Poll: How long do you predict aviation insurance costs will continue their rise?
Even before COVID-19 closures began ravaging the aviation world, the aviation insurance marketplace had become a painful one for aircraft operators. Premium increases of 20-30% on renewals have been the norm over the last year. Owners with recent losses are experiencing even steeper escalations.
Why? The end finally came to an unusually extended “soft” market in which competition drove premiums below the point at which insurers had adequate reserves to pay for large losses.
Vote below to have your say. This is an interactive poll, please allow some time to load.
Consequently, some insurers simply chose to leave the market rather than compete in a low-premium business that could not sustain further losses. Others decided to reduce or eliminate coverage availability to some operators, such as older pilots, and/or for owner-flown turbine aircraft.
Read the full article - Self-Insurance Carries A Risk For Business Aviation Operators
To share your views on other areas of business aviation, take a look at the previous weekly polls here.