항공우주 보험 : 시장 점유율 분석, 업계 동향과 통계, 성장 예측(2026-2031년)

According to Mordor Intelligence, the aerospace insurance market size was valued at USD 9.59 billion in 2025 and is estimated to grow from USD 10.31 billion in 2026 to reach USD 12.92 billion by 2031, at a CAGR of 4.62% during the forecast period (2026-2031).

Global Aerospace Insurance Market Trends and Insights

Growth in Satellite, Commercial Space, and Launch Activities

Commercial space activity is increasing insurable exposure faster than annual premium income reflects. The Satellite Industry Association reported 259 orbital launches in 2024. Insured satellite numbers did not increase at the same pace, which concentrated premiums across a smaller share of deployed assets. Space insurance capacity entering 2026 increased by more than 15% year over year, although buyer demand for mega-constellation cover remained limited. The December 2025 total loss of SpainSat NG-2, insured for more than USD 400 million, moved the space insurance loss ratio from 15% to 75%. These conditions make the Aerospace insurance market more exposed to substantial loss volatility even when aggregate launch activity rises.

Increasing Adoption of Drones, UAVs, and Advanced Air Mobility Platforms

Unmanned aerial systems are broadening the addressable risk pool for the aerospace insurance market, but specialized pricing systems are still developing. Swiss Re identified drone proliferation as a source of systematic liability gaps, since general liability policies can contain unpriced drone exposure. As the FAA and EASA expand beyond-visual-line-of-sight frameworks, enterprise drone fleets require coverage that reflects their operating risks. Traditional aviation carriers do not always have the distribution scale to serve these fleet programs. WTW identified new managing general agent entrants and delegated authority facilities as important channels for specialist drone capacity in 2026. eVTOL aircraft approaching type certification also require hull and liability terms before commercial operations reach scale.

High-Severity Catastrophic and Accumulation Loss Exposure

The aerospace insurance market has asymmetric loss economics because attritional claims absorb 50% to 66% of annual aviation premiums before severe events are counted. The American Airlines crash in January 2025, the Air India incident in June 2025, and the UPS freighter loss in November 2025 contributed to a challenging aviation loss environment. The late-December 2024 Jeju Air disaster also added to the severity of the period. A June 2025 High Court ruling awarded AerCap approximately USD 1.035 billion under war-risk policies, and insurers were granted permission to appeal the ruling in March 2026. The broader litigation concerns nearly 150 aircraft and engines originally valued at up to USD 4.7 billion, sustaining uncertainty around significant aviation insurance exposures. Underwriters consequently need to account for accumulation scenarios that are difficult for existing models to capture.

Other drivers and restraints analyzed in the detailed report include:

1. Rising Aircraft, Spacecraft, and Other Aerospace Asset Values and Claims Costs
2. Expansion of Commercial Aviation, General Aviation, and Aerospace Activities
3. Limited Historical Loss Data for Emerging Aviation and Space Technologies

For complete list of drivers and restraints, kindly check the Table Of Contents.

Segment Analysis

Aviation held 92.71% of the aerospace insurance market share in 2025, reflecting its broad premium base across airline fleets, cargo carriers, general aviation, and aviation liability. IATA's 18,100-unit order backlog in May 2026 supports continued fleet-related insurance exposure. Airline customers face projected hull and liability rate increases of 10% to 15% in 2026 following the high-severity losses recorded in 2025. General aviation accounts with profitable loss records can still receive rate reductions because capacity remains available and new MGAs are competing for business. This difference shows that underwriting conditions vary materially by operating profile and loss performance. The aerospace insurance market size remains largely driven by aviation, as the global fleet and associated liabilities expand.

Space is projected to record a 6.82% CAGR through 2031, making it the faster-growing risk domain in the aerospace insurance market. More commercial launches and lunar activity are expanding the range of assets that need specialist cover. Space capacity was more than 15% higher entering 2026, but limited demand for constellation coverage restrained the translation of exposure into premium. China's March 2025 domestic launch consortium covered USD 1.47 billion in exposure across 25 private commercial launches. The development may reduce dependence on established international placement routes over time. Individual satellite losses remain capable of changing annual class results quickly, which requires cautious deployment of capacity.

