Willis Towers Watson launches interactive insurance toolkit for startup airlines

Rhea-AI Summary

Willis Towers Watson (NASDAQ:WLTW) has launched a new toolkit designed for startup airlines, aimed at helping them establish a robust risk framework amid the evolving landscape of the airline industry. The toolkit guides users through essential insurance processes, highlighting critical risks beyond asset-related ones, including third-party maintenance and ground handling services. John Rooley, Head of Global Aerospace at WTW, noted the increasing interest from investors in startup airlines due to lower leasing rates linked to the pandemic. This initiative encompasses years of expertise, catering to the complex needs of new airline businesses.

Positive

• Launch of a new toolkit for startup airlines enhances their risk management capabilities.
• The toolkit addresses critical insurance processes, helping startups navigate complex requirements.
• Increased investor interest in startups due to lower leasing rates may boost market opportunities.

Negative

• Global passenger volumes remain stifled by the pandemic, affecting overall airline performance.

Airline industry being transformed by new startups creating new risk profiles and capital requirements

LONDON, July 08, 2021 (GLOBE NEWSWIRE) -- Willis Towers Watson (NASDAQ:WLTW), a leading global advisory, broking and solutions company, today announced the launch of a toolkit for startup airlines building a robust risk framework for the industry, now and into the future.

The toolkit guides startup airlines through the insurance purchase process from why insurance is critical, through to which insurance policies should be accessed, as well as providing advice on timelines and finalizing insurance placements.

Using a digital interactive format, the toolkit allows startups to access high level or detailed information to suit their individual needs, on the key risks to consider over and above specific asset related risk. This can include utilizing third party maintenance and repair services, Aircraft Lease agreements, ground handling services and provides examples of geographic regulatory requirements,

John Rooley, Head of Global Aerospace, Willis Towers Watson, said “While we are seeing that global passenger volumes remain stifled by the pandemic as the virus fluctuates, there is a growing consensus that many startup airlines are launching from positions of strength, with investors attracted by lower leasing rates since the beginning of the pandemic. Whether new carriers plan to start operations with one aircraft or ten, owning an airline is a complex, capital-intensive business. This innovative new toolkit, encapsulating years of expertise, enables new airline businesses to have a deep understanding of the wider risk landscape and the complex insurance requirements when establishing a new airline.”

More information about the startup toolkit and WTW Global Aerospace’s client training programmes, can be found at https://www.willistowerswatson.com/en-GB/Solutions/services/airlines 

About Willis Towers Watson

Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving more than 140 countries and markets. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential. Learn more at willistowerswatson.com.

PR Contact:

Miles Russell +44 (0)7903 262118

Miles.russell@willistowerswatson.com

FAQ

What is the purpose of the WLTW toolkit for startup airlines?

The toolkit assists startup airlines in establishing a robust risk framework and navigating the insurance purchase process.

When was the toolkit for startup airlines launched by WLTW?

The toolkit was launched on July 8, 2021.

What key areas does the WLTW toolkit cover for new airline businesses?

The toolkit covers essential insurance processes and critical risks, including third-party maintenance and regulatory requirements.

How does the pandemic affect startup airlines according to WLTW?

The pandemic has stifled global passenger volumes, yet startup airlines are emerging due to lower leasing rates.

What company is behind the new toolkit for airlines?

The toolkit was launched by Willis Towers Watson, traded under the NASDAQ symbol WLTW.