This year RENOMIA insured 30% more aircraft than last year

RENOMIA, the largest insurance brokerage firm in Central and Eastern Europe and an aviation risk insurance expert, reports a nearly 30% year-​on-​year increase in aircraft insurance. In the Czech Republic, the number of aircraft has increased by 66% on average over the last 12years. The increase was propelled by helicopters (up 318%) and hot air balloons (up 121%). The number of airplanes and gliders in the Czech Republic grew by half (52% and 57% respectively), according to data from the Civil Aviation Authority (CAA).

"The Czech aerospace industry will be worth over CZK 25 billion a year, and optimistic forecasts, by Boeing for example, estimate the global aviation demand for the next 20years at $ 6 trillion ($ 132,000 billion). We are already seeing the signs - we insure more aircraft in the Czech Republic," says Hana Kulhova, Aviation Risk Specialist at RENOMIA GROUP.

Aviation risk insurance is intended for all entities that engage in commercial aviation. This includes domestic air carriers, private aircraft operators, helicopters and balloons operators, aircraft and aviation systems manufacturers, airport operators and owners, or aviation related service providers (aircraft service, hangar maintenance, etc.).

As a red thread, the concept of “liability” runs through all of the above-​mentioned aviation activities. Liability insurance is the key insurance in the aviation industry.

The most widely used type of liabiltiy insurance is liability for losses caused by the operation of aircraft. The basis for determining the minimum insurance amount is the relevant legislative regulation defining the minimum insurance sums according to the maximum take-​off weight of the aircraft.

"The most important component of the insurance cover is, above all, the right adjustment of the insured amount for the purpose of covering the loss, that is, the passenger's injury to life and health as a result of the accident of the aircraft," Kulhová adds.