One of the most high-profile industries in the world, the aerospace industry is both highly regulated and commercially competitive. The landscape and risk environment is constantly evolving and new risks and exposures are emerging daily.
Businesses operating in this industry face unique challenges. Volatility in the geopolitical and economic environment continues to make day-to-day operations more difficult, as do rising costs, primarily related to fuel and labor. Rapid advances in technology mean higher value repair costs and claims, there is an increasing threat of cyber-attacks and data breaches.
To overcome these challenges, aerospace organizations require an effective risk management strategy. This means using a broker that understands your industry, and has the expertise and experience to ensure that your organization has the right insurance in place to protect current and future business activities.
JLT have a highly specialized and experienced group of insurance practitioners. With clients throughout the world and roots dating back over 30 years, we are experts in the broking and servicing of aerospace and aviation insurance.
WHAT WE DO
JLT's team of specialists support airlines throughout day-to-day operations, providing the necessary resources, advice and guidance to ensure your business receives the most competitive advantage and best level of protection.
Our airlines team is made up of some of the most experienced practitioners in the market, combining technically skilled resources with the most effective transactional brokers. We work daily with insurance and reinsurance markets around the world, and have in-depth experience when it comes to the design and management of aerospace and aviation insurance programs.
Our market position, aviation industry knowledge, and specific insight into how airlines and aircraft leasing companies operate, places us in a strong and informed position to deliver the appropriate aerospace insurance solutions for your organization.
We can ensure that your organization's policy coverage meets your operational needs and changing exposures.
Our global airline expertise includes: major airlines, national / flag carriers, ultra / low cost carriers, regional operators, banks finance and leasing companies, business class airlines, multi-airline groups, cargo operators, charter and start-up airlines.
Our airlines team would provide you with a comprehensive service in connection with the placement and on-going management of your insurance program, including expert support in the key areas of claims handling, contractual review and airline risk management.
- As one of the world’s leading airline insurance brokers, our position and leverage in the insurance market enables us to consistently deliver the best results and competitive advantage for our clients
- Our dedicated team of airline specialists have a wealth of experience and credibility in the aviation market place
- The way in which we manage our clients' accounts is at the core of everything we do. What works for another client may not work for you – therefore, we listen and adapt our service to your individual needs
- We pride ourselves on being accessible and flexible. We know this is crucial to your business and we are available whenever you need us. Not just between the standard 9 to 5
- We do not outsource key functions to third parties. JLT believe that having experienced individuals within each account management team improves service times and helps ensure clients meet their commercial deadlines
- We are experts in handling airline claims of all sizes and complexity. We maintain an enviable reputation for claims service delivery within the London and wider global market; we truly understand that the real test of any insurance programme is how your policy reacts to a claim
- We are market innovators and provide additional and non-traditional insurance solutions to cover evolving and emerging risk exposures, as well as access to bespoke proprietary tools and applications.
Managing a major loss
Our airline client suffered a major total loss when one of their aircraft crashed mid-flight into the Atlantic Ocean, killing 216 passengers and 12 crew. Following news of the loss, we established a rapid response team involving our most senior and experienced professionals to fly out to the client to manage the process and provide emergency assistance.
We immediately notified the lead underwriter and each of the participating markets, instructing them to prepare for an urgent hull settlement in respect of the aircraft value. Despite the fact that the aircraft had not yet been located, we successfully negotiated with underwriters that no 50/50 or 30 day disappearance clauses would be applicable. Additionally we negotiated with underwriters to establish an urgent monetary fund to help the victims' families.
The result was that we were able to collect and pay the substantial hull claim settlement to the airline within just five working days of the disaster. We received a written letter of commendation from the airline for with the professional way in which we handled this tragic and technically complex loss.
Helping to reduce costs
We brought 12 individual European airlines together and designed a new group insurance placement. The target was to achieve highly competitive premiums for each airline, along with broader levels of coverage levels and a number of other additional benefits.
Following strategy discussions between the airlines we developed an innovative and comprehensive programme. Recognising that premium levels under traditional insurance group placements can be directly impacted in the event of a member suffering a major loss, we designed and implemented a new method to prevent such negative impact.
We also designed a unique major loss formula to manage the programme, while enhancing the overall level of coverage to provide additional protection for each of the carriers at no extra cost. The result was an outstanding success which resulted in a huge cost reduction for each member on their previous individual aviation insurance spending.
An airline company might typically look to buy the following cover:
With aerospace and aviation being one of the most dynamic and high-profile industries in the world, traditional risk areas are evolving and new risk exposures are emerging rapidly. In response, there are now many additional and non-traditional insurance solutions available.
JLT’s team of aerospace specialists have developed a number of creative solutions and have a proven track record for innovation. Below are just some of the additional insurance solutions we offer: