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Aviation Blog

9 trends to watch in the aviation sector | AGCS – Allianz Global Corporate & Specialty

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Allianz Global
Corporate & Specialty
Allianz Global
Corporate & Specialty
Although a large proportion of the world’s airline fleet have been – and are still – parked during Covid-19, loss exposures do not disappear. They change. Parked fleets are exposed to weather events. There have been numerous incidents of grounded aircraft being damaged by hailstorms and hurricanes.
The risk of shunting or ground incidents also increases, which can bring costly claims. There were a number of collisions at the start of the pandemic as operators transferred aircraft to storage facilities. More are likely when aircraft are moved again ahead of reuse.
Aircraft in storage typically undergo regular maintenance to ensure they are ready to return. However, never has the industry seen so many aircraft temporarily put out of service and the report notes that smaller airlines may face significant challenges when reactivating fleets, given it will be an unprecedented process.
Odd as it may seem given the impact of Covid-19, the global aviation industry faces a pilot shortage in the mid to long-term. The tremendous increase in air travel pre-pandemic – annual air passenger growth in China alone was 10%+ a year from 2011 – meant pilot demand was already outstripping supply. More than a quarter of a million are required over the coming decade.
“In less regulated countries, shortages can lead to pilots operating commercial aircraft with limited qualifications and low overall flying time,” says Warfel. “Pilot fatigue is also a known risk among existing pilots that must be properly managed. Fortunately, there is a lot of industry expertise and resources available to assist airlines in building proper fatigue management systems.”
Some airlines are building their own pilot pipelines by establishing flight schools. Given the nature of training, flying schools are prone to accidents and claims are becoming more expensive with rising values of aircraft and increased activity. Landing accidents are most common, but insurers have also seen total losses.
A number of airlines have shrunk their fleets or retired aircraft over the past year, as the pandemic hastens a generational shift to smaller aircraft, given the anticipated reduced number of passengers on aircraft in the short-term future.
“Newer generation aircraft bring safety and efficiency benefits,” say Axel von Frowein, a Regional Head of Aviation at AGCS. “However, new materials such as composites, titanium and alloys are more expensive to repair, resulting in higher claims costs.”
Pre-Covid-19 business travel traffic amounted to $1.5trn a year or around 1.7% of global GDP. With many airlines dialing back expectations in the short-term, the report asks whether those days are over. New ways of collaboration, such as video calls, proved to be effective and more companies are aiming to reduce business travel to improve their carbon footprint. Therefore, while there will be initial surge once lockdowns end, many airlines are preparing for a long-term paradigm shift in traveling, with business travel expected to be slow to pick up.
However, what speaks for a possible uptick is that some areas of business aviation have proven resilient during the pandemic. Companies that had aircraft continued to use them while many that had never purchased or chartered an aircraft before did so for the first time. Many charter companies thrived.
Over 1,400 new air routes are scheduled for 2021 – more than double those added in 2016 – driven by Europe (over 600) and Asia Pacific (over 500), with regional airports set to be the main beneficiaries. Growth in China’s domestic market alone has seen over 200 new routes added – almost the same as the US.
“This development reflects the desire of some airlines to experiment in uncertain times, particularly smaller ones,” says von Frowein. “New routes means less congested airspace and congestion at airports which can have a positive impact on risks such as ground handling incidents. However, flying new routes can bring a heightened risk environment.”
The report also notes the aviation industry has seen relatively few claims directly related to the pandemic to date. In a small number of liability notifications, passengers have sued airlines for cancellations/disruptions.
“Covid-19 has not been a direct driver of aviation claims over the past year,” says Cristina Schoen, Global Head of Aviation Claims at AGCS. “As a result of the significant reduction in commercial airline travel during the pandemic we saw fewer attritional claims than we would during a typical year. However, the insurance sector was not immune to larger losses during the course of the pandemic, with different regions seeing tragic accidents, emergency landings and hull losses to name a few. As air travel begins to return to pre-pandemic levels we expect claims volume to rise accordingly.”

AGCS analysis of more than 46,000 aviation insurance claims from 2016 to year-end 2020 worth more than EUR 14.5bn (US$17.3bn) shows collision/crash incidents account for over half the value of all claims. Other expensive causes of loss include faulty workmanship/maintenance and machinery breakdown. 
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Under its new leadership, AGCS announces a comprehensive transformation program to regain profitability and market leadership.
Allianz Global Corporate & Specialty (AGCS) is a leading global corporate insurance carrier and a key business unit of Allianz Group. We provide risk consultancy, Property-Casualty insurance solutions and alternative risk transfer for a wide spectrum of commercial, corporate and specialty risks across 10 dedicated lines of business.
Our customers are as diverse as business can be, ranging from Fortune Global 500 companies to small businesses, and private individuals. Among them are not only the world’s largest consumer brands, tech companies and the global aviation and shipping industry, but also satellite operators or Hollywood film productions. They all look to AGCS for smart answers to their largest and most complex risks in a dynamic, multinational business environment and trust us to deliver an outstanding claims experience.
Worldwide, AGCS operates with its own teams in more than 30 countries and through the Allianz Group network and partners in over 200 countries and territories, employing around 4,400 people. As one of the largest Property-Casualty units of Allianz Group, we are backed by strong and stable financial ratings. In 2020, AGCS generated a total of €9.3 billion gross premium globally.

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