Global Aviation Insurance Market Size Study, by Type (Passenger Liability Insurance, Public Liability Insurance, Combined Single Limit (CSL), In-Flight Insurance, Others), by Application (Commercial Aviation Insurance, General and Business Aviation Insura

Global Aviation Insurance Market Size Study, by Type (Passenger Liability Insurance, Public Liability Insurance, Combined Single Limit (CSL), In-Flight Insurance, Others), by Application (Commercial Aviation Insurance, General and Business Aviation Insurance, Others), by Product Type (Contingent, General Aviation, Space, Aerospace, Airlines), and Regional Forecasts 2022-2032

The Global Aviation Insurance Market was valued at USD 4.35 billion in 2023 and growing at a CAGR of 6.01% from 2024-2032. This specialized sector within the insurance industry provides coverage for risks associated with aviation operations. It offers a wide range of insurance products and services tailored to the unique needs of aviation stakeholders, including aircraft owners, operators, manufacturers, airports, and service providers. Aviation insurance typically covers various aspects of aviation-related risks, including aircraft hull and liability insurance, passenger liability, aviation-related liabilities such as product liability and hangar keeper's liability, and in-flight insurance for passengers and crew members. These products are designed to protect against a diverse range of risks, including accidents, incidents, damage to aircraft or property, bodily injury, loss of life, and third-party liabilities. The aviation insurance market is characterized by its complexity and specialized nature, requiring insurers to have a deep understanding of aviation operations, regulatory requirements, and industry standards. Insurance underwriters assess risk factors such as aircraft type, usage, safety record, pilot experience, and geographic location to determine appropriate coverage and pricing for aviation insurance policies by aviation brokers.

The rise in air passenger traffic and the increase in government rules and regulations for passenger safety positively impact the growth of the market. However, factors such as costly aviation insurance premiums hamper market growth, while the increasing frequency and cost of claims limit market expansion. However, rising expenditure on international airlines is expected to offer remunerative opportunities for the market's expansion during the forecast period. The aviation insurance market is influenced by various factors, including trends in air travel, regulatory changes, technological advancements, safety standards, and emerging aviation risk management. As the aviation industry continues to evolve and expand globally, the demand for innovative and comprehensive insurance products and services in the aviation insurance market is expected to grow, creating opportunities for insurers to provide value-added solutions and support the evolving needs of aviation stakeholders.

North America attained the highest growth in 2023 and is expected to maintain its dominance during the forecast period, owing to strong domestic demand from the U.S., one of the largest domestic aviation markets in the world. This growth was also driven by several factors such as robust technological advancements, significant investments in research and development, and a strong consumer base eager to adopt new innovations. Therefore, North America achieved the highest growth rate among all regions, positioning itself as a leader in global markets. Furthermore, Asia-Pacific is expected to exhibit the highest growth during the forecast period, owing to economically emergent countries such as China and India, which have manufacturing plants of several industries in the Asia-Pacific region, contributing to the growth of the global market.

Major Market Players Included in This Report:

American International Group, Inc.

AXA

BWI Aviation Insurance

EAA

Global Aerospace, Inc.

Tokio Marine HCC

Travers & Associates Aviation Insurance Agency, LLC

STARR INTERNATIONAL COMPANY, INC.

USAA

USAIG

Allianz Global Corporate & Specialty SE

Avion Insurance

MARSH

Willis Towers Watson

Swiss Re

The Detailed Segments and Sub-Segment of the Market are Explained Below:

By Type:

Passenger Liability Insurance

Public Liability Insurance

Combined Single Limit (CSL)

In-Flight Insurance

Others

By Application:

Commercial Aviation Insurance

General and Business Aviation Insurance

Others

By Product Type:

Contingent

General Aviation

Space

Aerospace

Airlines

By Region:

North America

U.S.

Canada

Europe

UK

Germany

France

Spain

Italy

ROE

Asia Pacific

China

India

Japan

Australia

South Korea

RoAPAC

Latin America

Brazil

Mexico

Middle East & Africa

Saudi Arabia

South Africa

RoMEA

Years considered for the study are as follows:

Historical year – 2022

Base year – 2023

Forecast period – 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.

Annualized revenues and regional level analysis for each market segment.

Detailed analysis of geographical landscape with Country level analysis of major regions.

Competitive landscape with information on major players in the market.

Analysis of key business strategies and recommendations on future market approach.

Analysis of competitive structure of the market.

Demand side and supply side analysis of the market.