Global Aviation Insurance
Market Report
2024
The Global Aviation insurance market size is USD 4615.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 5.80% from 2024 to 2031.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, the global aviation insurance market size is USD 4615.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 5.80% from 2024 to 2031.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Aviation Insurance Market Sales Revenue 2020 | $ 3533.11 Million |
Global Aviation Insurance Market Sales Revenue 2024 | $ 4615.2 Million |
Global Aviation Insurance Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 5.8% |
Asia Pacific Aviation Insurance Market Sales Revenue 2024 | $ 1061.5 Million |
Asia Pacific Aviation Insurance Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 7.8% |
South America Aviation Insurance Market Sales Revenue 2024 | $ 230.76 Million |
South America Aviation Insurance Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 5.2% |
North America Aviation Insurance Market Sales Revenue 2024 | $ 1846.08 Million |
North America Aviation Insurance Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 4% |
Europe Aviation Insurance Market Sales Revenue 2024 | $ 1384.56 Million |
Europe Aviation Insurance Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 4.3% |
Middle East and Africa Aviation Insurance Market Sales Revenue 2024 | $ 92.3 Million |
Middle East and Africa Aviation Insurance Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 5.5% |
Market Split by Type |
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Market Split by Application |
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Market Split by End User |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Report scope is customizable as we have a huge database of Aviation Insurance industry. We can deliver an exclusive report Edition/Consultation as per your data requirements. Request for your Free Sample Pages.
Aviation Insurance Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
Hull, liability, and ancillary coverages are among the risks related to aircraft operations covered by the aviation insurance industry. Serving a wide spectrum of stakeholders, such as airlines, lessors, manufacturers, and aircraft owners, it provides financial protection against losses resulting from third-party obligations, accidents, damage, and other aviation-related risks. Specialized underwriters and insurers who evaluate risks according to variables, including aircraft type, utilization, routes, and operating conditions, define the market. The age of the aircraft, its safety record, and location are just a few examples of the many variables that affect premiums and coverage terms. Aviation insurance is essential for protecting stakeholders' financial interests and maintaining the industry's resilience because of the inherent hazards and regulatory obligations of the aviation sector.
The need for aviation insurance is expected to soar due to factors such as growing disposable incomes, urbanization, and increased globalization, which are driving an increasing trend in air travel worldwide. Airlines and aviation industry participants are eager to protect themselves against financial losses from mishaps, injuries, and unanticipated events. This projected expansion highlights how important aviation insurance is to preserving the sector's financial viability in the face of rising passenger numbers.
In the upcoming years, there will likely be a significant increase in the global fleet size of commercial aircraft, increasing demand for aviation insurance. This increase is driven by growing air travel demand, the need to replace outdated aircraft, and improvements in fuel-efficient aircraft models. Strong insurance coverage is becoming increasingly crucial as airlines work to handle growing passenger volumes and update their fleets to improve operational efficiency. The widespread use of commercial aircraft highlights how important aviation insurance is for reducing risks and providing financial stability in the industry's constant change.
Aviation insurance can be expensive, particularly for carriers operating in high-risk areas or having a history of mishaps. The high insurance cost might provide serious obstacles for airlines, making it more difficult for them to obtain adequate coverage. This situation makes airlines more financially vulnerable and creates barriers to their growth and profitability goals. For airlines operating in such conditions, striking a careful balance between sufficient insurance coverage and long-term cost control becomes critical, requiring calculated risk reduction methods and financial planning in the aviation industry.
With COVID-19, the aviation insurance sector was severely impacted. Insurance companies had to deal with a rise in trip cancellation claims, grounded fleets and decreased industry revenue as the epidemic affected international air travel. As a result, insurers were under more scrutiny and pressure to modify terms, coverage, and prices to consider the changing nature of risk. Airlines, already struggling financially, tried to reduce expenses by renegotiating insurance contracts or looking at different risk management techniques. Risk assessment and pricing in the aviation insurance market were further hampered by the uncertainties surrounding the intensity and duration of the pandemic. Airlines and insurers are still navigating the aftermath of COVID-19 and adjusting to new standards and risks in the aviation industry as it slowly recovers.
