Heli-Expo 2020: Recap

Just like that, our favorite trade show came and went in a flash. These shows always seem to go by so quick but this year was different. It was different for a number of reasons but I assume the biggest reason is the state of the aviation insurance market and how it is wedging itself more and more into operating guidelines and training budgets.

For as far back as I can remember, insurance was rarely front of mind for trade show attendees unless they were renewing soon after. Now, it’s an actual line item on their list of booths to visit (hopefully before they place an aircraft order). For this reason, among others, there were times we were stacked 2-3 people deep at our booth. You would’ve thought we were handing out cash! It was the first time that I can remember having such demand for insurance conversations. However, that is where the industry finds itself at the moment.

Insurance is factoring into flight departments, training, and operations like never before. Rate increases are only part of that equation nowadays, as restrictions on single pilot capability and limit capacity are also very prominent underwriting considerations. In certain cases, depending on operator needs, price isn’t even discussed because there may only be one solution to fill a need. With such scarcity of options, premium simply becomes a byproduct of the underwriting process. If there’s a specific way or mandated requirement of a flight department, it becomes a ‘take it or leave it’ type of thing. The pendulum has certainly swung as far away as possible from where it was just 2-3 years ago when you had carriers undercutting each other for market share.

All of this is to say: be proactive when you come up on your renewal window. Don’t wait until the last minute, provide as much detail as possible, etc. We are long past the days of quick flat renewal. Now, almost everything is being looked at and if current information isn’t provided, it could mean certain pilots are excluded, limits are reduced, and many other things. Start your conversation early and be prepared to provide as much data as possible. It’ll only help you in the long run!