Kathmandu. Geopolitical risks have reshaped aviation insurance in the Asia-Pacific region.
“Geopolitical volatility has deepened aviation risks across the Asia-Pacific region,” said Nomado Krues, head of aviation Asia Pacific at Tokyo Marine Killen. “Because conflict zones have become more unpredictable and can escalate rapidly,” Kruys said, “this spurts airspace, real estate and liability risks without warning.” ’
Kruis said that despite the conflict, the need for air travel will always remain. “Whether it’s a return flight from certain countries, carrying businessmen and government officials, or flying over conflict zones,” he said, “The main challenge for the market is to shift from a reactive approach to a more proactive approach.” ’
In the past, insurance companies usually reacted when incidents occurred. “But there is now a growing expectation from both customers and underwriters that real-time intelligence should help inform decisions before losses occur,” he said. —Agency
