Page 52 - 33rd Edition GAIF Pre-Conference May 2022 Issue 606

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Rising aviation traffic puts the insurance market in flux

Increased traffic between charter and corporate aircraft is causing more damage to the general aviation insur-
ance business and increased scrutiny by underwriters, which are seeing a higher volume of submissions.
The general aviation sector, which includes so-called Part 135 on-demand and charter flights, is also
experiencing tighter supply chains and labor constraints taxing the broader economy, which can increase
repair times, mixed congestion and potentially can expose insurers to increased costs.
Data on aircraft purchases and flight hours have lagged behind a perceived jump in usage that coincided
with a rebound from the COVID-19 pandemic, but insurers say the number of flights has increased. As a
result, the purchases of the new jets increased, and in pre-owned markets, prices for planes are rising
because of demand. Moreover, the increase in general aviation activity can also be seen in increased fuel demand. Delays in companies installing
and servicing avionics – aircraft electronics – are another measure of the region’s increased traffic.
Insurance companies are seeing more inquiries and an increase in airplane prices because of the market. James Van Meter, national aviation
practice leader at USI Insurance Services, said that aviation premiums grew by 15 to 25% at the end of 2021 and are projected to grow 10 to
20% in the first half of this year because the increase in Part 135 traffic has led to more granular underwriting with insurance companies asking
more questions about usage, especially that sources declared that the increase in usage has also led to an increase in losses.

“With more movements comes an increase in accidental damage”, proclaimed Howard Hamilton, North America regional product leader in Denver
for Allianz Global Corporate & Specialty, and bird strikes are among the major losses, leading to a substantial number of claims.
New jets with more advanced electronics and carbon fiber parts also cost more to repair and take longer to repair, adding to the cost of damage,
sources said. Supply chain issues and delays in repairs due to labor shortage also add to insurers’ costs. If the jet takes three weeks to repair but
takes three months, the insurer could potentially have to pay an additional three months of expenses, including replacement aircraft. Demand has
spiraled out of control and operators are finding it difficult to meet their needs.

Sources say the COVID-19 pandemic hit air travel hard, but the general aviation sector, including charter flights and corporate-owned aircraft,
returned to pre-pandemic levels much faster than the commercial airline sector especially that travelers wishing to avoid overcrowded commer-
cial aircraft found refuge in the charter market. The recovery was more pronounced in the charter market, classified by the Federal Aviation
Administration as Part 135, which exceeded pre-lockdown levels.

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