Our latest insurance market update offers insights into the first quarter of 2024 and what clients can anticipate for the remainder of the 2024 year.
- A busy Heli Expo has recently come to completion, which was packed with aviation insurance underwriters jockeying for position to maintain business.
- Numerous aviation insurers are committed to maintaining or expanding their market presence and continuing to compete for high premium accounts.
- The biggest area of increased competition and capacity in aviation insurance is in the quota share follow lines
- So you get a company like Starr, USAIG, or QBE to lead and all these newer companies like IAT, Eiger, Applied, or Rokstone (or a handful of other MGAs) want a piece of the pie to not do as much work but same risk, and follow as a percentage.
- We’re seeing some single pilot jet clients that are getting pressure for age at 75+ years old move to fleet policies that don’t have less age restrictions and less underwriter scrutiny for a pilot’s age. For example, a Pilatus PC-12 with a 75 year old pilot move to a managed fleet policy.
| Make | Model | Type of Pilot | Hull Value | Premium | % Move |
|---|---|---|---|---|---|
| King Air | F90 | Pro Pilot Experienced | $850,000 | $13,000 | NEW |
| Pilatus | PC-24 | Dual Pro Pilots Experienced | $9,700,000 | $28,000 | NEW |
| Embraer | Phenom 300 | Owner Pilot with 1,300TT and 250 Phenom | $9,500,000 | $93,000 | NEW |
| Piper | M700 | Owner Pilot Experienced | $4,500,000 | $40,000 | NEW |
| Cirrus | SR22 | Student Pilot for a very long time | $850,000 | $16,000 | 🔻37% |
| Cirrus | Vision Jet | Pro Pilot with 800TT | $3,000,000 | $37,000 | 🔻30% |
| Diamond | DA62 | Owner Pilot 400TT and 100 in DA62 | $1,420,000 | 21,000 | 🔻24% |
| Honda Jet | Elite HA-420 | Owner Pilot 73 Years Old | $4,500,000 | $85,000 | 🔻20% |
| Daher | TBM 910 | Owner Pilot 1,600TT and 300 TBM | $3,600,000 | $34,000 | 🔻16% |
| Citation | CJ3 | Owner Pilot Experienced | $4,000,000 | $40,000 | 🔻17% |
| Piper | M350 | Owner Pilot Experienced; Age 49 | $3,200,000 | $35,000 | 🔻17% |
| Piper | M600 | Owner Pilot with 2,000TT | $2,400,000 | $28,000 | 🔻15% |
| Piper | M350 | Owner Pilot Experienced; Age 49 | $1,560,000 | $18,000 | 🔻14% |
| Airbus | H130 | Pro Pilot Based | $4,250,000 | $85,000 | 🔻14% |
| Bell | 505 | Pro Pilot Based on Yacht in Mediterranean | Liability Only | $20,000 | FLAT |
| Citation | Mustang | Owner Pilot 73 Years Old | $1,600,000 | $21,000 | 🟢5% |
| Daher | TBM 910 | Owner Pilot 72 Years Old | $2,900,000 | $37,000 | 🟢10% |
| Work Comp | Work Comp for FBI and Army Contractor that hires mechanics for old aircraft | $220,000 | FLAT |
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.
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.