Taking Inventory of 2020
As we wind down yet another year, it’s safe to say that 2020 was a year unlike any other. Perhaps that is the understatement of the century. We don’t need to wade into all the different ways this year has impacted people. The point is that it has impacted people everywhere, in one way or another.
For our part (the aviation insurance industry), it may feel like we’re piling on. The hardest market most of us have ever seen chose the worst possible time to rear its head. Rate increases, capacity reductions, coverage restrictions all during a stretch when revenue-generating hours are at an all-time low? Come on now, that’s piling on no matter who you talk to.
The good news is that during this stretch of pandemic-impacted months, our proprietary programs (primarily SmoothPay) have been an invaluable tool in helping countless clients wade these rough waters. As brokers, we (unfortunately) don’t set the rates, but there are other things we can do to help.
At ASI, we’ve deployed several measures that have helped clients navigate months that would have otherwise strapped them financially. Although I wish we could do more, I know from numerous testimonies that we helped many people stay in business, so they could fly what they could and make whatever money was out there. For that, we’re glad we could help, if even in the smallest way.
As we look to 2021, our hope is not only that the revenue-generating hours return to some version of normal, but also that the insurance market softens even a little bit. Together, it’s something we can all look forward to next year. In the meantime, if there is anything you need or if you have any questions, please give us a call. We look forward to continuing to be an asset to anyone who will give us the opportunity, and we hope our partnership continues to add value to your operation.