Protecting "Sleeping Beauties" resting at airports around the world
Many industries are impacted by the COVID-19 pandemic, some more obvious than others. Using a multi-layered approach, our team of skilled analysts drill down on current and projected metrics allowing us to see the industries most affected by the crisis. The airline industry is one such unfortunate sector, which will not see its traditional sales volumes for months (or possibly years) ahead.
This disruption of the airline industry has resulted in two-thirds of passenger jets being grounded. These "Sleeping Beauties" are parked in airports around the world with a significant increase in exposure to natural catastrophes and man-made perils.
Combining our data from flight delay insurance and a new aviation costing tool called "Goldeneye", Swiss Re is now able to quantify the exposure per airline and location, overlaying this with NatCat exposures in our geoportal. With this information we visually present the potential gap in reinsurance, offering additional coverage on top of existing programs as a temporary cover for idled aircraft while the reduction in air travel continues.
To learn more about how our analysis and temporary cover can help you weather the current crisis, please contact us.