Global Aviation Insurance Market Overview:
Aerospace insurance provides liability and coverage against the damages or crashes of aircraft that occur due to the weather or other problems. Rising accidents from Boeing 737 Max and rapidly increasing air travel after the pandemic will boost the market. Most aviation insurance covers repairs or replacements of damaged aircraft and parts and liability claims from injury or loss of life.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Increase in government rules & regulations for passenger safety
Market Growth Drivers:
Increasing Hangar Rash and Other Ground Incidents in the Commercial Aviation Industry and Surging Demand for Aviation Insurance in the Commercial Aviation to Protect Passengers and Coverages against Ground Risk Hull
Challenges:
The Presence of Number of MAjor Players in the Global Market May Create Challenges for the New Entrances
Restraints:
Coronavirus Crises Across the Globe May Impact the Aviation Insurance Market and High Cost of Reinsurance, Liability Limits, and Reduced Coverages
Opportunities:
Increasing Number of Claims Due to Collision and Crashes Will Create Significant Opportunities
Competitive Landscape:
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Some of the key players profiled in the report are Allianz Global Corporate and Specialty (Germany), AXA S.A. (France), Chubb Limited (Switzerland), Munich Re (Germany), Zurich (Switzerland), Marsh (United States), American International Group (United States), HDFC ERGO (India), Aon plc (United Kingdom), Gallagher Insurance (United States), BWI Aviation Insurance (United States), Global Aerospace, Inc. (United States), Great American Insurance Group (United States) and Tokio Marine HCC (United States). Analyst at AMA Research see United States Players to retain maximum share of Global Aviation Insurance market by 2028. Considering Market by Sales Channel, the sub-segment i.e. Online will boost the Aviation Insurance market. Considering Market by End-user, the sub-segment i.e. Airlines will boost the Aviation Insurance market.
Latest Market Insights:
On January 2020, AXA XL merged AXA Corporate Solutions (ACS) and AXA ART into XL Insurance Company SE (XLICSE). The merger has been approved by the relevant regulatory authorities, including the Central Bank of Ireland and the High Court of Ireland. After AXA acquired XL Group Ltd, it was decided to merge ACS and AXA ART into XLICSE.
In January 20023. Chubb has appointed Chris Collins as Airline Director for Chubb Global Markets (CGM). Chubb is the company's London market wholesale and specialty business, including Lloyd's platform. In this role, Collins is responsible for leading the development and management of the CGM Airline portfolio. Collins joined Chubb from AIG where she served as International Head of Aviation and Deductibles from March 2022. Prior to that, he worked for an insurance company as Head of British Aerospace for three years. Collins has over 25 years of experience in aviation insurance and has held various roles on the broker and insurer side.
What Can be Explored with the Aviation Insurance Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Aviation Insurance Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Aviation Insurance
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Aviation Insurance market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Aviation Insurance market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Analysts and Strategic Business Planners, Aviation Insurance Providers, Reinsurance Service Providers and Insurance Brokers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations, End-Users and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.