Unprecedented was the word. Let’s overcome this crisis together.
Foreword from the Chairman
Never ever before has the global aviation industry been brought to a standstill as during the Covid-19 pandemic.
With some 4.5 billion airline passengers recorded at the end of 2019, the year 2020 was expected to remain on the upward trend which started in the aftermath of World War II. No economic crisis (2008 crisis); war (Iran-Iraq or the WTC attacks); natural catastrophe (eruption of the volcano Eyjafjöll) or health event (SARS) whatsoever has ever resulted in causing a drop in activity, stagnation or a growth slowdown.
The health crisis generated by Covid-19 has resulted in the entire planet stopping the momentum and shutting down their economies. As a consequence, the total number of airline passengers shrank to less than 2 billion, i.e. a return to the figures prevailing in the 2000s. Nearly twenty years of growth have gone up in smoke…
This shock will weigh heavily on the key sectors of the aviation industry for some time to come. Airline companies will be bound to resize their offer, reduce their activity and some of them will cease to exist. The airport infrastructures, now providing overcapacity, will have to stop their construction and extension projects overnight. The manufacturers (aircraft, motor, components), in the face of shrinking order books, will need to scale down their production.
In this context of radical transformation, the insurers as well will have to reposition their covers and their pricing.
REUNION AERIENNE & SPATIALE, as a specialist market player, which has been going through upward and downward cycles for more than 65 years, continues its policy of risk analysis and selection. More than ever we need to adapt ourselves to the new exposures of our insureds, introduced by this environment change.
Backed by solid and engaged insurance and reinsurance partners, I invite you to learn about the way the management team and myself intend to tackle these new challenges.
We are facing a major crisis and severe disruption, but REUNION AERIENNE & SPATIALE, your sustainable and expert business partner, stands by you to overcome the current difficulties and minimize this disruption in 2021 and beyond.
Christophe Graber Chairman
About Us
WHO WE ARE
A PURE SPECIALIST & KEY GLOBAL PLAYER
For more than 65 years, we have been providing insurance and reinsurance solutions geared to the highest requirements of aeronautical risks and tailored to each of our clients’ specific needs. Being a historically French company founded in 1953, we operate worldwide. We have become one of the world’s top aviation and space insurance companies and, as a leading global player, we represent today a significant share in the overall market. Our headquarters are located in Paris, and we also maintain an office in the City of London.
We act as a pure specialist operating solely in the aviation and space insurance markets. As such, we serve a wide-ranging client base of airlines, aircraft, engine and satellite manufacturers, airports, satellite and launcher operators as well as the entire spectrum of general aviation participants. We bring our exclusive expertise in the fields of aviation and space insurance to our clients under two recognized and much appreciated brands, LRA and LRS.
Supported by high quality partners
We develop our business with the support of major insurance groups within strengthened legal entity framework as a result of the creation of the SAS REUNION AERIENNE & SPATIALE in 2016.
SAS REUNION AERIENNE & SPATIALE write, on the behalf of our principals, who are also insurers in their own right, a complete range of aviation and space risks through Paris and London underwriting platforms.
Generali and MMA (Covéa group), long standing partners, are shareholders of the company SAS REUNION AERIENNE & SPATIALE and members of the Economic Interest Grouping (EIG) La Réunion Aérienne.
SAS REUNION AERIENNE & SPATIALE was reinforced in 2018 with the entrance of PICC Property & Casualty, China’s major insurance company, and again in 2019 with the arrival of Helvetia Assurances SA, leading insurer in the Swiss market.
In 2020, we welcomed SMA Group, a well-known and 1st ranked insurer in the construction industry, historical player on the French market, as a fifth member.
Most importantly, our now five principals allow us to provide our intermediaries (agents and brokers) as well as our clients with a high level of financial security.
