Current market conditions and the impact of COVID-19 on the insurance industry
The COVID-19 pandemic has brought on many questions and concerns within the Aviation Insurance industry. On 7 October the DJA Aviation team hosted a webinar with the help of AERO South Africa, to look at the impact of this global pandemic on the General Aviation Industry and specifically Aviation Insurance.
The economic instability brought on by Covid has affected Aviation, Aircraft owners and operators in the sector, which caused a big drop in activity not only in flying but also in purchases of insurance.
“The insurance market had been struggling prior to the pandemic. We are entering a third year of insurance adjusting and what is very clear is that the global aviation insurance market as a whole is facing unprecedented losses and an urgent requirement for insurers to balance their books in order to respond to claims has to be made, said Jackie Nieuwoudt, New Business Development at DJA Aviation.
“The nature of business has transformed during the past 6 months and working remotely has become increasingly common. Covid-19 has led to us looking at different opportunities of doing business, and the General Aviation sector is no exception as the industry was grounded for some time. AERO South Africa is proud to have introduced the Virtual Marketplace where the industry can still network and conduct business safely, without leaving the comfort of their home. This platform will be live until August 2021,” said Annelie Reynolds, Show Director of AERO South Africa.
AERO South Africa, has recently built a one-stop business-to-business platform that enables strengthening and building new business relationships, achieving business goals from just a click of a button.
The Virtual Marketplace is a Global platform, designed to easily connect local and international exhibitors. Visitors can stream product and company videos, download brochures and access files virtually from anywhere in the world.
Industry role players such as Absolute Aviation, Century Avionics, JMB Aircraft, BendixKing, EZ Creeper, Lightspeed Aviation, Educademy and Crosswind LSA to name a few, is already taking advantage of the AERO South Africa Virtual Marketing Place.
Aviation enthusiasts can expect more webinars from AERO SA, focused within the General Aviation sector. Aero South Africa, in partnership with MayDay-SA will host the webinar “Cleared for Take-Off: Returning to Flying – A Pilot’s Guide” on 15 October. Paul Dickens, specialising in Aviation Psychology will discuss how all pilots can prepare themselves mentally, physically and emotionally to return to flying. All webinars are free to attend and more information is available on www.aerosouthafrica.com.
Discover what it’s like to do business with a global General Aviation Market by simply clicking on the link below to register for free.