Mumbai: Aviation insurance is likely to emerge as a key growth area in the coming years with new airlines starting operations and existing players expanding fleet size, industry officials said.
Though the current market size of aviation insurance stands at around Rs 500 crore, growth of airlines industry will push the premium growth in the near future, they said.
"Aviation insurance is an emerging segment in the general insurance industry. We expect much growth coming from addition of new aviation players in the market and expansion of fleet by existing players," Manik Nehra, Senior Manager Aviation Insurance, Bajaj Allianz General Insurance, told PTI.
According to the general insurer, domestic aviation industry is growing at an average growth rate of around 15% per annum and is likely to add around 450 aircraft in the next five years.
10/11/3 PTI/Business Standard
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Though the current market size of aviation insurance stands at around Rs 500 crore, growth of airlines industry will push the premium growth in the near future, they said.
"Aviation insurance is an emerging segment in the general insurance industry. We expect much growth coming from addition of new aviation players in the market and expansion of fleet by existing players," Manik Nehra, Senior Manager Aviation Insurance, Bajaj Allianz General Insurance, told PTI.
According to the general insurer, domestic aviation industry is growing at an average growth rate of around 15% per annum and is likely to add around 450 aircraft in the next five years.
10/11/3 PTI/Business Standard
