of very few companies able to insure a satellite from launch to orbit, through to the end of its commercial life. Our customers include satellite builders, operators and users; launch agencies; project financiers and entrepreneurial businesses. Without our cover, many of the projects would never get off the ground.
The aviation and space industries are definitely going through a transformational phase with strong growth and innovation. Hiscox has the expertise and adaptability to provide multiple solutions this growth might bring.
Underwriting contactDavid Slevin
Head of Aerospace and Specialty
Hiscox London Market
T +44 20 7448 6423
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