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Planes
Flying high
The aviation sector has many challenges. Not only has the pandemic dented airline finances, but climate change has raised the bar for aircraft design and performance.
With demand for air travel set to double in the next ten years, airlines need to invest now in the next generation of planes. Planes which can fly with reduced emissions using new sustainable fuels. But such developments don’t come cheap. It takes anywhere between $50m to $150m to fund a new aircraft.
The aviation sector has many challenges. Not only has the pandemic dented airline finances, but climate change has raised the bar for aircraft design and performance.
Olivia Johnson
Senior Claims Adjuster
High levels of airline safety means that fortunately there are very few serious accidents, but there can be claims for everything from lost baggage to birds flying into engines.
Read Olivia's profile
Olivia’s journey from studying classical saxophone to making a difference for travellers and airlines in times of trouble may not be the one she expected to follow, but she has landed in an industry and speciality that she really loves.
After leaving music college Olivia took an admin job at LV, the insurance company, to earn some money, but colleagues said that if she really wanted to be serious about insurance she should move to London and work there. She joined the Lloyd’s graduate scheme and did several rotations in different areas including looking at fine art risks and working on claims in the aviation sector. She is now working for Allianz, an insurance company, in aviation. “I just fell in love with aviation and claims” she says. “Every day is different and, even if you are working on the same accident or claim, then it will have moved on so that you are solving new problems.”
“Handling claims means you make a difference to people, we help them financially but most of all we can alleviate pain for families and do good” she continues. High levels of airline safety means that fortunately there are very few serious accidents, but there can be claims for everything from lost baggage to birds flying into engines. “I have learnt so much about this industry. I have done courses, been to examine wreckage at yards and climbed around old planes.”
It is also a global industry which means that Olivia not only gets to travel but is looking at business operating in countries like Brazil and Malaysia. “The specialty insurance market is great for meeting people and working in close co-operation. I have just been meeting colleagues in Singapore and those face to face conversations were incredibly helpful. We go to see clients and get together to discuss the issues that the sector faces” continues Olivia.
Because the risks that airlines face can be so large, a number of insurers will share those risks – so there is both co-operation and competition in the sector. “Even though we compete, we are a community” concludes Olivia. “There is real enthusiasm to bring in young talent and lots of opportunities to do new things. I can’t recommend it enough”.
Jonathan Bacon
Aviation Underwriter
Airline travel has become an everyday event for many people and airline safety is increasing all the time. Nevertheless, accidents do happen, and the consequences can be tragic and expensive...
Read Jonathan's profile
Airline travel has become an everyday event for many people and airline safety is increasing all the time. Nevertheless, accidents do happen, and the consequences can be tragic and expensive. Jonathan has spent the last eight years mastering the technicalities of protecting airlines around the world to keep them flying high.
While studying history at the University of East Anglia, Jonathan did an internship at Liberty Specialty Markets, an insurance company. Unusually he had always known he wanted to work in the industry. “My father works in the market, so I saw someone who loved what he did, travelled often and met a lot of great people. Unlike many people who think insurance might be dull, I saw what a dynamic and fun place to work it could be.” Once he graduated, he was offered an entry level underwriting role in the aviation team at Liberty.
Jonathan focuses on airlines all around the world– both passenger and cargo, and the sector requires some in-depth technical understanding but, as Jonathan says, “There is a lot of analysis that needs to be done for each risk, but once you get underneath the skin, it really takes off.” Covid-19 inevitably caused considerable turbulence for airlines as global travel came to an abrupt halt. “Other than the live events industry, air travel was probably the sector hardest hit by the pandemic. Our first objective was to consider financial support for our clients and help them identify the new risks they faced with all their aircraft on the ground”. Obviously, there were fewer accidents because aircraft were not flying but lots of planes parked at airports (or other locations), and not being used for an extended period, created a whole new set of risks. Airlines are also at the front of the climate change debate as significant consumers of fossil fuels. Jonathan continued “The technology is not there yet for airlines to switch to biofuels on a large scale, but it will be fascinating to see the changes that are coming happen at scale.”
Jonathan’s expectations of his career in insurance have been met, “London is unique, so many experts all within 500 metres of each other all doing something that helps society to thrive, makes it a fascinating place to work”.
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