Press release
Aviation Insurance Market to Reach $5.75 Bn, Globally, by 2030 at 5.6% CAGR | Explosive Growth
Allied Market Research published a report, titled, "Aviation Insurance Market by Insurance Type (Public Liability Insurance, Passenger Liability Insurance, Combined Single Limit (CSL), In-Flight Insurance, and Others) and Application (Commercial Aviation, General & Business Aviation and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030."Request Research Report Sample & TOC : https://www.alliedmarketresearch.com/request-sample/A14877
According to the report, the global aviation insurance industry generated $3.43 billion in 2021, and is anticipated to generate $5.75 billion by 2030, witnessing a CAGR of 5.6% from 2021 to 2030. Insurance 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.
Prime determinants of growth
Rise in air passenger traffic and increase in government rules & regulations for passenger safety drive the growth of the global aviation insurance market. However, costly aviation insurance premium and increase in frequency and cost of claims hinder the market growth. On the other hand, surge in number of international airlines presents new opportunities in the coming years.
The aviation insurance market encompasses a specialized sector within the insurance industry that provides coverage for various aspects of aviation-related risks. This market caters to a wide range of stakeholders, including airlines, aircraft manufacturers, general aviation operators, airports, and aviation service providers.
The passenger liability insurance segment to maintain its leadership status throughout the forecast period
Based on insurance type, the passenger liability insurance segment held the highest market share in 2020, accounting for more than one-third of the global aviation insurance market, and is estimated to maintain its leadership status throughout the forecast period. This is owing to increase in interest toward passenger safety and easy way of allowing the organizations to keep recruitment operations secure. However, the in-flight insurance segment is projected to manifest the highest CAGR of 9.9% from 2021 to 2030, owing to increase in acceptance of aviation insurance and rise in interest toward aviation safety technology.
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The commercial aviation insurance segment to maintain its lead position during the forecast period
Based on application, the commercial aviation insurance segment accounted for the largest share in 2020, contributing to more than three-fifths of the global aviation insurance market, and is projected to maintain its lead position during the forecast period. This is due to compensation of damages caused to the aircraft while in the particular airport. Moreover, the general and business aviation insurance segment is expected to portray the largest CAGR of 9.0% from 2021 to 2030, owing to growing diversification in aviation and improvement in aviation policies, which includes new types of aviation for flights schools, instructors, sky divers, and others.
Asia -Pacific, followed by North America, to maintain its dominance by 2030
Based on region, Asia-Pacific, followed by North America, held the highest market share in terms of revenue in 2020, accounting for nearly one-third of the global aviation insurance market. Moreover, the same region is expected to witness the fastest CAGR of 8.2% from 2021 to 2030. This is due to increase in aviation adoption and rise in awareness regarding aviation insurance in the region.
Leading Market Players:-
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
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Key Findings of the Study
By type, the passenger liability insurance segment accounted for the largest aviation insurance market size in 2022.
By application, the commercial aviation insurance segment accounted for the largest aviation insurance market share in 2022.
By product type, the airline segment accounted for the largest market share in 2022.
Region-wise, according to aviation insurance market analysis North America generated the highest revenue in 2022.
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