The aim of this paper is to provide an aeroelastic computational tool which determines the induced wing loads during flapping flight. For this purpose, a Finite Element (FE) code based on a four-node plate bending element formulation is developed to simulate the aeroelastic behavior of flapping wings in low incompressible flow. A quasi-steady aerodynamic model is incorporated into the aeroelastic model for predicting the aerodynamic loads. In order for the validation of the present tool, the modal and dynamic response analyses of a rotating flat plate under pure flapping motion are firstly examined and the effect of dynamic stiffness on the plate response, due to the presence of shortening terms in the equations of motion, is also investigated. Finally, the aeroelastic analysis of an insect-like wing under a specified motion is carried out and the induced loads including shear force and bending moment at the wing root are determined. The obtained results signify the contribution of wing structural elasticity to the induced loads.