Fly- og helikopterforsikringer øker premier - AIN

 

More Insurance Pain Forecast for Rotor Industry

The insurance pain for the rotorcraft industry—and aviation in general—is likely to continue for at least another year or two, according to David Watkins, regional manager of general aviation for Allianz.

“Premiums are on the rise,” he said during a recent webinar hosted by Helicopter Association International (HAI). “We’re 18 months into a hard market” for aviation insurance, circumstances not seen since 9/11. While aviation insurance, at $4 billion to $5 billion per year, represents a relatively minuscule portion of the $800 billion annual insurance marketplace, the Boeing Max accidents and groundings and recent large awards for several fixed- and rotary-wing accidents resulted in big losses. Liabilities associated with the 737 Max already exceed $4.75 billion. Aviation insurance is currently unprofitable, reinsurance is harder to acquire, and brokers are scrambling to find multiple insurance companies to share client coverage for anything much above $5 million. 

Since 2019, the aviation insurance industry has sustained 24 major losses above normal, and reserves are now depleted, according to Kevin Kovarik, an underwriter for USAIG who also participated in the webinar. And approximately one-quarter of those accidents involved rotorcraft. 

Despite these factors, operators can use strategies to maintain their insurability and get the best possible rate. “Make a personal relationship with your underwriter,” counseled webinar panelist Joel Heining, a broker with Colorado-based AssuredPartners Aerospace.