HDI boosts aviation risk standards with new partnership
HDI boosts aviation risk standards with new partnership | Insurance Business Canada
Insurance News
HDI boosts aviation risk standards with new partnership
Program’s benefits highlighted
Insurance News
By
Roxanne Libatique
HDI, a global insurer specialising in aviation, has joined the Flight Safety Foundation’s Basic Aviation Risk Standard (BARS) Program as a new member.
The company said it joined the program to enhance operational safety for its aviation clients.
Basic Aviation Risk Standard program
The BARS program provides access to anonymised audit and accident data, which HDI plans to use to improve its risk management strategies.
As a BARS Member Organization (BMO), HDI will also strengthen its safety programs for brokers and policyholders.
Membership in the Flight Safety Foundation is included with the BARS program, offering additional resources for safety initiatives.
Benefits of joining the Basic Aviation Risk Standard program
HDI’s aviation insurance experts have found that operators participating in the BARS program tend to manage risk more effectively, resulting in fewer claims. Additionally, third-party assessments of these operators against the BAR Standard provide valuable insight for both insurers and operators.
HDI’s global underwriting teams will benefit from deeper insights into the safety performance of contracted operators. These teams will receive training on using the BARS framework to support safety initiatives and enhance their understanding of global aviation risk.
Jamie Bowes (pictured), general manager and global head of the aviation centre of excellence at HDI, explained that the partnership will:
improve the safety of the company’s clients
strengthen its underwriting capabilities
provide access to critical data that would allow the company to assess risks more precisely
“The BARS membership will make our clients safer! Joining the program is a win-win situation for all parties being the client, HDI, and the Flight Safety Foundation,” Bowes said.
BARS expands activities in insurance sector
David Anderson, managing director of the BARS program, welcomed HDI as a new partner. He commented that HDI’s participation highlights the increasing importance of the program in the aviation insurance sector.
“Our new partnership with HDI once again demonstrates the growing strength of the BARS program in the global aviation insurance sector. We are very happy to have HDI on board with us and to work together on our common goal of making contracted aviation safer,” he said.
BARS offers de-identified audit data and safety performance insights to its member organisations, which insurers like HDI can use to refine their risk management practices.
“Our de-identified data insights are made exclusively available to our BARS Member Organizations and HDI can now use these insights as a valuable tool in the effective management of their risk in the worldwide contracted aviation services sector,” Anderson said.
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