Airline industry being transformed by startups creating new risk profiles and capital requirements
LONDON, 08 July, 2021 –Willis Towers Watson (NASDAQ:WLTW), a leading global advisory, broking and solutions company, today announced the launch of a toolkit for startup airlines building a robust risk framework for the industry, now and into the future.
The toolkit guides startup airlines through the insurance purchase process from why insurance is critical, through to which insurance policies should be accessed, as well as providing advice on timelines and finalizing insurance placements.
Using a digital interactive format, the toolkit allows startups to access high level or detailed information to suit their individual needs, on the key risks to consider over and above specific asset related risk. This can include utilizing third party maintenance and repair services, Aircraft Lease agreements, ground handling services and provides examples of geographic regulatory requirements,
John Rooley, Head of Global Aerospace, Willis Towers Watson, said “While we are seeing that global passenger volumes remain stifled by the pandemic as the virus fluctuates, there is a growing consensus that many startup airlines are launching from positions of strength, with investors attracted by lower leasing rates since the beginning of the pandemic. Whether new carriers plan to start operations with one aircraft or ten, owning an airline is a complex, capital-intensive business. This innovative new toolkit, encapsulating years of expertise, enables new airline businesses to have a deep understanding of the wider risk landscape and the complex insurance requirements when establishing a new airline.”
More information about the startup toolkit and Willis Towers Watson Global Aerospace’s client training programmes, can be found here.
Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving more than 140 countries and markets. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential.
