Aircraft Insurance Market Latest Research Report, Industry

Aircraft Insurance Market Overview

From 2021 to 2027, the international aviation insurance market is expected to grow at a CAGR of 5.6%, from $3,430.20 million in 2020 to $5,759.97 million by 2027.

Aircraft insurance is another name for aviation insurance. Aviation insurance protects a customer against losses incurred as a result of maintenance, damage or use of the aircraft and airfield hangars. It also includes coverage for aircraft damage, property damage and human injury. Its insurance often covers the repair or replacement of damaged parts of an aircraft involved in an accident.

Airlines, aeronautical product manufacturers, airports, air taxi operators, rental companies and business aircraft operators are all common end users of aircraft insurance. Moreover, the growing acceptance of aircraft insurance owing to the increase in global trade and the multiple benefits offered by aircraft insurance coverage are significant factors driving the development of the aviation insurance industry. .

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Competitive landscape analysis: MARSH LLC (United States), Allianz (Germany), Berkshire Hathaway Inc. (United States), Ace Aviation (United States), Munich Re (Germany), STARR INTERNATIONAL COMPANY, INC. (United States), American International Group, Inc (United States), Santam Insurance (South Africa), Chubb (United States), AXA (France), Tokio Marine HCC (United States), Old Republic Aerospace ( United States), Gallagher (United States), Global Aerospace, