The global Aviation Insurance market size was significantly robust in 2020 and is expected to register a steady revenue CAGR over the forecast period. Key factors driving market revenue growth are increasing air traffic, strict government regulations to ensure passenger safety, and increased government investments in several countries for development of new airports and renovation of the existing ones. Increasing use of drones, spaceships, and aircraft is also driving demand for Aviation Insurance and supporting market revenue growth.
Aviation insurance protects aircraft from liability and property damage. Aviation Insurance, often known as aircraft insurance, is available for a variety of planes, including regular, experimental, and vintage planes, as well as seaplanes. Physical harm, third-party and passenger liabilities, war or terrorist actions, and general liability coverage for cargo and passenger airlines are all covered under this policy. Aviation Insurance was created by keeping in mind aviation service providers, airport operators, and other stakeholders.
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Revenue growth of the global Aviation Insurance market is significantly driven by increasing number of passengers choosing air travel in recent years, for which air traffic is increasing across the globe. In addition, emerging countries are creating and extending their current airport terminals to meet growing demand for airline services. As a result, huge airport expansion, which includes automated baggage handling and self-check-ins, is taking place. Increased spending on overseas travel and vacations is also attracting more airline consumers. Climate change, equipment failure, and collisions are some factors that can cause accidents and harm to people and their equipment during air travel, which is expected to further boost market revenue growth.
Competitive Landscape:
- Aerospace Insurance Managers
- AIG
- AXA XL
- BWI Fly
- Global Aerospace
- USAA
- Great American
- Ace Aviation
- Avion Insurance
- Allianz
- XL Catlin
- MARSH
- Assured Partners
- London Aviation
- Old Republic
- Starr Aviation Insurance
- Tokio Marine HCC
- Avemco
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The global market is further segmented into type and application:
Insurance Type Outlook (Revenue, USD Billion; 2018-2028)
- Public Liability Insurance
- Passenger Liability Insurance
- Ground Risk Hull Insurance Not-In-Motion
- Ground Risk Hull Insurance In-Motion
- Combined Single Limit
- In-Flight Insurance
Application Outlook (Revenue, USD Billion; 2018-2028)
- Commercial Aviation
- General Business Aviation
End-User Outlook (Revenue, USD Billion; 2018-2028)
- Service providers
- Airport operators
- Others
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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