Newcomer Planesure brings outstanding client service to South African aviation market

07 July 2014 Genric
Cornel Schoeman, commercial executive at GENRIC.

Cornel Schoeman, commercial executive at GENRIC.

Jamie Illing at Planesure.

Jamie Illing at Planesure.

GENRIC Insurance launches niche aviation UMA.

New underwriting management agency (UMA) Planesure Underwriting Managers brings fresh blood to South Africa’s otherwise limited aviation insurance offering, expanding options for brokers whose clients have aviation risk management needs.

The UMA, backed by short-term insurer GENRIC Insurance, is the brainchild of Jamie Illing, Managing Director (MD) of Planesure, who has more than eight years experience in the aviation insurance space.

Illing, who was previously MD at Airspace Africa after setting up the aviation division at Regent Insurance, identified a need in the South African market for a unique niche insurance product that can offer a personal and outstanding service experience in general aviation insurance.

Scope for growth

“The South African general aviation annual premium is around R500 million of which only R300 million is written locally, in South Africa,” he says. “The rest is placed overseas into approved and non-approved markets.”

Furthermore, he noted, South Africa has close to 11,000 aircraft that are worth $60 million, excluding airlines. However, not all of these are insured.

“There is a very real need in our home market for a unique, closely serviced product, and Planesure can provide that to brokers,” Illing added.

Through Planesure, GENRIC Insurance is one of only six insurance companies in South Africa that offer aviation insurance. The UMA’s suite of products is for general aviation risks, for aircraft with 30 seats or less.

Policy offering

The UMA offers a hull policy for the aircraft, as well as hull war risk insurance. Under the hull war risk policy, the UMA offers insurance for damage to the aircraft in the event of war, including riot, strike and malicious damage. Planesure also offers liability insurance for passenger and third-party property claims.

“What distinguishes our products from those already in the market, is that we personalise the service experience,” Illing says. “We understand the risk intimately and have the experience within our company to service it, something that is hard to find in the aviation insurance space. We tailor our policies for each client’s specific need, and offer close, immediate service that you would expect from a specialist.”

He continues: “We have a lot of experience with the aviation-specific brokers. However, we also invite the wider broker community to come and see what we can offer your clients.”

Unique features

Planesure offers unique risk finance tools with its policies that many policies do not offer. These tools include:
• Airport owners and operators liability, including Airmeet Liability. This is insurance for third-party property damage, and injury or death of people while the aircraft is in the hangar.
• Personal accident insurance for crew and passengers in the event of death or disability as result of the plane crashing.
• Emergency medical rescue stated benefit whereby passengers and crew would be airlifted to the nearest hospital in the event of the plane crashing.
• Hull deductible insurance, whereby Planesure can buy down insurance excess for aircraft at additional premium.
• No-claims-bonus protection.
Planesure is underwritten by GENRIC Insurance, which is a short-term insurance company that specialises in niche risks and is backed by A-rated reinsurance.

“We are pleased to welcome Jamie and Planesure into the GENRIC fold,” Cornel Schoeman, commercial executive at GENRIC, says. “Jamie is very well known and respected within the aviation insurance industry, and Planesure sits beautifully next to our other niche UMAs. To back up our confidence in Planesure, we have taken a shareholding in the UMA.”

“I am thrilled to have a strong insurance partner like GENRIC in a highly specialised field of risk management. GENRIC understands the specialist,” Illing concludes.

Planesure is set for growing its market share in the South African market, but is also mandated to grow to neighbouring countries.

“We have full intention to widen our network to some of the SADC [Southern African Development Community] countries,” Illing concludes.

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