Home » Aircraft Insurance Outlook – March 2024

Aircraft Insurance Outlook – March 2024

Posted By Benjamin Peterson

Published March 18, 2024

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.
MakeModelType of PilotHull ValuePremium% Move
King AirF90Pro Pilot Experienced$850,000$13,000NEW
PilatusPC-24Dual Pro Pilots Experienced$9,700,000$28,000NEW
EmbraerPhenom 300Owner Pilot with 1,300TT and 250 Phenom$9,500,000$93,000NEW
PiperM700Owner Pilot Experienced$4,500,000$40,000NEW
CirrusSR22Student Pilot for a very long time$850,000$16,000🔻37%
CirrusVision JetPro Pilot with 800TT$3,000,000$37,000🔻30%
DiamondDA62Owner Pilot 400TT and 100 in DA62$1,420,00021,000🔻24%
Honda JetElite HA-420Owner Pilot 73 Years Old$4,500,000$85,000🔻20%
DaherTBM 910Owner Pilot 1,600TT and 300 TBM$3,600,000$34,000🔻16%
CitationCJ3Owner Pilot Experienced$4,000,000$40,000🔻17%
PiperM350Owner Pilot Experienced; Age 49$3,200,000$35,000🔻17%
PiperM600Owner Pilot with 2,000TT$2,400,000$28,000🔻15%
PiperM350Owner Pilot Experienced; Age 49$1,560,000$18,000🔻14%
AirbusH130Pro Pilot Based $4,250,000$85,000🔻14%
Bell505Pro Pilot Based on Yacht in Mediterranean Liability Only$20,000FLAT
CitationMustangOwner Pilot 73 Years Old$1,600,000$21,000🟢5%
DaherTBM 910Owner 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 $220,000FLAT

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.

Find out what we can do for you