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The global aviation industry is soaring to new heights, driven by a surge in air passenger traffic. As more people take to the skies, the aviation insurance market is set to take off as well. In this blog, we explore the factors powering the aviation insurance sector’s growth, the major players in the market, and the innovative trends shaping the future of aviation insurance.

A Skyrocketing Sector

The Rise in Air Passenger Traffic: One of the pivotal drivers of the aviation insurance market is the surge in air passenger traffic. Air passenger traffic encompasses all travelers using airports for both arrivals and departures. It represents the number of individuals transported by commercial airlines or private aircraft, both domestically and internationally. With the increasing demand for air travel, airlines and aircraft owners are turning to aviation insurance to safeguard passengers and assets from aviation-related risks.

A Notable Surge in Passenger Numbers: The demand for air travel has witnessed a significant upswing. In 2022, U.S. airlines carried a whopping 30% more passengers than in the previous year. This translates to 194 million additional passengers compared to 2021. To put this into perspective, U.S. airlines ferried a total of 853 million passengers in 2022, up from 658 million in 2021 and 388 million in 2020.

Major Players at the Helm

Leading the Aviation Insurance Landscape: The aviation insurance market boasts a roster of major players that wield significant influence in the sector. These industry leaders provide an array of innovative products and services to meet the diverse needs of clients.

Prominent Figures: Some of the key players in the aviation insurance market include Allianz SE, AXA SA, American International Group Inc., Chubb Ltd., and many more.

Innovation in Aviation Insurance

Trailblazing Trends in the Industry: Innovation is a prominent trend shaping the aviation insurance market. Major companies in the sector are committed to developing inventive aviation insurance solutions that help them maintain their competitive edge.

A Digital Revolution: In March 2023, HDI Global SE, a German insurance company, launched Aviation IQ, a digital platform catering to general aviation in Canada. This platform revolutionizes aviation insurance by automating the end-to-end process for insurance contracts covering small fixed-wing aircraft used for personal or business travel. By delivering policy documents in a matter of minutes, it not only saves brokers and aircraft owners time and money but also provides a valuable resource for pilots. Pilots can conveniently track their flight hours, mileage, and adjust their insurance coverage as needed.

Segmentation: Tailoring Services

The aviation insurance market offers a wide range of services tailored to cater to different client requirements. It is segmented into various categories to address the diverse needs of the aviation industry.

1. Insurance Types: It includes public liability insurance, passenger liability insurance, ground risk hull insurance (not-in-motion and in-motion), combined single limit, and in-flight insurance.
2. Applications: The aviation insurance market covers commercial aviation, business and general aviation, and other applications.
3. End User Industries: The sector serves various end-user industries, such as service providers, airport operators, and more.

Global Outlook: Asia-Pacific Takes the Lead
In 2022, Asia-Pacific stood as the largest region in the aviation insurance market. However, looking ahead, the region is expected to continue its dominance, emerging as the fastest-growing region in the forecast period.

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The Aviation Insurance Global Market Report 2023  provides an overview of the aviation insurance market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The aviation insurance market forecast analyzes aviation insurance market size, aviation insurance market share, leading competitor and their market positions.

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