According to a recent report published by Allied Market Research, titled, “Aviation Insurance Market by Insurance Type and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global aviation insurance market size was valued at $3,430.20 million in 2020, and is projected to reach $5,759.97 million by 2030, registering a CAGR of 5.6% from 2021 to 2030.
Aviation insurance is a type of non-life insurance normally covers physical damage to the aircraft and legal liability arising out of its ownership and operation. In addition, specific policies are also available to cover the legal liability of airport owners arising out of the operation of hangars or from the sale of various aviation products.
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Based on application, commercial aviation insurance segment contributed a major share in 2020, owing to high hull values and high liability limits associated with aviation insurance policies, most insurance carriers must themselves purchase insurance to help spread the risk, preventing any one claim from bankrupting a company.
However, the general and business aviation insurance segment is expected to witness fastest growth during the upcoming years owing to increase in demand for travel and tourism with airlines and increasing number of sky diving institutes.
Key Findings Of The Study
- By insurance type, the passenger liability insurance segment accounted for the largest aviation insurance market share in 2020.
- Region wise, Asia-Pacific generated highest revenue in 2020.
- Depending on application, the commercial aviation segment generated the highest revenue in 2020.
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Key players operating in the global aviation insurance industry include Ace Aviation, Allianz, American International Group, Inc., AXA, Berkshire Hathaway Inc., Chubb, MARSH LLC, Munich Re, Tokio Marine HCC, and Willis Towers Watson. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global aircraft insurance market.
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