WILMINGTON, Del., May 9, 2024 /PRNewswire/ -- Allied Market
Research published a report, titled, "Aviation
Insurance Market by Type (Passenger Liability
Insurance, Public Liability Insurance, Combined Single Limit (CSL),
In Flight Insurance, and Others), Application (Commercial Aviation
Insurance, General and Business Aviation Insurance, and Others),
and Product Type (Airlines, Contingent, General Aviation, Space,
and Aerospace): Global Opportunity Analysis and Industry Forecast,
2023-2032". According to the report, the "aviation insurance
market" was valued at $4.1 billion in
2022, and is estimated to reach $7.1
billion by 2032, growing at a CAGR of 5.9% from 2023 to
2032.
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91 – Tables
50 – Charts
192 – Pages
Prime Determinants of Growth
Rise in passengers and increase in government rules &
regulations for passenger safety are the factors expected to propel
the growth of the global aviation insurance market. However, costly
aviation insurance premiums and increase in frequency and cost of
claims are anticipated to hamper the growth of the global market.
On the contrary, the surge in the number of international airlines
is further expected to create lucrative opportunities for the
growth of the global market.
Report Coverage & Details:
Report
Coverage
|
Details
|
Forecast
Period
|
2023–2032
|
Base Year
|
2022
|
Market Size in
2022
|
$4.1 Billion
|
Market Size in
2032
|
$7.1 Billion
|
CAGR
|
5.9 %
|
Segments
covered
|
Type, Application,
Product Type, and Region.
|
Drivers
|
Rise in
passengers
Increase in government
rules & regulations for passenger safety
|
Opportunities
|
Surge in the number of
international airlines
|
Restraints
|
Costly aviation
insurance premium
Increase in frequency
and cost of claims
|
The Passenger Liability Insurance segment dominated the
market in 2022
By type, the passenger liability insurance segment held the
highest market share in 2022, accounting for more than one-third of
the aviation insurance market revenue and is estimated to maintain
its leadership status during the forecast period, owing to
stringent government regulations making it compulsory to avail
passenger liability insurance to protect damages to the passengers.
Moreover, companies majorly focus on creating novel opportunities
for growth and revenue generation, thereby increase the preference
for AI and advanced machine learning algorithms across industries,
which is further expected to propel the overall market growth.
However, the in-flight Insurance segment is expected to attain the
largest CAGR of 8.6% from 2023 to 2032 and is projected to maintain
its lead position during the forecast period, owing to increasing
cases of airline accidents from various causes such as bird
collision, bad weather, engine failure, and other, which drives the
segment growth in the aviation insurance market.
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The airlines segment to maintain its lead position during the
forecast period
By product type, the airlines segment accounted for the largest
share in 2022, contributing more than one-third of the aviation
insurance market revenue, owing to growth in the need for more
flexible and customized insurance solutions adapted to the special
needs and risk profiles of particular airlines, which is further
expected to propel the overall market growth. However, the
aerospace segment is expected to attain the largest CAGR of 9.0%
from 2023 to 2032 and is projected to maintain its lead
position during the forecast period, owing to advanced technologies
to enhance their capabilities in analyzing and quantifying risks,
improving pricing accuracy, and delivering personalized insurance
solutions that meet the unique needs of aerospace clients. These
factors drive the growth of this segment in the global aviation
insurance market.
The commercial aviation insurance segment to maintain its
lead position during the forecast period
By application, the commercial aviation insurance segment
accounted for the largest share in 2022, contributing more than
half of the aviation insurance market revenue, owing to high hull
values and high liability limits associated with aviation insurance
policies. Most insurance carriers must purchase insurance to help
spread the risk, preventing anyone claim from bankrupting a
company, which is further expected to propel the overall market
growth. However, the general and business aviation insurance
segment is expected to attain the largest CAGR of 8.0% from 2023 to
2032 and is projected to maintain its lead position during the
forecast period, owing to increase in demand for travel and tourism
with airlines and increase in number of sky diving institutes.
These factors drive the growth of this segment in the global
aviation insurance market.
Asia-Pacific region to
maintain its dominance by 2032
By region, North America held
the highest market share in terms of revenue in 2022, contributing
more than one-third of the aviation insurance market revenue, owing
to strong domestic demand from the U.S., one of the largest
domestic aviation markets in the world, which is anticipated to
propel the growth of the market in this region. However,
Asia-Pacific is projected to
attain the highest CAGR of 8.7% from 2023 to 2032, owing to
economically emergent countries such as China and India, which have manufacturing plants of
several industries in the Asia-Pacific region, which further is expected
to contribute to the growth of the market in this region.
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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
The report provides a detailed analysis of these key players in
the aviation insurance market. These players have adopted different
strategies such as new product launches, collaborations, expansion,
joint ventures, agreements, and others to increase their market
share and maintain dominant shares in different countries. The
report is valuable in highlighting business performance, operating
segments, product portfolio, and strategic moves of market players
to showcase the competitive scenario.
Key Benefits for Stakeholders
- The study provides an in-depth analysis of the aviation
insurance market forecast along with the current trends and future
estimations to explain the imminent investment pockets.
- Information about key drivers, restraints, & opportunities
and their impact analysis on the global aviation insurance market
is provided in the report.
- Porter's five forces analysis illustrates the potency of the
buyers and suppliers operating in the industry.
- The quantitative analysis of the market from 2021 to 2030 is
provided to determine the aviation insurance market potential.
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Aviation Insurance Market Report
Highlights
Aspects Details
By INSURANCE TYPE
- Public liability insurance
- Passenger liability insurance
- Combined Single Limit
- In-flight Insurance
- Others
By APPLICATION
- Commercial Aviation Insurance
- General and Business Aviation Insurance
- Others
By Region
- North America (U.S.,
Canada)
- Europe (UK,
Germany, France, Italy, Spain,
Rest of Europe)
- Asia-Pacific
(China, Japan, India,
Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America,
Middle East, Africa)
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