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Key players deploy strategic initiatives such as product innovations, partnerships, and mergers. Companies prioritize R&D to introduce cutting-edge reagents, ensuring a competitive edge. Robust distribution networks and adherence to quality standards amplify market presence, fostering an environment where agility and innovation define industry leaders.
In January 2023, Together with Altavair L.P., a pioneer in commercial aviation financing, KKR, a renowned worldwide investment firm, announced that it will invest an extra USD 1.15 billion to grow its global portfolio of leased commercial aircraft.
Top Companies Market Share in Aviation Insurance Industry: (In no particular order of Rank)
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According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. The aviation insurance industry in North America is strong and serves a wide range of stakeholders, such as airlines, owners, and aircraft operators. Specialized underwriters and insurers providing coverage for aviation operations risks define the region's market. Given the changing nature of the aviation business in North America, factors such as aircraft type, usage, safety record, and regulatory requirements impact premiums and coverage terms.
The Europe region is witnessing an increase in the sales of reagents. The market provides extensive coverage for hazards associated with operating airplanes through professional underwriters and insurers. Aerialcraft type, usage, safety record, and regulatory criteria are some of the elements that affect premiums and coverage terms. The European aviation insurance market reflects the region's varied and dynamic aviation sector.
The current report Scope analyzes Aviation Insurance Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
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According to Cognitive Market Research, the global Aviation insurance market size was estimated at USD 4615.2 Million out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 1061.50 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.8% from 2024 to 2031. The booming aviation sector across various countries is driving the quick expansion and development of the aviation insurance market in the Asia Pacific region. Cargo aviation insurance is a significant market niche that addresses the particular hazards involved in air freight transportation of cargo. In order to safeguard priceless items and promote global trade, cargo aviation insurance offers coverage for cargo damage, loss, and liability during transit. In order to satisfy the changing demands of cargo airlines and logistics firms, insurers are tailoring their products to the growing need for air cargo services in the Asia Pacific area. All things considered, the Asia Pacific aviation insurance market exhibits a great deal of room for growth and innovation, which will help to sustain the aviation industry's sustained expansion.
According to Cognitive Market Research, the global Aviation insurance market size was estimated at USD 4615.2 Million out of which Latin America market of more than 5% of the global revenue with a market size of USD 230.76 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2031. Alongside the region's growing aviation industry, Latin America's aviation insurance market is growing steadily. General aviation insurance is a significant market niche that serves privately owned aircraft used for a range of activities, including tourism, business travel, and leisure flight. Hull damage, liability protection, and passenger injury coverage are all covered by general aviation insurance, meeting the various demands of aircraft owners and operators in the area. In order to meet the particular risks and legal requirements of this market, insurers are improving their products in response to the rising demand for general aviation and air transportation services in Latin America. All things considered, the Latin American aviation insurance market offers insurers and aviation stakeholders encouraging prospects that will propel the region's aviation industry's further expansion and advancement.
According to Cognitive Market Research, the global Aviation insurance market size was estimated at USD 4615.2 Million out of which North America held the major market of more than 40% of the global revenue with a market size of USD 1846.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.0% from 2024 to 2031. The aviation insurance market in North America is a diversified and vibrant ecosystem that caters to a broad range of aviation industry stakeholders. Commercial aviation, which comprises airlines that operate passenger and freight flights, is a significant market segment. The need for insurance solutions that cover risks including aircraft damage, liability, and passenger injuries is significantly fueled by commercial aviation. North American insurers customize their products to match the particular requirements of airlines and other aviation enterprises because of the country's dynamic regulatory landscape and changing market trends. All things considered, the North American aviation insurance market is a model of flexibility and robustness, offering crucial financial security to the aviation sector in the area.
