Risk management refers to the practice of identifying potential risks in advance, analysing them and taking precautionary steps to reduce or avoid them. Any entity making an investment decision exposes itself to a number of financial risks. Aviation is particularly vulnerable due to the capital-intensive nature of the industry. Aviation insurance is one of the tools to manage these risks. The first aviation insurance policy was written by Lloyd’s of London in 1911. The Warsaw Convention of 1929 established terms, conditions and limitations of liability for carriage by air and provided the first recognition of the modern airline industry.

The aviation industry has faced numerous challenges in recent times, such as the Asian financial crisis, the watershed terrorist attacks of September 11 2001, SARS, and high fuel prices. More recently the Covid-19 pandemic has exerted unprecedented challenges to the industry, from which it is yet to recover. These events with roots in economic, public health, and political triggers have caused severe financial losses to the industry. Aviation risks are very complex and costly and are usually shared by several insurers within a specific aviation insurance market.

The catastrophic nature of aviation insurance can be measured in the number of losses that have cost insurers hundreds of millions of dollars. 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. This course introduces you to the concepts of aviation risks, insurance and liability, and provides you with the tools to ascertain liability exposure.

Purpose of the course

To introduce learners to the concepts of aviation risks, insurance and liability.

Objective of the course

1.      To equip the learners with the skills of managing risks in aviation operations.

2.      To provide learners with skills of evaluating risks and providing mitigating factors.

3.      To enable the learners determine applicable insurance premiums

4.      To train the learners on how to ascertain the liability exposure to airlines and manufactures of aircraft.

Expected learning outcomes

On completion of this course students should be able to:

1.      Manage risks in aviation operations.

2.      Evaluate risks and provide mitigating factors.

3.      Determine applicable insurance premiums

4.      Ascertain the liability exposure to airlines and manufactures of aircraft.

This course introduces you to Space Science. It provides all the background knowledge required to understand the requirements for development of space vehicles.

The purpose of this module is to introduce you to the application of Computational Fluid Dynamics in the solution of problems in Engineering and Science. The course covers applications of numerical techniques in Fluids and Heat Transfer. It covers historical background, theoretical considerations, solution algorithms and application. Real-life examples are provided and solved. You will work on a Capstone Project so as to apply the skills that have been introduced.