If you live in the U.S., you might not notice the private planes in the sky but you know they're around. What might surprise you is the growing number of high net worth (HNW) clients who now own private jets.
For countries both big and small, the market is booming. Ownership growth in Belarus alone accounted for a 1,200 percent increase from 2006 to 2016, according to research compiled by Statista.
With the growth in the number of private planes in mind, agents and brokers should review the need for aviation insurance coverage with their HNW clients.
Broad coverage available
Many organizations such as The Aircraft Owners and Pilots Association, as well as other carriers, provide options for aviation insurance, which can range from owner insurance to renter insurance and corporate aircraft insurance to aviation business coverage.
Aviation insurance can cover damages to the aircraft itself, as well as the liabilities associated with operating in flight. With more private jets taking off, policies specifically catering to HNW clients can save them millions of dollars in the event of an unexpected scenario.
The increase in private jets isn't the only reason HNW clients should consider aviation insurance. With the surge of drones taking to the sky, the potential liabilities surrounding aircraft will take off in conjunction.
This chart shows where private jet ownership is soaring. Where does your country rank?
Where private jet ownership is soaring
Top countries by private jet ownership (2016) and ownership growth (2006 to 2016)