Aviation Insurance Global Market Report 2024 - By Growth, Size, Share, Demand, Forecast To 2033

The aviation insurance market size has grown strongly in recent years. It will grow from $4.27 billion in 2023 to $4.51 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to rise in air passenger traffic, heightened security risks, pandemics and health concerns, increased aircraft complexity, rise of low-cost carriers.

The aviation insurance market size is expected to see strong growth in the next few years. It will grow to $5.55 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to escalating geopolitical conflicts and tensions, shifting demographics and travel behaviors, increasing use of data analytics and telematics, bomming air travel, emergence of urban air mobility. Major trends in the forecast period include continued advancements in aviation technology, continued developments in insurtech, introduction of blockchain-powered insurance platforms, rise of parametric insurance, incorporation of risk management strategies in aviation insurance.

Market Overview -
Aviation insurance refers to a policy that provides aircraft with property and liability protection. It includes damages brought on by aviation risks caused by the upkeep and operation of aircraft, including property damage, cargo loss, and personal harm. It is utilized to guard against unplanned losses for both aircraft owners and operators.

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Surge In Air Passenger Traffic Propels Growth In The Aviation Insurance Market
The rise in air passenger traffic is expected to propel the growth of the aviation insurance market going forward. Air passenger traffic refers to all travelers using the airport, including those arriving and departing. It represents the number of individuals transported by commercial airlines or private aircraft on domestic and international flights. With increased air passenger traffic, airlines will be in great demand, which will require the use of aviation insurance to protect people within the aircraft and the owners of the aircraft from any aviation risks. For instance, in March 2023, according to the reports shared by the Bureau of Transportation Statistics, a US-based government agency, in 2022, US airlines carried 194 million more passengers than in 2021, an increase of 30% from year to year. The US airlines carried 853 million passengers (unadjusted) over the entire 2022 calendar year, compared to 658 million in 2021. Therefore, the rise in air passenger traffic is driving the growth of the aviation insurance market.

Competitive Landscape -
Major companies operating in the aviation insurance market report are Allianz SE, AXA SA, American International Group Inc., Chubb Ltd., USAA Inc.(United Services Automobile Association), Marsh LLC, Aon plc, Willis Towers Watson Public Limited, Arthur J Gallagher And Co., Tokio Marine HCC, AssuredPartners Inc., BWI (Berkshire Hathaway Specialty Insurance), Great American Insurance Company, Hallmark Financial Services Inc., AIG Aerospace Insurance Services Inc., Global Aerospace Inc., Starr International Company Inc., AOPA Insurance Services, Avion Express Insurance, Avemco Insurance Company, JS Johnson And Co. Ltd., Avion Insurance Agency Inc., JLT Specialty Ltd., Aviation Insurance Resources, Gallagher Aviation LLC, Ace Aviation Private Limited, Aerospace Insurance Managers Inc., Travers And Associates Inc.

Innovative Advancements In Aviation Insurance
Innovation in aviation insurance is a key trend gaining popularity in the aviation insurance market. Major companies operating in the aviation insurance market are focused on developing innovative aviation insurance solutions to sustain their position in the market. For instance, in March 2023, HDI Global SE, a Germany-based insurance company, launched Aviation IQ, a new digital platform for general aviation in Canada. It is a new insurance platform that delivers end-to-end digital automation of general aviation insurance contracts that cover tiny fixed-wing aircraft used for personal travel or business. This innovative platform provides brokers with policy documents in a matter of minutes. Therefore, this powerful tool can help brokers and aircraft owners save time and money. Additionally, it is also a valuable resource for pilots, as it allows them to track their flight hours and mileage and adjust their insurance coverage as needed.

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Key Segments -
The aviation insurance market covered in this report is segmented -
1) By Insurance Type: 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
2) By Application: Commercial Aviation, Business And General Aviation, Other Applications
3) By End User Industry: Service Providers, Airport Operators, Other End User Industries

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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