According to the latest SNS Insider report, the Aircraft Insurance Market was valued at USD 15.1 billion in 2023 and is forecasted to grow to USD 19.2 billion by 2032, representing a CAGR of 2.73% over the forecast period of 2024-2032.

The steady increase in air travel, coupled with heightened safety regulations and the growing adoption of advanced aircraft technologies, is pushing the demand for tailored insurance policies. As airlines and airports continue to expand and innovate, the need for comprehensive coverage against potential risks such as operational malfunctions, accidents, and terrorism is critical.

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Key Players:

• Global Aerospace Services Inc.
• Tokio Marine Holdings, Inc.
• Travers & Associates Aviation Insurance Agency, Llc.
• Starr International Company, Inc.
• American International Group, Inc.
• Axa
• Bwi Aviation Insurance
• Experimental Aircraft Association Inc.
• USAA
• USAIG

The aircraft insurance market is expected to grow steadily due to multiple factors. Rising passenger numbers, fleet expansions, and a more complex global aviation landscape have necessitated robust insurance policies that can cover a wide array of risks, from accidents to liability claims for instance, For example, global air traffic is projected to recover to pre-pandemic levels by 2024, with the Federal Aviation Administration (FAA) forecasting further increases over the next decade. By 2040, the U.S. alone expects air traffic to reach 1.3 billion passengers annually, an increase driven by both commercial and private aviation. As the aviation sector embraces advanced technologies like AI and IoT for better operational efficiency, these factors also demand more dynamic insurance models capable of covering potential technological risks.

The scope of the market is broad, encompassing not only commercial airlines but also private jets, airports, and aircraft leasing companies. Aviation insurers are designing policies that provide risk mitigation against accidents, equipment failure, and other unforeseen events that could disrupt operations. As global trade increases, air cargo transport is another area driving demand for specialized insurance coverage.

Segmentation Analysis

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 End User

• Service Providers
• Airport operators
• Others

Regional Landscape

The North American aircraft insurance market is set to dominate the global landscape due to increased government investments in research and development (R&D) and the acquisition of advanced military aircraft, including fighter jets, helicopters, transport planes, and trainers. These investments are crucial for bolstering national defense capabilities, which in turn drives demand for comprehensive insurance coverage to manage the risks associated with cutting-edge technologies and operations. Additionally, the U.S. aviation sector’s large fleet of commercial and private aircraft further contributes to this growth.

In Europe, Germany held the largest market share, largely due to its strong aviation sector and increasing demand for aviation services. Meanwhile, the UK aircraft insurance market is experiencing rapid growth within the region, driven by expanding private and business aviation, along with increasing investments in advanced air travel technologies. Both nations benefit from rising aircraft procurements and innovations in aviation technologies, increasing the need for robust insurance solutions tailored to these developments.

Recent Developments

In November 2022, TenneT ordered high-voltage gas-insulated switchgear from Hitachi Energy to enhance power substations, reflecting rising demand for risk management in advanced technological installations in the aviation sector.

In March 2022, General Electric launched eco-friendly 420 kV g3 gas-insulated switchgear signaling a shift towards environmentally conscious innovations that could impact aviation insurance policies and regulations.

Key Takeaways

• The growing need for dynamic and comprehensive insurance products that cater to various operational risks, including accidents, liability, and technology-related incidents.
• Increased air traffic, technological advancements, and regulatory pressures are the main factors driving the growth of the Aircraft Insurance Market.
• There is significant untapped potential in regions like North America, where growing aviation infrastructure requires innovative insurance solutions.

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