Corona, CA, Release: September 22nd, 2020.
With standard commercial air travel posing new healths, private air travel is on the rise. Leading aviation insurance broker BWI points to the demand for private jet insuranceas an indicator that this trend is here to stay.
For Immediate Release
When the lockdowns in early March and April of 2020 began to emerge, commercial air travel was one of the industries hit hard as discretionary travel all but came to a halt. Where the major airlines saw economic disaster, private jet pilots and fleets saw an opportunity.
Leading aviation insurance broker BWI noticed this trend as private jet owners began to inquire about whether they had the proper coverage to step into the space of this new demand. Their observations were noted in this article about the increased demand and the effects on private jet insurance, but can best be summarized by BWI owner Matt White. In that conversation, White noted that “aircraft owners need to continue to pay their insurance premiums actually led to steep discounts in private air travel as they viewed some revenue as better than no revenue due to a need to cover their fixed costs like aviation insurance.”
With private air travel becoming more affordable and more desirable, jet insurance became one of the unlikely winners to emerge from the pandemic. Moreover, the growth of private air travel seems to have the ability to remain in place as the economy opens back up. It is estimated that only 10% of those who could afford private jet travel did so prior to the pandemic. Now that they have experienced the ease and safety of travelling on a private jet, those who can afford to do so will continue after the pandemic has ended.
White stated that, “we believe this increased demand is here to stay and as a broker, we’ll be working hard to make sure new entrants into the field of private air travel have the proper insurance to cover their passengers accordingly.” It remains to be seen how this increased travel will affect the aviation insurance market as it takes place during a year where the market was experiencing a natural hardening and cyclical rise in rates. Those rate increaseswere expected to continue through 2021, but aviation insurance experts are watching the markets closely for any signs of a shift.
About BWI Aviation Insurance
BWI has been at the forefront of the aviation insurance industry since 1977. Family and veteran-owned, BWI sources aviation insurance solutions for every range of aircraft from gliders, fixed wing, jet aircraft, drones and more. Headquartered in Corona, CA, BWI locates coverage for pilots nationwide along with a satellite office based in Anchorage, AK.
Name: Matt White
Organization: BWI Aviation Insurance
Address: 710 Rimpau Ave Suite 203, Corona, CA 92879, United States
Release ID: 88977878