Airlines had $8bn in aircraft assets at-risk in Dubai airport flooding
Airlines may have had $8 billion in aircraft assets exposed on the tarmac when floods swept the Dubai international airport, a data analytics company serving Lloyd's insurers has claimed.
Some 190 aircraft with a combined total valuation of $8 billion were on the ground at Dubai when the recent flood storm struck, data and analytics firm Russell Group said of the view from its ALPS Aviation exposure management solution.
Emirates had the most aircraft on the ground at Dubai airport, its home hub, at 131 aircraft. FlyDubai followed in second place on the assets-on-location ranking.
The United Arab Emirates and neighbouring countries suffered heavily under a severe storm on Tuesday. The storm hit sections of Dubai Airport, which is the world’s second-largest airport.
Dubai took the spotlight during the region’s recent storms, bearing as much rainfall in two days that it usually records in 18 months, one recent event summary had claimed. Dubai airport drew headlines and reporting coverage for some 1200 flight cancellations, power outages and aircraft submersion.
Suki Basi, Russell Group MD, commented: “The storm at Dubai has resulted in severe disruption at Dubai airport and has impacted many planes on the ground, as our analysis has shown. While the airport has re-opened, there will need to be an assessment of the extent of the damage to all aircraft on the ground. For aviation (re)insurers looking to manage the exposures of their corporate insured clients, an event like this is a clear example of the potential impact of severe weather events on grounded aircraft. This event highlights the need for robust data and analytics that shine a light on potential ground accumulation exposures across all airports.”
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