Liability captured 45.68% of the aerospace insurance market share in 2025 and is projected to grow at a 5.34% CAGR through 2031. The segment benefits from broader third-party liability requirements, greater jury award severity in North America, and new categories of insured operators. These factors increase both the number of policies requiring liability cover and the limits sought by individual insureds. Liability, therefore, combines the largest 2025 insurance-type position with the highest projected growth rate. The segment's position also reflects the role of compulsory liability frameworks in creating baseline demand for airline coverage. For insurers, the key task is to manage limit exposure while maintaining capacity for established and emerging operators.

Hull and physical damage pricing is increasing as replacement costs for modern widebody aircraft regularly exceed USD 300 million. Aviation war and allied perils coverage has received closer scrutiny after the June 2025 ruling on aircraft withheld in Russia. The ruling identified war-risk policies as the primary recovery route for claims totaling USD 4.7 billion, although the decision is under appeal. Other specialty lines cover airport liability, maintenance and repair organizations, and aircraft product manufacturers. These lines are smaller by volume but can face correlated litigation linked to aviation events. The Montreal Convention provides a compulsory liability framework that supports baseline demand for airline liability underwriting worldwide.

Complete Report Scope:

• By Risk Domain
  • Aviation
  • Space
• By Insurance Type
  • Hull and Physical Damage
  • Liability
  • Aviation War and Allied Perils
  • Other Specialty
• By End User
  • Commercial Aviation Operators
  • General and Business Aviation Operators
  • Aviation Products Liability Insureds
  • Airports and Aviation Infrastructure
  • Aircraft Lessors and Financiers
  • Space Operators
• By Distribution Channel
  • Broker-placed Open Market
  • Delegated Authority
  • Direct
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Vietnam
    • Rest of Asia-Pacific
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Turkey
    • South Africa
    • Egypt
    • Rest of Middle East and Africa

Geography Analysis

North America held 52.69% of global aerospace insurance premiums in 2025, giving it the largest regional position in the aerospace insurance market. The region is supported by the United States' large commercial aviation fleet and high per-insured liability exposure. WTW expects tougher renewal conditions for United States airline risks in 2026, including higher retentions for some accounts. The AerCap ruling added a claims settlement issue that reinforces the region's influence on global loss economics. Canada's commercial aviation recovery and Mexico's growing general aviation activity broaden the regional insurance base. The result is a large and mature market with strong demand but meaningful exposure to liability and large-loss volatility.

Asia-Pacific is forecast to grow at a 6.91% CAGR through 2031, the fastest regional rate in the aerospace insurance market. Airbus expects India's commercial fleet to reach 2,250 aircraft by 2035, while IndiGo holds more than 900 aircraft on order. China is expected to require 1,000 new aircraft, and its 2025 domestic space insurance consortium indicates an effort to retain launch risk domestically. India, China, and Southeast Asia are expected to account for 8 of the 10 fastest-growing air travel markets through 2044. India's DGCA and China's CAAC have strengthened compulsory insurance requirements, while Singapore's CAAS is positioning the city-state as an aviation insurance hub. These developments increase regional opportunity but also make local knowledge and disciplined data collection more important.

Europe is the second-largest regional base and remains home to the Lloyd's and London Market ecosystem that underwrites a large share of global aerospace risks. The aerospace insurance market size in Europe benefits from this concentration of specialist underwriting expertise and international placement capacity. The 2026 IUAI survey found that 75% of aviation insurance professionals considered geopolitical instability the sector's largest systemic threat. The Middle East and Africa also offer strategic growth potential as the UAE and Saudi Arabia hold a combined order backlog above 3,000 aircraft. Middle East carriers recorded 9.6% year-over-year demand growth in November 2025. South America is showing improving insurance penetration in Brazil and Colombia, supported by broader insurance growth in Latin America.

