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Aircraft Insurance Outlook – February 2024
Posted By Benjamin Peterson
Published February 5, 2024
Things are heating up in aircraft insurance. Let’s GO!
- January and February are slower months for us and a time to reflect and create new goals for 2024
- The aircraft insurance market is starting to heat up with competition. Check out the below % move and you’ll see some price reductions that have been foreign to us for the past five years
- Changes in the market: Beacon Aviation Insurance has a new 6 month policy program for transition pilots into expensive aircraft where they can be re-rated or shopped after 6 months so they’re not stuck into a 12 month policy with higher rates
- Changes in the market: Rokstone Underwriting will bring in more new aviation insurance competition with senior underwriters from Starr and AIG
- In general the trend has reversed and rates are on the decline for a lot of people but not everyone.
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.
| Make | Model | Type of Pilot | Hull Value | Premium | % Move |
|---|---|---|---|---|---|
| Piper | M600 | Owner Pilot with 1,050TT | $3,400,000 | $31,000 | 🔻43% |
| Diamond | DA62 | Owner Pilot 400TT and 100 in DA62 | $1,420,000 | $21,000 | 🔻41% |
| Pilatus | PC-24 | Two Pro Pilots Experienced in PC-24 | $9,700,000 | $25,000 | 🔻37% |
| Piper | JetProp | Owner Pilot Experienced; Age 58 | $900,000 | $14,000 | 🔻31% |
| Piper | M350 | Owner Pilot Experienced; Age 45 | $1,560,000 | $18,000 | 🔻14% |
| Daher | TBM 910 | Owner Pilot Experienced; Age 72 | $2,900,000 | $32,000 | 🔻8% |
| Daher | TBM 910 | Owner Pilot Experienced; Age 72 | $2,900,000 | $31,000 | 🔻7% |
| Cirrus | SR22 | Owner Pilot Experienced | $700,000 | $7,000 | FLAT |
| Piper | Mirage | Owner Pilot Experienced; Age 58 | $450,000 | $6,000 | 🟢 2% |
| Daher | TBM 930 | Owner Pilot Experienced; Age 62 | $3,500,000 | $29,000 | 🟢 5% |
| Airbus | H125 | Owner Pilot Experienced; Age 62 | $1,600,000 | $43,000 | 🟢 13% |
| Pilatus | PC-24 | Pro Pilots Switched from Dual to Single Pilot | 10,500,000 | $68,000 | 🟢 40% |
| Bell | 505 | Two New PRIV Pilots with 100 Total Time | $2,340,000 | $93,000 | NEW |
| Robinson | R66 | Two New PRIV Pilots with 100 Total Time | $1,300,000 | $58,000 | NEW |
| Daher | Kodiak 900 | Owner Pilot New to Turbo Prop and Kodiak | $3,500,000 | $41,000 | NEW |
| Gulfstream | G650ER | Pro Pilots New to Gulfstream and Int’l | $60,000,000 | $99,000 | NEW |
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.
Benjamin Peterson
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.