Despite record numbers of more than four billion passengers, the global airline industry has experienced some of its safest years in terms of fatal accidents, according to the recently released "Aviation Risk 2020: Safety And The State Of The Nation" report published by Allianz Global Corporate & Specialty (AGCS) in association with Embry-Riddle Aeronautical University.
The report, which analyzes more than 50,000 aviation insurance industry claims worth more than $16.3 billion from 2013 to 2018, reveals that collision/crash incidents currently account for over half the value of all claims (57%) equivalent to $9.3 billion — and over a quarter of claims by number (27%).
Additionally, aviation insurance claims are increasing in frequency and severity, a reflection of higher values, increased repair costs, and rising liability awards. The volume of claims is also a reflection of growth in air transport, with increased passenger numbers and more congested airports, as well as growing demands on airlines, manufacturers, and ground services.
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