Aviation insurance provides coverage for aircraft damage and passenger injury or death resulting from an accident. Premium revenue from these policies totaled 13.7 billion yen in fiscal 1999, according to the Marine & Fire Insurance Association of Japan. To reduce risk, Japanese nonlife insurers pool all premium income and redistribute the money according to the financial standing of each firm. The plan is particularly beneficial to smaller insurers, who are unable to pay out huge sums in case an accident occurs. The bulk of the redistributed premiums is used to purchase reinsurance from foreign insurers, so trends in the overseas aviation insurance market greatly affect the market in Japan.
Aircraft insurance including coverage of aircraft or their contents, the owner's liability, and accident insurance on the passengers.
Insurance which provides both liability and physical damage (also called Aircraft Hull insurance) coverage for aircraft. Liability coverage available separately for hangarkeepers and airport owners or operators.
A form of insurance that provides liability and physical damage protection for aircraft and their contents.
Commercial airlines hold property insurance on airplanes and liability insurance for negligent acts that result in injury or property damage to passengers or others. Damage is covered on the ground and in the air. The policy limits the geographical area and individual pilots covered.