With over 62% of airplanes grounded in April, the value of the top 10 insured airports has shifted, said Suki Basi, managing director, Russell Group speaking to AM Best TV.
Airport Safety Risk Management & Ground Accumulation Hazards
The Airport Cooperative Research Programme (ACRP) recently published its ACRP Report 131: A Guidebook for Safety Risk Management for Airports (which provides guidance on conducting the safety risk management (SRM) process, one of the four components of a Safety Management System (SMS).
According to the 2015 ACRP Report’s authors, with traffic growth, the number of accidents tends to increase if the level of safety remains constant. The ACRP notes that: “As the industry becomes more complex and aircraft become more sophisticated, demands on airports will increase." A key point that underwriters will note is that “The airport industry knows that SMS will become a regulatory requirement. SMS will require more knowledge and training for airport staff and stakeholders.”
In this in-depth white paper on Airport Ground Accumulation risks we summarise the key findings of the 200-page ACRP report and outline some of the key exposures faced by Underwriters in 2016.