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Aircraft Insurance Outlook – October 2024
Posted By Benjamin Peterson
Published October 11, 2024
Does your aviation insurance broker go to bat for you?
- We’re seeing the market continue to soften. We’re getting 3-4 quotes per client renewal. Similar to what we were seeing back in the soft market between 2010 – 2017.
- What’s the difference today? There still seems to be a lot of claims and the cost of the claims is higher.
- There’s a total of 18 aviation insurance companies, up from 13 companies 4 years ago.
- The good news, for the lower time pilots (ie. sub 1,000 hours) there has been a softening of rates from additional capacity.
- So where is the soft market really happening? Good risk and Experienced Pilots.
- This doesn’t apply to all aircraft owners. No two risks are the same.
- Where is the soft market not happening? 70+ year old owner pilots with hull values over $2,000,000 are still attracting less underwriting interest.
- If you look below, we’ve had no increases this month. All flat or decreases.
| Make | Model | Type of Pilot | Hull Value | Premium | % Move |
|---|---|---|---|---|---|
| Cirrus | SR22 | Student Pilot with 100TT; 50 hours dual and Private prior to solo; Very good | $1,272,000 | $18,000 | NEW |
| Cirrus | SR22 | 76 yo Student Pilot | $1,439,000 | $38,000 | NEW |
| Pilatus | PC-12 NGX | Owner Pilot Experienced but new to PC-12 | $5,000,000 | $40,000 | NEW |
| Piaggio | Avanti P180 | Owner Pilot Experienced | $1,800,000 | $26,000 | FLAT |
| Epic | E1000 GX | Owner Pilots; 74 yo and son with 600TT | $4,000,000 | $130,000 | FLAT |
| Pilatus | PC-12 | Pro Pilots 75 yo; lowered hull to accommodate; 3 dray leases | $3,000,000 | $41,000 | FLAT |
| Embraer | Phenom 300 | Pro Pilot Experienced; 68 yo | $10,500,000 | $75,000 | FLAT |
| Citation | XLS+ | Owner Pilot with $10M loss this year | $11,000,000 | $49,000 | FLAT |
| Piper | M600 | Owner Pilot Experienced | $3,200,000 | $25,000 | 🔻8% |
| Bell | 206 | Owner Pilot with 380TT and 125RW | $450,000 | $22,000 | 🔻11% |
| Agusta | 119 | Pro Pilot Experienced | $1,500,000 | $35,000 | 🔻15% |
| Daher | TBM 700 | Owner Pilot Experienced | $1,250,000 | $13,500 | 🔻19% |
| Cirrus | SR22 | Owner Pilot with 400TT; PRIV INST | $700,000 | $10,000 | 🔻33% |
| Embraer | Phenom 100 | Owner Pilot with 900TT | $2,000,000 | $20,000 | 🔻33% |
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.