Aviation Liability Insurance Market to Witness Staggering Growth by 2028

The global Aviation Liability Insurance market size was significantly robust in 2020 and is expected to register a steady revenue CAGR over the forecast period. Key factors driving market revenue growth are increasing air traffic, strict government regulations to ensure passenger safety, and increased government investments in several countries for development of new airports and renovation of the existing ones. Increasing use of drones, spaceships, and aircraft is also driving demand for Aviation Liability Insurance and supporting market revenue growth.

Aviation Liability Insurance protects aircraft from liability and property damage. Aviation Liability Insurance, often known as aircraft insurance, is available for a variety of planes, including regular, experimental, and vintage planes, as well as seaplanes. Physical harm, third-party and passenger liabilities, war or terrorist actions, and general liability coverage for cargo and passenger airlines are all covered under this policy. Aviation Liability Insurance was created by keeping in mind aviation service providers, airport operators, and other stakeholders.

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Revenue growth of the global Aviation Liability Insurance market is significantly driven by increasing number of passengers choosing air travel in recent years, for which air traffic is increasing across the globe. In addition, emerging countries are creating and extending their current airport terminals to meet growing demand for airline services. As a result, huge airport expansion, which includes automated baggage handling and self-check-ins, is taking place. Increased spending on overseas travel and vacations is also attracting more airline consumers. Climate change, equipment failure, and collisions are some factors that can cause accidents and harm to people and their equipment during air travel, which is expected to further boost market revenue growth.

Competitive Landscape:

Aerospace Insurance Managers
AIG
AXA XL
BWI Fly
Global Aerospace
USAA
Great American
Ace Aviation
Avion Insurance
Allianz
XL Catlin
MARSH
Assured Partners
London Aviation
Old Republic
Starr Aviation Liability Insurance
Tokio Marine HCC
Avemco