Despite the globetrotting image of aviation, the industry has historically been national in nature, although this has been changing, especially due to the impact of the London market with its international clients.
Even today, national differences in aviation culture persist, explains Thomas Cahlik, Head of Mediterranean, Aviation, AGCS. For example, France has historically been strong in aviation, especially in aerospace, where four of the global aerospace companies are based (Dassault Aviation, Safran SA, Thales Group and the multi-European Airbus Group).
Yet aviation companies, especially large airlines and manufacturers, as well as general aviation and aerospace firms, are increasingly international in their reach.
“In order to be successful aviation market insurers need to take a global view,” says Henning Haagen, Global Head of Aviation, AGCS. “Whether from Asia or North America, an airline today requires the same risk standards of service and offering, he says.
For example, international insurance solutions have become a key offering in the aviation sector and are very important for businesses such as product manufacturers and airport support services, which have been expanding beyond their national markets in recent decades.