Country Analysis
According to Cognitive Market Research, with a market value of USD 4615.2 million in 2024 and projected to expand at a compound annual growth rate (CAGR) of 4.3% from 2024 to 2031. Europe accounted for a share of over 30% of the global market size of USD 1384.56 million. Europe's aviation insurance industry serves a wide spectrum of aviation stakeholders and is distinguished by a complex and strictly regulated environment. Business and general aviation, which includes privately owned aircraft used for a range of reasons such as corporate travel, leisure, and general aviation activities, is a substantial market segment. Certain risk profiles are addressed by insurance options for general and business aviation, such as hull coverage, liability defense, and crew and passenger coverage. European insurers cater to the specific requirements of general aviation and business aviation operators by offering customized solutions that align with their strict safety regulations and varied operating requirements. Overall, the European market for aviation insurance is flexible and resilient, providing the aviation industry in the region with complete financial security.
According to Cognitive Market Research, the global Aviation insurance market size was estimated at USD 4615.2 Million out of which Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 92.30 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.5% from 2024 to 2031. The Middle East and Africa's growing aviation industry is causing the market for aviation insurance to change at the same time. Commercial airline insurance is a significant market area that provides coverage for airlines that operate both passenger and cargo flights. Commercial airline insurance supports the safe and effective operation of airlines throughout the region by offering crucial protection against risks like aircraft damage, third-party liability, and passenger injuries. In order to satisfy the changing demands of airlines and aviation enterprises, insurers are tailoring their products to the Middle East and Africa's expanding air traffic and infrastructural development. All things considered, the Middle East and Africa aviation insurance market offers insurers a lot of chances to help the region's developing aviation sector and guarantee its sustainability and further expansion.
Global Aviation Insurance Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Aviation Insurance Industry growth. Aviation Insurance market has been segmented with the help of its Type, Application End User, and others. Aviation Insurance market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
According to Cognitive Market Research, Public Liability Insurance held the major market share over the forecast period. Protect against property damage and bodily injury to third parties resulting from aircraft activities. It protects airlines, owners, and aircraft operators from monetary damages and legal ramifications from mishaps or incidents involving their aircraft. In the aviation sector, public liability insurance is crucial for maintaining regulatory compliance and safeguarding the financial interests of stakeholders.
Passenger Liability Insurance is the fastest-growing category over the forecast period. Passenger liability insurance is a significant segment of the aviation insurance industry, which provides coverage for passengers' fatalities and physical injuries sustained while flying. It pays customers or beneficiaries for losses sustained during flight and protects airlines and aircraft operators from legal liability. In order to guarantee passenger safety and financial security for airlines as well as passengers, passenger liability insurance is crucial for the aviation sector.
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According to Cognitive Market Research, Commercial Aviation holds a prominent market share. A sizable chunk of the aviation insurance industry is devoted to commercial aviation, which covers airlines, manufacturers, lessors, and aircraft operators involved in commercial air travel. It provides complete insurance solutions, including hull, liability, and ancillary coverages, specifically designed to address the special risks commercial aviation operations encounter. A significant portion of the demand for insurance solutions to reduce the financial risks connected with aircraft operations comes from the commercial aviation sector.
Business & General Aviation is the fastest-growing category over the forecast period. A separate market niche within aviation insurance is occupied by commercial and general aviation, which covers privately owned and operated aircraft for travel, business, and pleasure. This market segment includes various aircraft types, such as private, business, and helicopter aircraft. Business and general aviation insurance products cover particular risk profiles, including as hull, liability, and passenger coverage.
The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Aviation Insurance market report 2024 Edition by contacting our team.