1. American International Group, Inc. (AIG)
2. Allianz SE / Allianz Commercial
3. AXA SA / AXA XL
4. Chubb Limited
5. Global Aerospace, Inc.
6. Starr Insurance
7. Tokio Marine HCC
8. Munich Re
9. Swiss Re
10. HDI Global SE
11. Berkshire Hathaway Specialty Insurance
12. American Financial Group, Inc. / Great American Insurance Group
13. USAIG
14. Beazley plc
15. Sompo Holdings, Inc. / Sompo International
16. Hiscox Ltd
17. Marsh McLennan
18. Aon plc
19. WTW
20. Arthur J. Gallagher & Co.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

TABLE OF CONTENTS

1 INTRODUCTION

• 1.1 Study Assumptions and Market Definition
• 1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET LANDSCAPE

• 4.1 Market Overview
• 4.2 Market Drivers
  • 4.2.1 Growth in Global Aviation and Space Assets and Insurable Exposure
  • 4.2.2 Expansion of Commercial Aviation, General Aviation, and Aerospace Activities
  • 4.2.3 Growth in Satellite, Commercial Space, and Launch Activities
  • 4.2.4 Increasing Adoption of Drones, UAVs, and Advanced Air Mobility Platforms
  • 4.2.5 Rising Aircraft, Spacecraft, and Other Aerospace Asset Values and Claims Costs
  • 4.2.6 Increasing Liability Exposure Across Aviation and Space Operations
• 4.3 Market Restraints
  • 4.3.1 High-Severity Catastrophic and Accumulation Loss Exposure
  • 4.3.2 Limited Historical Loss Data for Emerging Aviation and Space Technologies
  • 4.3.3 High Technical Complexity and Specialized Underwriting Requirements
  • 4.3.4 Cyclical Underwriting Capacity and Competitive Pricing Pressure
• 4.4 Value Chain Analysis
  • 4.4.1 Aviation and Space Insureds and Risk Originators
  • 4.4.2 Insurance Brokers, MGAs, and Specialty Intermediaries
  • 4.4.3 Reinsurers, Alternative Risk-Capital Providers, Claims Specialists, and Other Risk-Service Providers
• 4.5 Regulatory Landscape
  • 4.5.1 Aviation Liability, Compulsory Insurance, and Financial Responsibility Requirements
  • 4.5.2 Unmanned Aircraft Systems and Advanced Air Mobility Insurance Requirements
  • 4.5.3 Space Launch, Satellite, and Space Operations Liability and Financial Responsibility Requirements
  • 4.5.4 Cross-Border Aerospace Operations, Sanctions, and War-Risk Insurance Requirements
• 4.6 Technological Outlook
  • 4.6.1 Artificial Intelligence and Advanced Analytics in Aerospace Underwriting
  • 4.6.2 Flight Data, Telematics, and Real-Time Aviation Risk Monitoring
  • 4.6.3 Satellite Tracking, Space Situational Awareness, Space-Debris, and Conjunction Risk Analytics
  • 4.6.4 Digital Claims Management and Automated Policy Administration Across Aerospace Insurance Lines
• 4.7 Porter's Five Forces Analysis
  • 4.7.1 Threat of New Entrants
  • 4.7.2 Bargaining Power of Suppliers
  • 4.7.3 Bargaining Power of Buyers
  • 4.7.4 Threat of Substitutes
  • 4.7.5 Intensity of Competitive Rivalry
• 4.8 Pricing Analysis Across Key Aerospace Insurance Lines
  • 4.8.1 Aviation: Airline, General Aviation, Hull, Liability, War-Risk, Aircraft Lessor, Product Liability, MRO, Service Provider, Airport, and Municipality Coverage
  • 4.8.2 Space: Pre-Launch, Launch, In-Orbit, Satellite and Spacecraft Physical Damage, and Third-Party Liability Coverage

