Earlier this year I spoke to Ivan Chu, CEO of Cathay Pacific Airways, about Asia’s enormous growth opportunity for the aviation sector. Chu explained that over half of the world’s population lives within five hours flight time of Hong Kong. “It’s not just numbers,” he said. “It is a young population, first of all. And secondly, it is growing very fast.”
But this huge opportunity also brings with it some new risks. “First of all it’s about coping with the [increased] demand for air travel and infrastructure demands. Many of the airports in the region are getting very full now,” added Chu.
He noted that the rapid expansion of airlines also brings challenges – such as the demand for well-trained pilots and well rested pilots.
He says the industry needs to continue to ensure that those airports can handle demand safely and efficiently.The insurance market offers value to the airline industry, explained Chu. “There needs to be continued and ongoing dialogue between insurers and the airline clients because of new risks being formed, new opportunities being formed. This is an ongoing process.”
Chu made these remarks at the Willis-IATA-AAPA Aviation Insurance Conference in Hong Kong. The Willis-IATA-AAPA Aviation Insurance Conference is a landmark industry event, which brings together professionals from across the aviation sector as well as a wide array of partners from related fields as diverse as safety, technology, risk and insurance.
Now in its 13th year, the event is an established brand in its own right and attracts senior representatives from across the Asian aviation and aerospace sectors.