Aerosure Asia Pacific and Willis awarded Best Corporate Project for “Parallel Runways”
Aerosure Asia Pacific and Willis have won a major industry award for an innovative joint marketing initiative called “Parallel Runways”, which has saved 14 participating Australasian airports in excess of 25% on the purchase of aviation liability insurance.
Aerosure Asia Pacific and Willis won the Best Corporate Project category for “Parallel Runways” at the Australian Airports Association National Airport Industry Awards 2012, which were announced at a gala dinner in Melbourne last week.
Aerosure Asia Pacific was one of 12 nominees in the category. Other nominees included AECOM, Airservices Australia, Aviation Project, Beca, Boral Asphalt South Australia, CivilTeam Engineering, Downer Infrastructure, Fulton Hogan, SITA/BCS, the Airport Group and Thorn Airfield Lighting.
The “Parallel Runways” project was designed by Aerosure to deliver collective purchasing of aviation liability insurance and was supported by eight airport corporations with responsibility for 14 airports within Australia, New Zealand and the Pacific. This included Perth Airport Pty Ltd, North Queensland Airports, Queensland Airports Limited, Adelaide Airport Limited, Capital Airport Group (Canberra), Airport Development Group, Auckland International Airport Limited and Queenstown Airport Corporation.
Aerosure Asia Pacific Managing Director Greg Rector said his firm was proud to have received peer and industry recognition for a project that delivered substantial cost savings for clients against the backdrop of rising aviation costs, whilst not compromising the benefits of their insurance protection.
“The efforts of these participating airports will have flow-on impacts for the rest of the industry and will deliver cost savings for those not involved. The savings and benefits achieved through the “Parallel Runways” project will place a ceiling on the ability of insurers to raise costs above the current level of pricing and this will provide long-term benefits for all airports in the region.”
Mr Rector said one of the critical success factors in this project was the willingness and the ability of the participating airports to work cohesively in the Australian and London insurance markets.
“The leadership of all our participating airport clients saw the value in the different approach we took to achieve our objective. We thank them for sharing our vision and helping to make this project such a success for their respective organisations, customers and the industry as a whole.”
What some of the “Parallel Runway” participants said about the success of the initiative:
The project enabled a collection of like-minded Australia/Pacific airports to jointly market our insurance needs through the Aerosure broking and advising teams in the London Market. Aerosure were able to bring together 14 airports across two countries with disparate ownership structures and shareholders to deliver savings of up to 25%. This was a complex logistical task involving significant risk. Insurance is ADG’s largest administrative cost and the partnership and participation in “Parallel Runways” has enabled our airports to grow and invest in aviation infrastructure.
Airport Development Group, CFO and Company Secretary – Tom Ganley
For Canberra Airport, this initiative of using joint purchasing power has delivered very considerable savings, in excess of 25% on the premium cost for the aviation liability insurance. These are entirely real savings and given the overall scale of aviation insurance costs, they are considerable and deliver real value to the bottom line. When this is magnified across the 14 airports, the overall level of savings would be in the many millions of dollars.
Canberra Airport, Managing Director – Stephen Byron
In simple terms, the initiative saw the joint marketing of the insurance needs of a group of complimentary Australasian Airports within the global insurance market. This simple notion gives little insight into the complexities of this initiative which required the eight owners of 14 airports to firstly be persuaded to participate in the initiative and secondly, for them to participate in a cohesive and aligned manner. The final result of the initiative was an outstanding success which captured the imagination of the London Aviation Insurance Market and in doing so, materialized into significantly reduced insurance premiums for all of the participants in terms of their aviation insurance.
Queensland Airports, General Manager, Property & Legal – David Hedges
About Aerosure Asia Pacific
Aerosure Asia Pacific Pty Ltd provides high level insurance broking services (non-aviation and aviation insurance) to a range of clients including Airports, Airlines, Air Navigation Service Providers, Airport Service and MRO Providers. Aerosure represents the aviation insurance broking interests of the Willis Group (Willis) in the Pacific region and has offices in Sydney and Brisbane.
Further information and media interviews:
Aerosure Managing Director Greg Rector +61 2 9660 2252