Earlier this year at Willis Towers Watson’s aviation conference in Singapore I took the opportunity to speak to experts about the current state of the aviation industry around the world. We touched on a number of themes including:
- aircraft safety
- new and emerging risks
- the impact of currency exchange rates
- fuel price volatility
Sunjoo Advani, the founder of the International Development of Technology (IDT), a company that develops flight and vehicle simulators, as well as advocating for ways to improve aviation safety worldwide, told me how advanced procedures and technology were both contributing to a dramatically safer operating environment.
But new and emerging risks are having an impact on the sector as well. “Technology, data and digitalization are all driving a new risk landscape for our clients,” said Alastair Swift, Head of Corporate Risk and Broking GB, Willis Towers Watson.
Mark Hue Williams, Head of Transportation for Willis Towers Watson, echoed the remarks of both speakers. He told me: “We’ve seen the benefit of new aircraft driving through safer and high quality operations, but with that come associated, and often elusive, risks. One example is cyber vulnerability….we think it is critically important for the boardroom to have a robust understanding of cyber threats.”
Finally, Stephen Barnes, Senior Vice President, Finance, at Singapore Airlines, explained how his company is responding to this increasingly multi-faceted risk environment: “We have challenges on multiple fronts [and so] we have to develop strategic responses and tactical responses across multiple fronts as well.”
You can view the video interviews in full here.