Where are we in the insurance market? (And a big "Thank you")

[Parker_Woodruff]

I began my career in aviation insurance just over 10 years ago in April 2010.

It now appears that light GA is more or less back up to rates seen in 2010.  Some cases have higher rates, some cases have lower rates, but overall the numbers are about the same.

What's interesting is while the rates are back to 2010 levels, there's definitely more stringent underwriting than I saw in 2010.  Back then we could still get some crazy transitions done (low time, no instrument, no ME rating buying a Baron).  Today I could get maybe 1-2 quotes for the more unique transition scenarios, and they would be very bare-bones policies, sometimes with significant coverage gaps - the kind where I have to put all kinds of **asterisks** in my communications with clients.

The good news: Rates like these are more or less sustainable where you won't see carrier after carrier leaving the market, forcing you to change companies.  The bad news: it's just harder to get stuff done.  Companies want increases on their existing book and aren't too concerned about picking up new business.

As always, feel free to reach out if I can be of any help or provide any insurance advice.

Another *important* item: Now that the agency insures about 1% of the registered Mooney fleet , my wife and I say a big "Thank You" to MooneySpace for your support of Airspeed Insurance Agency.  Our small business continues to grow and are hopeful to add a couple other producers over the remainder of the year (need some state insurance testing centers to open up!).  Despite the uncertain times, we continue to add policies to the books and I'm glad that so many of you have deemed it fitting to trust Airspeed with your business.  There are some exciting developments in the works that I hope to report on later in the year.  I'm trying to piece together as many Mooney owners and MSCs as possible to get the best consideration possible and bring more value to our unique group!

Parker

Airspeed Insurance Agency

214-295-5055 (office)

Parker@airspeedinsurance.com