Aviation Insurance Market : Rise in Air Passenger Traffic | USAA, STARR INTERNATIONAL COMPANY, INC | 2032

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.

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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. These latter policies are similar to other types of liability contracts. Furthermore, the key factor that drives the market includes rise in air passenger traffic and increase in government rules & regulations for passenger safety positively impacts the aviation insurance market growth. However, factors such as costly aviation insurance premium hampers and increasing frequency and cost of claims are limiting the growth of the market. On the contrary, rising expenditure on international airlines is expected to offer remunerative opportunities for the expansion of the market during the forecast period.

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.

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Region wise, the aviation insurance industry is dominated by Asia-Pacific in 2020, and is expected to retain its position during the forecast period. This is attributed to number of factors such as penetration of new industries and improvement in economy. In addition, presence of growing number of cloud aviation insurance solution vendors across the China and India is expected to provide lucrative opportunities for the aviation insurance market.

The outbreak of COVID-19 is anticipated to have a negatively impact on growth of aviation insurance market size as majority of aviation insurance premium is calculated on the basis of flight time. Thus, increase in travel restrictions has decreased the number of flights during the pandemic, which in turn is hampering the growth of the market. Moreover, aviation has gradually been getting safer over the last decades, a trend driven by increased technology and automation, which come at a cost. Although accidents are less frequent, those that occur are generally more costly. Couple that with the increasingly litigious nature of claimants, and the cost of claims generally climbs. The more widespread use of composite materials in airframes also pushes up repair costs significantly. For instance, according to a report in 2020, 2020 was one of the safest years for aviation insurance in terms of fatalities as there were 31 fatal accidents, killing 56 people, involving turbine helicopters, down from 54 accidents and 133 fatalities in 2019. In addition, there were 12 fatal accidents in 2020 involving business turboprops, 10 fewer than in 2019.

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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.
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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