General Aviation Insurance Market: Price and Risk Update
In 2018, the dynamics of the global general aviation (GA), insurance market started to shift with an increase in pricing. The COVID-19 pandemic pushed the GA market further into transition in 2018. This trend is expected to continue in 2021, but at a slower pace. Large insurers began to stop writing aviation risks in 2018, causing a turn in the GA market. GA was especially affected because it is the most volatile product line of aviation insurers and its capacity was already lower than other areas. The market was still challenging in early 2021. There were increases in rates and coverage restrictions across all operators, even those with high risk profiles. According to Marsh's Global Insurance Market Index , pricing has increased across most major product lines, even for operators with high risk profiles. Some insurers are limiting or withdrawing capacity due to increased scrutiny from underwriters. The COVID-19 pandemic, however, has seen m...
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