“…Will operators have a difficult time securing affordable insurance to operate eVTOL aircraft? Will some designs be more expensive to insure than others? There are significant safety differences in the view of some, between multirotor designs like EHang’s EH216, fixed-wing lift-plus-cruise models like Archer Aviation’s Midnight aircraft, and single-rotor helicopter-style eVTOL aircraft like Jaunt Air Mobility’s Jaunt Journey.
How will underwriters evaluate and price the risks associated with this new class of unproven aircraft? What data will insurance companies need to collect to properly evaluate eVTOLs? How will the cost of insurance factor into how much passengers pay for an air taxi ride?
James Viola, president and CEO of Helicopter Association International (HAI), told Vertical that it’s hard to predict the status of eVTOL insurability at this early point.
“The volatility within the insurance sector is a significant issue for the vertical aviation industry,” Viola said. “I am the owner of a light helicopter, so I am intimately familiar with rising insurance rates. It’s also something the HAI board of directors wants to address, so HAI is forming a new working group focusing on insurance issues for the vertical aviation industry.”
Chris Proudlove, senior vice president and underwriting executive at Global Aerospace, is currently leading a team of underwriters and claims specialists examining eVTOL liability and operational risks. He said the company is already insuring “many” eVTOL firms as they move toward type certification, as well as some uncrewed drone aircraft systems…”