• captive insurance company
• environmental insurance
• European Union Emissions Trading System
• exchange rate risk
• Fatigue Risk Management System
• fuel hedging
• hull and liability insurance
• war and terrorism risk

Several airlines are realizing the virtues of gaining visibility and control on the multitude of risks concerning the aviation sector. Nowadays, risk management in the airline industry is a rapidly developing discipline with the objective of systemically identify, measure and tackle all types of risks to manage any exposure based on the airlines’ strategies and priorities. This work shows how the airlines are implementing a robust risk management system, which identifies operational safety hazards, determines potential risks associated with those hazards, assesses the impact of those risks and, finally, develops and implements financial and insurance solutions to reduce the risks to an acceptable level.