Economy News

Aviation Insurance – Why is it important?

There are so many air-crash incidents which took place and is very common and because of that there is a loss on aviation insurances.

2014-2020 is time when the losses rise every year and clearly the worst time for aviation segment.

Let’s see what is aviation insurance?

Aviation insurance provides full support for the losses and passenger injuries, environmental and third-party damage caused by aircraft accidents.

There are different kind of aviation process like insurance for crew members, passengers, all-risk cover for any damage to the aircraft are the most common.

Next, for the small category, there are helipads available, aircraft damage and especially for the loss of lives.

In recent times, there are many air crashes which have taken place, especially in jet airways and Spicejet in separate incidents.

The Chennai floods in December 2015, when several aircraft and private jets belonging to companies were damaged, saw insurance losses of Rs 400 crore.

Because of all this, there is an increase in risk of airlines in terms of rating.

It will also affect airlines as when there is some kind of loss because of crash then reinsurance pays out the losses to the insurance company.

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