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Aviation Insurance Market Size Forecasted To Achieve $5.94 Billion By 2029 With Steady Growth
Aviation Insurance
What Is the Aviation Insurance Market Size and Projected Growth Rate?
The Aviation Insurance Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].
What Is the Aviation Insurance Market Size and Projected Growth Rate?
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What Are the Major Segments in the Aviation Insurance Market?
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
Subsegments:
1) By Public Liability Insurance: Airport Liability Coverage, Third-Party Liability Coverage
2) By Passenger Liability Insurance: Individual Passenger Coverage, Aggregate Passenger Liability Coverage
3) By Ground Risk Hull Insurance Not-In-Motion: Storage And Parking Coverage, Hangar Coverage
4) By Ground Risk Hull Insurance In-Motion: Taxiing Coverage, Ground Handling Coverage
5) By Combined Single Limit: Comprehensive Coverage For Multiple Risks, Tailored Policies For Specific Needs
6) By In Flight Insurance: Passenger Coverage During Flight, Crew Coverage During Flight
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What Are The Driving Aviation Insurance Market Evolution?
The expansion of the aviation insurance market is projected to be spurred forward by an increase in air passenger traffic. Defined as all individuals utilizing airports for arrivals and departures, air passenger traffic encompasses everyone transported by both commercial and private aircrafts on domestic and international journeys. This growth in air traffic signifies that airlines will be in high demand. As such, there will be the necessity for aviation insurance to shield the pilots, passengers and plane's owners from any aviation-related risks. For instance, statistics shared by the Bureau of Transportation Statistics, a US government agency, in March 2023, revealed that in 2022, US airlines transported 194 million more passengers compared to 2021, reflecting a year-on-year increase of 30%. Unadjusted, the US airlines moved 853 million passengers over the course of 2022, as contrasted with 658 million in 2021. As such, the escalation in air passenger traffic is fueling the expansion of the aviation insurance market.
Which Firms Dominate The Aviation Insurance Market Segments?
Major companies operating in the aviation insurance market include 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.
What Trends Are Expected to Dominate the Aviation Insurance Market in the Next 5 Years?
The aviation insurance market is witnessing a significant trend of innovation. Established companies in the sector are designing novel aviation insurance solutions to maintain their foothold in the market. For example, in March 2023, HDI Global SE, an insurance firm based in Germany, introduced Aviation IQ. This new digital platform, aimed at general aviation in Canada, revolutionizes the insurance process for small fixed-wing aircraft utilized for personal or business purposes. The platform offers a completely digitized procedure for general aviation insurance contracts, expediting the delivery of policy documents to brokers within minutes. This effective tool not only aids brokers and aircraft owners in saving time and money but also acts as a useful resource for pilots. It helps them monitor their flight hours, mileage, and tweak their insurance coverage as required.
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Which Is The Largest Region In The Aviation Insurance Market?
Asia-Pacific was the largest region in the aviation insurance market in 2024. The regions covered in the aviation insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Aviation Insurance Market?
2. What is the CAGR expected in the Aviation Insurance Market?
3. What Are the Key Innovations Transforming the Aviation Insurance Industry?
4. Which Region Is Leading the Aviation Insurance Market?
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