International airline Goldstar Air, the wings of Ghana will play an essential role in aviation and general insurance in Ghana, to avoid the provision of additional coverage assurance or reinsurance outside the country, as it looks forward to creating over one million indirect job opportunities for Ghanaians.
The airline will work with the National Insurance Commission (NIC) in Ghana to assist in all big-ticket insurance coverage to be taken care of by a consortium of insurance companies in the country.
The facultative reinsurance and reinsurance treaties are two types of reinsurance contracts. When it comes to facultative reinsurance the main insurer covers one risk or a series of risks held in its books. The treaty reinsurance, on the other hand, is insurance purchased by an insurer from another company.
Various insurance policies make it more convenient to travel by air and according to the rules of the international governing body, the International Civil Aviation Organization (ICAO). Anytime you travel with Goldstar Air to any of our destinations you will have a special cover for you and members of your family close to you.
The facelift of aviation Insurance significantly in Ghana by Goldstar Air will play an essential role for many years for the airline’s 24-hour service, and it will make travelers feel protected and secured against any eventualities each time they trek by air or board any of our aircraft.
As Goldstar Air projects over one hundred aircraft, insurance is very key for our operations, and it is open for partnerships with insurance companies in Ghana. Aviation insurance is insurance coverage geared specifically to the operation of aircraft and the risks involved in aviation.
International Civil Aviation Organization maintains the standards for aircraft registration, known as tail numbers, including the alphanumeric codes that identify the country of registration, such as airplanes registered in the United States have tail numbers starting with N, and airplanes registered in Ghana have tail numbers starting with 9G.
The airline has been issued an Air Carrier Licence by the Ghana Civil Aviation Authority (GCAA) and is looking forward to the demonstration flight with our aircraft after the inspection, then to be registered with 9G or put on the Ghana registry and issued a certificate to enable the airline to operate its aircraft.
After the issuance of the operator’s certificate, which will give the airline operational control to operate its aircraft with Ghanaians
International Civil Aviation Organization is also responsible for issuing two-to-four-character alphanumeric aircraft type designators for those aircraft types that are most provided with air traffic service. These codes provide an abbreviated aircraft type identification, typically used in flight plans.
The airline industry is one of the most dynamic industries in the world. With new technologies and regulations changing constantly, Goldstar Air will stay on its toes to keep up with the competition and will always be looking for innovative employees who can help the airline stay ahead of the competition.
Aviation insurance policies are distinctly different from those for other areas of transportation and tend to incorporate aviation terminology, as well as terminology, limits, and clauses to aviation insurance.
Aviation insurance was first introduced in the early years of the 20th century. The first ever aviation insurance policy was written by Lloyd’s of London in 1911. The first aviation policies were underwritten by the marine insurance underwriting community. The first specialist aviation insurers emerged in 1924.
In 1929, the Warsaw Convention was signed. The convention was an agreement to establish terms, conditions, and limitations of liability for carriage by air, this was the first recognition of the airline industry as we know it today.
According to the Chairman and Chief Executive Officer of Goldstar Air Eric Bannerman, the airline will be choosing the right aircraft insurance which is critical to us. It will protect not only our aircraft business but also its cargo and most importantly the passengers including pilots and crew.
It will also cover third parties involved in aviation accidents like the people who, by chance were on the ground and were injured during the crash, the crops that are plowed by the plane, and the properties that are damaged because of the accident. All these have been carefully considered by Goldstar Air to avoid problems and conflicts to be encountered in the future.
Public liability insurance, often referred to as third-party liability covers aircraft owners for damage that their aircraft does to third-party property, such as houses, cars, crops, airport facilities, and other aircraft struck in a collision. It does not provide coverage for damage to the insured aircraft itself or coverage for passengers injured on the insured aircraft. After an accident, an insurance company will compensate victims for their losses, but if a settlement cannot be reached then the case is usually taken to court to decide liability and the amount of damages. Public liability insurance is mandatory in most countries and is usually purchased in specified total amounts per incident, such as $1,000,000 or $5,000,000.
Passenger liability insurance protects passengers riding in the accident aircraft who are injured or killed. In many countries, this coverage is mandatory only for commercial or large aircraft. Coverage is often sold on a “per-seat” basis, with a specified limit for each passenger seat.
Combined Single Limit, coverage combines public liability and passenger liability coverage into a single coverage with a single overall limit per accident. This type of coverage provides more flexibility in paying liability claims, especially if passengers are injured, but little damage is done to third-party property on the ground.
Ground risk hull insurance not in motion provides coverage for the insured aircraft against damage when it is on the ground and not in motion. This would protect the aircraft from such events as fire, theft, vandalism, flood, mudslides, animal damage, wind or hailstorms, hangar collapse, or uninsured vehicles or aircraft striking the aircraft. The amount of coverage may be a blue book value or an agreed value that was set when the policy was purchased.
Ground risk hull insurance in motion (taxing) coverage is like ground risk hull insurance not in motion but provides coverage while the aircraft is taxiing, but not while taking off or landing. Normally, coverage ceases at the start of the take-off roll and is in force only once the aircraft has completed its subsequent landing. Due to disputes between aircraft owners and insurance companies about whether the accident aircraft was taxiing or attempting to take off, this type of coverage has been discontinued by many insurance companies.
