Business View Magazine - July 2023

21 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 7 Source- , First published June 21, 2023 Building on the success of its annual in- person symposium, NBAA hosted its first virtual Small Operators Symposium, “Urgent PIREP: Small Flight Department Administration.” Geared toward operators with fewer than four aircraft, industry experts shared insights on the current state of the insurance market, how to safely integrate lower-time pilots, key legal considerations for small operators and using independent contractors. Joe Williams, senior vice president and managing director – aviation of Marsh McLennan Agency launched the event with an update on the challenging aviation insurance market and reviewed key challenges with the market, including: • A supply-and-demand challenge with fewer carriers in the market to cover an increasing number of aircraft. • Claims and expenses have exceeded the gross written premiums (i.e., revenue) for about five years due to increased frequency and severity of claims, as well as social inflation leading to higher payouts, particularly for fatal accidents. • The war in Ukraine also is having an impact on aviation insurance, with more than 400 aircraft owned or leased by Western companies impacted by the war. These aircraft – whether considered to be seizures or thefts – will have COMMON CHALLENGES ADDRESSED AT VIRTUAL NBAA SMALL OPERATORS SYMPOSIUM OPENING L INES