Aviation insurance premiums expected to reach 20-year high in 2024 amid air travel boom
The cause of claims that emerged top is collision or crash incidents, accounting for 63 per cent of the value
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GROSS written insurance premiums for the aviation sector will hit a 20-year high in 2024 of more than US$8 billion as air traffic increases, a report by Allianz Commercial published on Wednesday (Jul 31) showed.
The commercial insurance provider said airlines will provide about 35 per cent of the premiums, while general aviation will account for 47 per cent. The war market accounts for about 13 per cent of this anticipated premium (US$1.1 billion), a staggering increase from 2021, when it accounted for just 4 per cent of the global premium.
This came as air traffic is expected to reach an all-time high in 2024, rising 10.4 per cent year on year, driven by the Asia-Pacific and North America.
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