iTOO Special Risks has unveiled its aviation insurance offering in South Africa – which it describes as a ‘game-changer’ for the speciality insurance and aviation industries – to take advantage of the local and African aviation markets, which show a lot of growth potential.
iTOO Aviation Underwriter Lorenzio Bettini says the motivation for iTOO to enter the aviation market is because the company is an expert in specialist and niche risks and the aviation space is congruent with that.
“The aviation market ticks all the boxes because it needs a niche insurance product that requires special expertise and, at the same time, it is also a substantially sized market. For many years, the South African aviation market has been tough, soft and challenging, but it has recently hardened and started to correct,” says Bettini.
“For us, it was simply the right time to get into this market. We also noticed there has traditionally been a shortage of capacity in this space, so iTOO is…