Leading Broker Reports Aviation Insurance
Companies Going Through Major Changes
The Aviation Insurance market
has undergone major changes
in the past several years with
fast rising rates and a major
reduction in capacity.
An updated report from one of the
nations top aviation insurance
brokers shows that even in just the
past 6 months, big changes are still
occurring with many of the best
aviation insurance companies.
Aviation Insurance is a
specialized industry with less
than 20 insurance carriers as
opposed to over 500 auto
insurance carriers.
An updated report on the 10 best
aviation insurance companies
shows that even in just the past 6
months, major changes are still
occurring for some of the largest
carriers.
Near the end of the 3rd
quarter in 2018, everything
began to change in the
aviation insurance
marketplace.
Record low premiums for many
years didn't change the number
of claims and aircraft accidents
reported and the insurance
companies paid a huge cost.
Since 2018 multiple large
aviation insurance companies
have exited the market,
insurance premiums have begun
to rise 25-100% and the
implications are still being felt
today.
According to an aviation insurance
market update report, written in June of
2020, rates had begun to rise due to
many factors including the increasing
cost of aircraft repairs, higher level of
claims and a higher level of liability
awards.
These factors, along with
reduced capacity are
continuing to push big
changes for the top aviation
insurance companies.
Some of these changes in just the past
6 months include 2 aviation insurance
companies exiting the light-aviation
insurance market and another global
insurance company finally taking place
in the 10 best list, for aviation
insurance.
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