HDI joins aviation risk standard
Global insurer HDI has signed up to an aviation risk management standard through membership of Flight Safety Foundation. HDI has joined the foundation’s Basic Aviation Risk Standard programme (BARS), which provides organisations that work with aircraft operators with a standard to assist in the risk-based management of aviation activities.
As a member of the US-based Flight Safety Foundation and BARS programme, HDI will have access to audit and accident analysis data to aid its risk management strategies.
HDI said BARS operators better manage their risks and make fewer claims, and it will sponsor insureds in the aviation sector to go through the programme. “Both the insurance company and the operators would gain tangible benefits from having third-party assessments of the operators against the BAR Standard,” HDI said.
It added: “HDI underwriting teams across the globe will now gain greater insight into the safety performance of operators through the globally recognised safety standard for contracted aviation that the BARS programme provides. The underwriters will receive training on how the programme works and how to utilise it for safety initiatives.”
HDI general manager and global head of the aviation centre of excellence Jamie Bowes said its BARS membership will help to increase the operational safety of its contracted aviation clients.
“Joining the programme is a win-win situation for all parties – being the client, HDI and the Flight Safety Foundation. Our intention is to sponsor our insureds to go through the programme, thus enabling our worldwide aviation underwriters to benefit from the BARS membership by gaining access to global audit data analysis as well as accident and incident data,” Bowes said. “These insights will help strengthen our position as market lead and allow us to assess insurance risks and respective risk management strategies, which will be reflective in our insured’s insurance premiums.”
David Anderson, managing director of BARS, welcomed HDI as a member: “Our new partnership with HDI once again demonstrates the growing strength of the BARS programme 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 added: “Our de-identified data insights are made exclusively available to our BARS member organisations, 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.”