’Tackling sustainability and safety in aviation are among the greatest responsibilities of the insurance market,’ says head of aerospace
Insurer Convex has formed a partnership with a soon to launch MGA that will provide insurance products for the advanced air mobility (AAM) sector.
London-based Skyrisks will offer risk management services through development of bespoke policy forms and coverages, granular pricing models and a targeted underwriting appetite.
A statement released yesterday (27 March 2023) said the MGA, which is currently preparing to launch, will have the backing of Convex as it looks to address “the fast growing insurance needs” of the AAM industry.
The AAM sector comprises the emerging aviation ecosystem of new aircraft such as electric vertical take off and landing vehicles and package delivery drones.
Michael Hansen, head of aerospace at Convex, said: “Tackling the enormous challenges of sustainability and safety in aviation are among the greatest responsibilities of the insurance market.
“It will take a data driven specialist such as Skyrisks to underwrite the risk from the ground up, with coverages tailored for the needs of the AAM ecosystem.”
’Driving global sustainability’
AAM businesses have diverse insurance needs including hull all risks, third party liability, passenger and crew liability, premises, products and hangarkeepers liability and other coverages.
Skyrisks said it would seek to achieve a market leadership position once it became fully operational.
Ahead of its launch, the business said specialist aviation underwriter Alistair Blundy would become its chief executive after finishing his time with Allianz Global Corporate and Specialty.
Blundy said: “The vast majority of AAM aircraft are zero emission and exceptionally versatile, providing a cleaner, faster, quieter and more affordable alternative to conventional platforms.
”Skyrisks is committed to driving global sustainability action in aviation, which today accounts for 2% of global emissions.”