In this video from the Willis-IATA-AAPA Aviation Insurance Conference in Hong Kong earlier this year, aviation experts from across the region describe the huge opportunity that Asia represents for the sector.
Aditya Ghosh, CEO, IndiGo Airlines and Ivan Chu, CEO of Cathay Pacific Airlines, both explain the growth opportunity represented by Asia.
As Chu explains, over half of the world’s population live within five hours flight time of Hong Kong. “It’s not just numbers,” he says. “It is a young population, first of all. And secondly, it is growing very fast.”
“We expect the airline industry to double in size over the next 12 years in Asia,” adds Andrew Herdman, Director General of the Association of Asia Pacific Airlines.
“[While] in Europe and Asia we are seeing a lot of airline consolidation, here in Asia Pacific we are still seeing new airline affiliates being set up in countries around the region,” says Robert Martin, CEO of BOC Aviation.
Conrad Clifford, Regional VP Asia Pacific, IATA, adds: “There’s been too much capacity and a lot of airlines have been losing money as a result of price competition. Price competition is good but too much of it means that everyone starts to lose money.”
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 thirteenth year the event is an established brand in its own right and attracts senior representatives from across the Asian aviation and aerospace sectors.