In-flight insurance coverage protects an insured aircraft against damage during all phases of flight and ground operation, including while parked or stored. Naturally, it is more expensive than not-in-motion coverage, since most aircraft are damaged while in motion.
Mr. Bannerman emphasized that negotiations are going on with some Afrik Allianz members to set up an insurance department which will be known as Afrik Insurance, to start with insurance with our aircraft that will initially fly within the African continent and later to other continents. Aviation insurance will cover the requirements that are needed and are helpful to owners, operators, pilots, renters, students, and flight schools in which there is a risk for life.
Afrik Alliance members will benefit a lot from these arrangements once there are not enough claims and will also arrange “fleet policies” to cover all aircraft they own or operate. The underwriting profits can be utilized as indemnity or guarantee to purchase additional aircraft for members and this will also benefit the local insurance in Ghana.
The global aircraft insurance market size was valued at 15.65 billion US dollars in 2023. It is expected to reach 20.34 billion US dollars in 2032, growing at a Compound Annual Growth Rate (CAGR) of 2.96% over the forecast period (2024-32).
General aviation market capacity increased during 2022 and into 2023, driven by fresh insurers looking to capture market share, and existing insurers looking to maintain their positions. Accounts perceived to be safety-driven, with good loss records and positive engagement with the markets and industry bodies are seeing offers of capacity of more than one hundred percent (100%), further driving pricing competition.
To also optimize 24/7/365 operational efficiency and reduce costs, Afrik Allianz members will collaborate in resource sharing, including lounges, terminal space, ground handling services, common marketing programs, maintenance bases, and IT systems, which will reduce overall costs. The collaboration effort aims to ensure a consistent level of service while maintaining financial independence and brand identity for member carriers. This will be an opportunity for member countries to get involved and make it a reality to sustain easy movements within the over one hundred and twenty-one (121) airports on the African continent.
Goldstar Air’s 24-hour service is aiming to be among the best one hundred companies in Africa with great company culture and customer service. The airline will place a strong emphasis on starting this insurance alliance.
The London insurance market is still the largest single center for aviation insurance. The market is made up of the traditional Lloyd’s of London syndicates and numerous other traditional insurance markets. Throughout the rest of the world, there are national markets established in various countries, each dependent on the aviation activity within each country.
The United States has a large percentage of the world’s general aviation fleet and has a large established market. According to the 2014 report from the General Aviation Manufacturers Association (GAMA), there are 362,000 general aviation aircraft worldwide, and 199,000 (or roughly 55%) are based in the United States.
No single insurer has the resources to retain a risk the size of a major airline, or even a substantial proportion of such a risk. The catastrophic nature of aviation insurance can be measured in the number of losses that have cost insurers hundreds of millions of dollars (Aviation accidents and incidents).
On 6 October 2016, the International Civil Aviation Organization finalized an agreement among its 191 member nations to address the more than 1000 million tonnes of carbon dioxide emitted annually by international passenger and cargo flights. The agreement will use an offsetting scheme called CORSIA (the Carbon Offsetting and Reduction Scheme for International Aviation) under which forestry and other carbon-reducing activities are directly funded, amounting to about 2% of annual revenues for the sector.
Carbon Offsetting and Reduction Scheme International Aviation will regulate only about 25 percent of aviation’s international emissions, since it grandfathers all emissions below the 2020 level, allowing unregulated growth until then. Only 65 nations will participate in the initial voluntary period, not including significant emitters Russia, India, and perhaps Brazil. The agreement does not cover domestic emissions, which are 40% of the global industry’s overall emissions.
Emissions limits for aircraft engines are defined by Annex 16, Volume 2 of the International Civil Aviation Organization Technology Standards, they include standards for Hydrocarbons, Carbon monoxide, NOx, Smoke, and Particulate Matter for Local Air Quality near airports, below 3,000 ft (910 m). The first International Civil Aviation Organization emissions regulation was adopted in 1981, and more stringent NOx standards were subsequently adopted later.
Goldstar Air will be initiating a competitive biweekly (2 weeks) employee pay structure in Ghana, which will be on one frequency with other destinations’ salary structure to avoid employment discrimination and the first of its kind in the aviation sector in the country.
Ho Industrial Zone viability will be an economic generator for the region. Hajj flights to and from the Kingdom of Saudi Arabia and charter flights will open more doors for the Volta region.
From the Northwestern corner of Ghana, Wa will be experiencing charter flights from the rural and smaller communities connecting global cities which will help businesses in the area expand and attract new companies, and Hajj flights to and from the Kingdom of Saudi Arabia.
Mother of all regions, Tamale will serve as a pivotal hub for our airline’s maintenance base, cargo, and training school and plans are underway to operate international flights to and from the Sahel region and Hajj flights to and from the Kingdom of Saudi Arabia.
From the Garden City Kumasi, the airline will initially operate flights to Rome, Madrid, Hamburg, London, Dusseldorf, Milan, and Hajj flights to and from the Kingdom of Saudi Arabia.
Also from the Capital city Accra, flights shall include destinations such as Washington, Dubai, Lagos, Toronto, Monrovia, Conakry, Abidjan, Guangzhou, Dakar, Banjul, Rhode Island, London, Freetown, and pending cities such as Miami-Florida, Atlanta-Georgia, Chicago-Illinois, Glasgow-Scotland, Houston-Texas and many more.
