Global Aerospace Insurance Market Overview:
The aerospace industry is constantly transforming. Companies are focusing on the development of cost-effective and innovative insurance programs. Aerospace insurance refers to insurance coverage that is meant specifically for the risk involved in the operation of aircraft. The specifications of an aviation insurance policy are normally the same as those of other insurance policies, but the particular eliminations and approvals are exclusive to the aviation risk. The aerospace insurance market has high growth prospects owing to an increasing number of airports across the globe and government initiatives to improve travel rules and regulations. Some of the key players profiled in the study are American International Group (United States), Allianz (Germany), Aon (United Kingdom), Marsh (United States), Old Republic Aerospace (United States), Hallmark Aerospace Insurance Managers (United States), Arthur J. Gallagher & Co (United States), Global Aerospace (Canada), Hiscox London Market (United Kingdom) and Wells Fargo (United States).
On the basis of geography, the market of Aerospace Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by End Users, the sub-segment i.e. Service Providers will boost the Aerospace Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Insurance, the sub-segment i.e. Public Liability Insurance will boost the Aerospace Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Increasing Unusual Events Such As Natural Disasters and Terrorist Attacks
- Government Initiatives to Improve Travel Rule and Regulation
- Growing Number of Passengers Selecting for Air Travel
- Lack of Transparency Associated with Insurance Policies
- Stringent Government Regulations Regarding Aerospace Insurance
- Increasing Number of Airports across Globe
- Growing Demand from the Developing Economies
- Lengthy Claim Settlement Process
- Lack of Awareness about Aerospace Insurance
Major Market Developments:
3rd June 2019, Gallagher provider of risk management, insurance, and consulting services acquired Jardine Lloyd Thompson Group plc’s (JLT), wholesale insurance broking and aerospace retail operations.
14th October 2019, MS Amlin provider of insurance cover to commercial enterprises and others confirms exit from the aviation insurance market.
“The Secretary of Transportation under 49 U.S.C. § 44301, et seq., may provide insurance and reinsurance against loss or damage arising out of any risk from the operation of an American aircraft or foreign-flag aircraft. Moreover, The Secretary of Transportation may provide insurance without premium, if the Secretary of Defense or the head of a Department, Agency, or instrumentality of the U.S. government agrees to indemnify the Secretary of Transportation against all losses covered by the insurance.”
Aerospace Insurance Providers, Government Agencies, Commercial Research & Development Institutions, Government Organizations, Research Organizations, and Consulting Firms, Trade Associations and Industry Bodies and Others
Major Objectives Focused through this Study
To define, describe, and forecast the Global Aerospace Insurance market on the basis of product  , application , key regions and end user
To provide in-depth information regarding major influencing factors affecting the growth of the market (trends, drivers, restraints, opportunities, and industry-centric and regional challenges)
To strategically analyse the micro-markets and important business segments with respect to individual growth drivers , market trends and potential, and historical contributions to the total market
Identifying the opportunities in the market for key stakeholders and detailing the competitive landscape for market leaders
To provide market size for various segments of the Aerospace Insurance market with respect to major geographies, namely, South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico)
To strategically profile the key players and analyzing their market shares and core competencies in the Aerospace Insurance industry
To track key developments such as product launches, expansions, agreements, partnerships, mergers & acquisitions, and R&D activities that are key factors in shaping the market
Available Customization: Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**. Additionally, the Manufacturers which are also part of the research are Avion Insurance (United States) and Willis Towers Watson (United Kingdom).
** Confirmation on availability of data would be informed prior purchase
While framing the research framework, major and emerging players operating in the Aerospace Insurance market in various regions have been profiled, and their offerings, geographic footprints, and distribution/sales channels have been analysed through in-depth discussions. Top-down and bottom-up approaches have been used to determine the overall market size. Sizes of the other individual markets have been estimated using the percentage splits obtained through secondary sources such as Hoovers, Bloomberg BusinessWeek, and Dow Jones (Factiva), along with primary respondents. The complete methodology includes the study of the annual and financial reports of the key market players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) related to the market.