Tuesday, 16 February 2021

BWI Releases Updated Guide To The 10 Best Aviation Insurance Companies

Top Aviation Insurance Broker BWI, releases updated guide, highlighting the 10 best Aviation Insurance Companies based on over 42 years of experience.

Aviation Insurance is a complex, small and unique industry and unlike car insurance with 500 different insurance companies, there are less than 20 aviation insurance companies. Each company has different aircraft insurance specialties and risk appetites, underwriting guidelines and credit ratings. An updated guide released by BWI, one of the Nation’s top aviation insurance brokers highlights the 10 best aviation insurance companies.

Aviation insurance is a crucial yet low capacity industry with only a handful of insurance companies providing insurance for hundreds of thousands of aircraft and aviation related risks. The aviation insurance industry, like all markets operates in a roughly 10-12 year cycle and over the past 3 years the market has been hardening. With a hardening market, underwriter guidelines are increased, capacity decreases as many carriers exit the market and generally, insurance rates increase. Over the past 3 years the aviation insurance industry has seen 6 insurance companies exit the market, putting more pressure on the remaining companies to increase rates.

 

In the updated guide BWI Aviation Insurance owner Matt White explains: “Update February 2021: The aviation insurance market continues to contract with a few more companies exiting the light aviation, insurance market. Reduced capacity, along with higher aircraft repair costs and an increase in maximum liability awards, means aviation insurance rates will continue to rise for the foreseeable future.”

The guide breaks down the 10 best aviation insurance companies and lists valuable information such as when each company was founded, its headquarters and the target risks that the company specifically focuses on writing. Aviation insurance is unique to each aircraft make and model, pilot qualifications, liability coverages requested and use of the aircraft. Since each situation is unique, it is very rare that quotes are automatically provided. More likely each quote request is reviewed by an aviation insurance underwriter at each of the insurance companies and an insurance rate is developed based on each companies underwriting guidelines.

“Over our 42 year history, BWI has built longstanding relationships with all of the above Aviation Insurance Companies. We work hand in hand with the above companies and leverage our experience to find the best market for your particular airplane insurance risk.” said White.

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.














 



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