5 MARKET SIZE AND GROWTH FORECASTS

• 5.1 By Risk Domain
  • 5.1.1 Aviation
  • 5.1.2 Space
• 5.2 By Insurance Type
  • 5.2.1 Hull and Physical Damage
  • 5.2.2 Liability
  • 5.2.3 Aviation War and Allied Perils
  • 5.2.4 Other Specialty
• 5.3 By End User
  • 5.3.1 Commercial Aviation Operators
  • 5.3.2 General and Business Aviation Operators
  • 5.3.3 Aviation Products Liability Insureds
  • 5.3.4 Airports and Aviation Infrastructure
  • 5.3.5 Aircraft Lessors and Financiers
  • 5.3.6 Space Operators
• 5.4 By Distribution Channel
  • 5.4.1 Broker-placed Open Market
  • 5.4.2 Delegated Authority
  • 5.4.3 Direct
• 5.5 By Geography
  • 5.5.1 North America
    • 5.5.1.1 United States
    • 5.5.1.2 Canada
    • 5.5.1.3 Mexico
  • 5.5.2 South America
    • 5.5.2.1 Brazil
    • 5.5.2.2 Argentina
    • 5.5.2.3 Rest of South America
  • 5.5.3 Europe
    • 5.5.3.1 United Kingdom
    • 5.5.3.2 Germany
    • 5.5.3.3 France
    • 5.5.3.4 Italy
    • 5.5.3.5 Spain
    • 5.5.3.6 Rest of Europe
  • 5.5.4 Asia-Pacific
    • 5.5.4.1 China
    • 5.5.4.2 Japan
    • 5.5.4.3 India
    • 5.5.4.4 South Korea
    • 5.5.4.5 Australia
    • 5.5.4.6 Indonesia
    • 5.5.4.7 Thailand
    • 5.5.4.8 Malaysia
    • 5.5.4.9 Singapore
    • 5.5.4.10 Vietnam
    • 5.5.4.11 Rest of Asia-Pacific
  • 5.5.5 Middle East and Africa
    • 5.5.5.1 Saudi Arabia
    • 5.5.5.2 United Arab Emirates
    • 5.5.5.3 Turkey
    • 5.5.5.4 South Africa
    • 5.5.5.5 Egypt
    • 5.5.5.6 Rest of Middle East and Africa

6 COMPETITIVE LANDSCAPE

• 6.1 Market Concentration
• 6.2 Strategic Moves
• 6.3 Market Share Analysis (Top 5-6 players)
• 6.4 Company Profiles (includes Global Level Overview, Market Level Overview, Core Segments, Financials as available, Strategic Information, Market Rank/Share, Products and Services, Recent Developments)
  • 6.4.1 American International Group, Inc. (AIG)
  • 6.4.2 Allianz SE / Allianz Commercial
  • 6.4.3 AXA SA / AXA XL
  • 6.4.4 Chubb Limited
  • 6.4.5 Global Aerospace, Inc.
  • 6.4.6 Starr Insurance
  • 6.4.7 Tokio Marine HCC
  • 6.4.8 Munich Re
  • 6.4.9 Swiss Re
  • 6.4.10 HDI Global SE
  • 6.4.11 Berkshire Hathaway Specialty Insurance
  • 6.4.12 American Financial Group, Inc. / Great American Insurance Group
  • 6.4.13 USAIG
  • 6.4.14 Beazley plc
  • 6.4.15 Sompo Holdings, Inc. / Sompo International
  • 6.4.16 Hiscox Ltd
  • 6.4.17 Marsh McLennan
  • 6.4.18 Aon plc
  • 6.4.19 WTW
  • 6.4.20 Arthur J. Gallagher & Co.

7 MARKET OPPORTUNITIES AND FUTURE OUTLOOK

• 7.1 White-Space and Unmet-Need Assessment
  • 7.1.1 Coverage Solutions for Emerging Aviation and Advanced Air Mobility Risks
  • 7.1.2 Insurance Solutions for Emerging Space Activities and NewSpace Risks
  • 7.1.3 Cyber, Data, and Technology-Driven Risk Solutions Across Aerospace Operations
• 7.2 Future Outlook
  • 7.2.1 Aviation Insurance Market Outlook
  • 7.2.2 Space Insurance Market Outlook
  • 7.2.3 Aerospace Insurance Capacity, Pricing, and Risk-Capital Outlook