I received the following from my Insurance Broker a few days ago:
The aviation insurance landscape in Australia has changed in recent months, this includes major insurer, Allianz, withdrawing from the Australian aviation market from January 1st this year and AIG announcing in May that they are withdrawing from our aviation market effective immediately. The other major insurer, Swiss Re are showing a reluctance to insure lower valued GA aircraft. Over the past 5 years GA premiums in Australia have reduced and are the lowest we have experienced in the past 25 years. Insurers are telling us that this has put them in a loss making position and premiums at these levels are unsustainable and a major factor in Allianz’s and AIG’s decision to leave our market. The Australian Aviation Insurance market has reduced from four major insurers to two in the past five months and a swing to increase the premium pool is inevitable.
The above was written by my Broker and included with my Insurance renewal for our RV9A.
Premiums have indeed reduced over the previous few years however, are now on the way up again. We were lucky in that the premium has only increased by $67.00 for the next twelve months. I note that Allianz have withdrawn from the Aus market. I believe RAAus have some Insurance with Allianz along with QBE? WILL it be too much longer before we are told by RAAus that they are to drop the Insurance cover for members due cost or availability???
Mike