Home » Aircraft Insurance Outlook – May 2023

Aircraft Insurance Outlook – May 2023

Posted By Benjamin Peterson

Published May 1, 2023

Anything new with Aircraft Insurance lately?

We’d like to report light to moderate turbulence for the aircraft insurance market outlook in May 2023. The general consensus is rates are supposed to continue increasing but we’ve actually seen the market flat and stabilize at the current rates. A lot of people talk about Boeing and Ukraine for increases in insurance rates, but the biggest risk is the loss ratios from individuals that have had significant physical damage losses. 

Quick stat: Aviation insurance makes up less than 1% of the Property Casualty insurance market. 

Advice: The best way forward it to maintain a close relationship with your aviation insurance broker and underwriters

MakeModelType of PilotHull ValuePremium
CitationMustangOwner Pilot Transitioning from Cirrus SR22T with 850 Total Time; required 25 hours dual with mentor pilot in Mustang prior solo$1,900,000$33,000
EmbraerPhenom 100Pro Pilots; In-Aircraft Initial with Norton Aviation$2,900,000$28,000
CitationEncore+Owner Pilot 74 Years Old$3,000,000$30,000
PilatusPC-24Pro Dual Pilots$12,300,000$48,000
PiperM600Owner Pilot Experienced$2,250,000$25,000
CirrusSR22Experienced Pilots$730,000$7,500
CirrusVision JetOwner Pilot w/ 500TT transition from SR22$3,000,000$61,000
CessnaT182Owner Pilot Experienced$857,00012,000
DaherTBM 930Owner Pilot 71 Years Old$3,300,000$35,000
PiperM600Owner Pilot$2,500,000$25,000
CitationSovereign+Pro Pilot Experienced, A Lot of Claims$9,500,000$55,000
Bell505Pro and Owner Pilot with 40 hours Rotor Wing and 600 Fixed Wing$1,700,000$75,000
Bell 429Pro Pilots Experienced$8,000,000$125,000
Bell206Owner Pilot; 550 hours Total Time$350,000$17,000
MD500Owner Pilot; 500 hours Total Time$1,000,000$32,000


CAE Simuflite has recently started requiring a Certificate of Insurance with a Waiver of Subrogation for simulator trainees with liability limits of $50,000,000 for Commercial Operators and $20,000,000 for Personal Operators. There’s been a lot of discussion about this on PhenomPilots.org and how these limits are unattainable leaving trainees responsible to negotiate lower limits per their policy.

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