Deflation in Aviation Insurance?
Aircraft owners should appreciate the fact there’s FOUR new aviation insurance companies this year.
In July’s Market Update, we reported that there were 3 new insurance companies, but that total has now grown to 4 with a new entrant – Mach 2 Underwriters – who can quote pilots +70 years old and transitioning pilots into turbine aircraft. States like California and New York always take longer for insurance licensing.
It’s basically setting up soft market conditions similar to what we saw in 2005 – 2019 where rates declined every year.
Advice: The best way forward is to maintain a close relationship with your aviation insurance broker and underwriters so you get the best rates as things are changing.
Other Blog Posts based on Hot Topics for Aviation Insurance:
- How to Read and Understand Your Pilot Warranty
- Waiver of Subrogation: Definition, Example & Role in Aviation
|Make||Model||Type of Pilot||Hull Value||Premium|
|Citation||M2||Pro Pilot 73 Years Old||$3,500,000||$32,000|
|King Air||250||Single Owner Pilot; Experienced||$4,500,000||$26,000|
|Epic||E1000||Owner Pilot 73 Years Old||$4,500,000||$90,000|
|Epic||E1000||Pro Pilot Very Experienced||$4,500,000||$40,000|
|Pilatus||PC-12||Pro Pilot; 5 Dry Leases||$4,000,000||$38,000|
|Pilatus||PC-12||Single Owner Pilot 73 Years Old||$2,700,000||$40,000|
|Daher||Kodiak 900||Owner Pilot; 1,000TT||$3,500,000||$41,000|
|Daher||TBM 900||Owner Pilots +70 Years Old||$3,000,000||$32,000|
|Daher||TBM 910||Owner Pilot; 700TT; 0 in TBM||$3,600,000||$70,000|
|Piper||Meridian||Two Owner Pilots with 1,300TT and 0MM||$1,350,000||$26,000|
|Piper||M600||Owner Pilot Experienced||$3,260,000||32,000|
|Diamond||DA62||Owner Pilot with 700TT and 0MM||$1,450,000||$22,000|
|Diamond||DA62||Owner Pilot; Experienced||$1,540,000||$21,000|
|Cessna||182Q||Student Owner Pilot with 0 Time||$165,000||$7,000|
|Bell||505||Brand New Private Pilot from R44||$1,525,000||$70,000|
|Airbus||H125||Owner Pilot Very Experienced||$1,600,000||$37,000|
Ben Peterson is a 15 year aviation insurance services professional, Commercial Pilot and Flight Instructor with over 1,000 hours instruction given, and former Cirrus Factory Instructor Pilot
Graduated from the University of North Dakota with a degree in Commercial Aviation as a Pilot and Flight Instructor. My first professional job was working for Cirrus Aircraft as an instructor.