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Friday 15 November 2013

Aviation insurance is likely to emerge as a key growth area in the coming years















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.


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.

The domestic aviation industry is growing at an average growth rate of around 15 per cent per annum and is likely to add around 450 aircraft in the next five years.

Even the number of corporate jets are growing in domestic skies as more and more business houses are acquiring own aircraft for business travel needs, industry experts said.
The country's largest insurer New India Assurance is a major player in this segment.

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