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Last year at the IOPA event in FL, I discussed the limited availability of underwriters quoting the Icon A5. That is changing for the better.

The increase in market capacity for Icon owners is ~ +75% vs last year!

2023 brought more competition to the aviation insurance industry with the entrance of several new underwriting markets (4 so far). We are seeing the new entrants in the underwriting market push underwriters that have been around for awhile to take a more aggressive stance in retaining clients and bidding for new policies.

What does that mean for you in 2024?

Pilots crossing hour, rating, and time in type thresholds could very well see more competition and lower premiums this year. Well-qualified pilots (with lots of time, ratings, etc.) generally track the overall market. If you’ve already been bumping the bottom of the market for your risk profile I expect the premiums & coverages to stay very similar but with more offerings available.

The insurance market is moving in the right direction and we want to continue this movement towards stability and more attractive rates. The insurance industry is a slow-moving beast. There are factors that could affect the industry down the road such as Russia’s confiscation of airliners, Boeing 737 Max claims, and major weather events.

As always – Your broker should be able to give you the best advice for your specific policy but don’t hesitate to reach out if you have any questions.

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Thanks Ryan,

My insurance for the Icon went from 25K (Student, 0 icon hrs) to 12K this year (PPL, 100 Icon Hrs). What should we be hoping for in 24/25?

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Michel, Nothing wrong with a 55% reduction or so!

I would expect competition in 2024/2025 with multiple underwriters bidding for your policy. You have not bottomed out the market yet from an experience standpoint which means there is the possibility of your premiums reducing further.

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I am hoping my initial quote will go down some once I complete the ICON Authorized Instructor course and get more ICON specific time. As an airline guy I have plenty of time, but as it always is in aviation, you are always short the hours you REALLY need... I'll be checking with ya in June when I need to renew Renters Insurance and start ICON insurance.

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Erich - I would plan pretty flat in June. Typically, new underwriters don't start by writing instruction policies. They start by writing pleasure and business policies and move from there. It will be good to get a look at the full market again in the next 2-3 months.

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Just adding to this thread…
My insurance went from $14.5k in Jan 2023 to $8.6k in January 2024. A few things that made an impact were my total ICON hours went from nearly zero to 105 in the previous 12 months and I also had them lower the hull value to $275k, since I can probably replace my A5 for that price. My total hours are 700+, with 500 retractable and I have my instrument rating which probably helps.