Release: October 5th, 2020.
The aviation insurance market has been hardening throughout 2020, with helicopter owners among the hardest hit. BWI Aviation Insurance warns pilots to prepare for an extended hardening of this tight market.
For Immediate Release.
Long before COVID-19 pandemic hit and dealt a significant blow to the U.S. economy, aviation enthusiasts were reeling from a cyclical hardening of aviation insurance rates. While the aviation industry is incredibly diverse and now includes unmanned aircraft such as drones, this hardening was seen across all types of crafts with rotary aircraft among the hardest hit.
In an attempt to help helicopter pilots navigate this difficult season, leading aviation insurance broker, BWI Aviation Insurance offered tips for gaining the lowest rates. Owner Matt White noted that, “while the market is indeed hardening, there are still aspects that pilots have direct control of when it comes to finding the lowest rates.” He went on to point out that regular training and new ratings have long been a practice used by pilots to lower rates and those tactics are equally effective today.
“There is not much that helicopter pilots can do to avoid the rising rates in their entirety,” White added, “but they can mitigate the damage as much as possible.” All aviation insurance works as a pool and when there are massive losses, the entire industry feels the impact. The high-profile helicopter crash that took the life of NBA superstar Kobe Bryant and his daughter is thought to be a loss that will affect aviation insurance rates for years to come.
White asserts that the modern aviation insurance market requires a high level of expertise to navigate and it simply is not as simple for new business to break into the market and undercut costs. There are approximately 12 aviation insurance companies writing policies in America and they have all experienced a high number of claims in recent years. White expects the hardening of this market to last through 2021 and beyond. He encourages all pilots to reach out to their brokers to ensure that they are getting the best rates available.
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 aircraft owners 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: 88979926