2. Covid happened. Period.
The pandemic has turned a lot of businesses upside down and it has cause major shortage in supply which in turn drove up prices for most things we buy. Many businesses were completely shuttered because of the pandemic. Airline insurance companies were apart of this process as well. When the supply is lower than demand for a product, the price will skyrocket. And with only a few operating insurance companies left to choose from to insure your airplane, this is certainly going to affect your bottom line.