According to Cognitive Market Research, Airlines hold a prominent market share. A sizeable portion of the aviation insurance industry comprises airlines needing extensive fleets, operations, and passengers coverage. Airlines provide hull insurance for their aircraft, third-party liability coverage, and passenger liability insurance in the event of accidents or fatalities. Given the complexity of international air travel, airlines depend on insurance to reduce financial risk and guarantee regulatory compliance.
Airports are the fastest-growing category over the forecast period. Airports can benefit from public liability, business interruption, property damage, and third-party liability insurance. Comprehensive insurance is necessary to guard against financial losses resulting from accidents, incidents, or legal claims within the aviation business because of the dynamic and high-stakes nature of airport operations.
Research associate at Cognitive Market Research
Swasti Dharmadhikari, an agile and achievement-focused market researcher with an innate ardor for deciphering the intricacies of the Service & Software sector. Backed by a profound insight into technology trends and consumer dynamics, she has committed herself to meticulously navigating the ever-evolving terrain of digital Services and software solutions.
As a research analyst, Swasti brings a unique blend of analytical prowess and strategic thinking to the table. With an expertise in market research analysis, She is adept at dissecting complex problems, extracting meaningful insights, and translating them into actionable recommendations. Her passion lies in leveraging data-driven approaches to guide decision-making and drive organizational success.
I played a central role in market research endeavors and competitive analysis. I have a demonstrated ability to leverage diverse data sources, employing advanced analytics tools to discern patterns and trends. My collaborative approach facilitated effective communication of insights, fostering a culture of data-driven decision-making within the organization. I am committed to continuous professional development, actively seeking opportunities for skill enhancement through workshops, industry conferences, and staying abreast of emerging trends in research methodologies.
Disclaimer:
Type | Public Liability Insurance, Passenger Liability Insurance, Combined Single Limit (CSL), Ground Risk Hull (Motion) Insurance, Ground Risk Hull (Non-Motion) Insurance, Hangar And Ground Support Equipment Insurance, In-Flight Insurance, Umbrella Insurance |
Application | Commercial Aviation, Business & General Aviation |
End User | Airlines, Airports, Aircraft Product Manufacturers, Leasing Companies, Ground Operators, Individual General Aviation Aircraft Operators, Air Taxi Operators |
List of Competitors | Allianz, Starr International, Marsh LLC, American International Group Inc, Berkshire Hathaway, AXA SA, Chubb, Munich Re, Santam Insurance, Old Republic Aerospace Inc. (ORAE), HCC Insurance. |
This chapter will help you gain GLOBAL Market Analysis of Aviation Insurance. Further deep in this chapter, you will be able to review Global Aviation Insurance Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
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Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
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Qualitative Analysis for the North America Market: North America Aviation Insurance Market Trends North America Aviation Insurance Technological Road Map North America Aviation Insurance Market Drivers North America Aviation Insurance Market Restraints North America Aviation Insurance Market Opportunity Market Attractiveness Analysis COVID – 19 Impact Analysis PESTEL Analysis Porter’s Five Forces Analysis Product Life Cycle Industrial Chain Analysis
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Chapter 3 Europe Market Analysis
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Chapter 4 Asia-Pacific Market Analysis
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Chapter 5 South America Market Analysis
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Chapter 6 Middle East and Africa Market Analysis
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Only Available with Corporate User License
Chapter 7 Top 10 Countries Analysis
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Type Analysis 2019 -2031, will provide market size split by Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Analysis 2019 -2031
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Chapter 11 Market Split by Application Analysis 2019 -2031
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Chapter 12 Market Split by End User Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Aviation Insurance market
Chapter 13 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Public Liability Insurance have a significant impact on Aviation Insurance market? |
What are the key factors affecting the Public Liability Insurance and Passenger Liability Insurance of Aviation Insurance Market? |
What is the CAGR/Growth Rate of Commercial Aviation during the forecast period? |
By type, which segment accounted for largest share of the global Aviation Insurance Market? |
Which region is expected to dominate the global Aviation Insurance Market within the forecast period? |
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