University collaboration persists between WTW and the University of Exeter remains intact
WTW Advances Aviation Safety and Risk Management with New Initiatives
In 2023, Willis Towers Watson (WTW) made significant strides in the global insurance industry, particularly in the field of aviation, with the introduction of the Airport Risk Index (ARI) and the Aviation Safety Partnership.
The Airport Risk Index is a groundbreaking tool designed to assess and benchmark risks at airports worldwide. By integrating diverse data, including operational, environmental, and geopolitical factors, the ARI helps insurers, airlines, and airports to better understand their exposure and improve their risk management strategies.
On the other hand, the Aviation Safety Partnership is a collaborative initiative aimed at enhancing aviation safety. This alliance brings together industry stakeholders to share data, develop risk mitigation strategies, and innovate insurance solutions. The partnership focuses on reducing risks associated with aviation operations by leveraging advanced analytics and collective expertise.
WTW's initiatives reflect the broader insurance market trends emphasizing digitalization, risk analytics, and collaborative risk management. The global insurance brokerage market is growing rapidly, driven by digitization and emerging risks like cyber threats, mirroring shifts that WTW addresses through its innovative analytics and partnership models.
WTW's insights on Cat events and insured losses in 2023 reveal that the total economic loss surpassed US$350 billion, while the global insured loss exceeded US$100 billion for the fourth consecutive year. The protection gap, the difference between economic and insured losses, remains ever present. Moreover, WTW's insights suggest that losses from Cat events are becoming increasingly significant.
The WTW Aviation Safety Partnership is aimed at providing safety risk mitigation advice to clients in the aviation industry. This partnership combines industry risk landscape and insurance market trends with deep safety and operational insight.
The ARI was presented to global airport executives at an annual event, and the WTW Aviation Safety Partnership was reported in the news. These initiatives represent WTW’s commitment to specialized risk assessment and sector-specific collaboration in aviation during 2023.
No contradictory or alternative information was found in the recent insurance industry reports, underscoring WTW’s leading role in applying data-driven, partnership-based strategies in global insurance and aviation risk management.
[1] For more information on WTW's initiatives and their impact on the insurance industry, please refer to the latest reports and publications from Willis Towers Watson.
- The Airport Risk Index and Aviation Safety Partnership, innovations by Willis Towers Watson (WTW), are fostering collaboration in the aviation industry to enhance risk management strategies by integrating diverse data and leveraging advanced analytics.
- The global insurance industry is witnessing rapid growth driven by digitization and emerging risks like cyber threats, mirroring the trends in WTW's insurance solutions, such as the Airport Risk Index and the Aviation Safety Partnership.
