Actuaries are expanding into new areas of practice. As experts in risk and finance we are well placed to add value in the aviation industry.
Ireland is associated with aircraft leasing due to the development of the industry by Tony Ryan’s Guinness Peat Aviation, which at its time became the largest aircraft lessor in the world. This put Ireland on the map as a dominant centre for the industry. A favourable corporate tax regime, double tax treaties, first-rate infrastructure and a highly skilled talent pool means the country continues to grow as a go-to location for aircraft leasing. There are over 50 lessors with Irish operations, with 4 of the top 5 global lessors here. Over 50% of the world’s leased fleet is owned or managed from Ireland.
Not only are the lessors growing in terms of financial size, they are also growing their employee numbers. The Central Statistics Office released statistics showing that employment in aircraft lessors in Ireland grew year on year by 11% from 2009 to 2018, with average pay increasing by 6% per annum over the same period. Total pay by Irish lessors in 2018 was approx. €409m.
Aviation experienced a decade of growth in the ten years to 2020 with passenger traffic increasing more than 6% per year. While Covid-19 has had a dramatic impact on the industry, analysts have predicted that “with much of the world's fleet aging, coupled with a demand for more efficient and less polluting aircraft, the leasing sector is well placed to meet future demand from commercial carriers”.
As a result, the industry can again offer an attractive career path to actuaries. Lessors have created collaborative work environments in which employees are encouraged to be creative and contribute fresh thinking as they work on individual assignments as well as team projects.
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