“In 1950, flying was a luxury that few could afford, with just 31 million people taking to the skies compared with 3.3 billion today”
I have just learned that Aviation Insurance has been around for over 100 years, pioneered by Allianz Group over a century ago. According to Aviation experts there are 5 risk elements impacting the air industry as well as insurance practices related to these: pilot, aircraft, environment, operation and situation.
Certainly a book or few could be written about each of these 5 risks and when you also consider, what I like to call: ‘Age of Convergence’, all things coming together – people using their smartphones ubiquitously, IoT (internet of things), global warming (weather extremes are more volatile today than they were 100 years ago), etc. – all these contribute to increased number of risk factors and complexity in Aviation and thus Insurance as an institution to address these challenges and ultimately protect people against them.
On the bright side, there is technology of 2016 available, which certainly helps to diminish some of the risk factors, at the same time: predictive analytics, pattern-based analytics and other crucial areas of intense tech research will hopefully bring additional and strongly desired insights over the years to come, (e.g. Kudos to IBM, which as a company, is really grabbing it by the horns in broader Big Data/Analytics area over last few years, surely you have heard about Watson and Strategic Imperatives).
In the meantime, staying ‘both feet on earth’, metaphorically speaking about having realistic expectations – when you are in the air or planning to enter the stratosphere – either business travel or leisure, alone of part of the group, there are existing solutions, proven and available, which might help you, your employer, colleagues or family feel safer and maximize your protection against Divine Interventions out there.
Picture: Bytekut, Flickr