Aviation insurance, rising claims experience

According to a report published by Allianz Commercial, entitled “Aviation risk, claims and insurance outlook”, the global aviation insurance market has paid out 15 billion USD to indemnify more than 30 000 claims occurring between 2019 and May 2024.

Collisions and accidents are the main cause of loss, accounting for 63% of compensations and 33% of the total number of claims. These events include hard landings, bird strikes and runway incidents.

Manufacturing defects account for 22% of claims and 13% of incidents.

Other events that have also impacted the aviation market over the past five years are natural disasters (4% of claims), followed by machinery breakdown (3%), travel incidents* (2%) and fire (1%).

Allianz Commercial also noted a sharp rise in the number of ground incidents at the world's major airports. In the January-May 2024 period alone, no fewer than 23 runway excursions were recorded due to weather phenomena or technical problems.

*Property damage, personal injury, baggage claims, lost or stolen goods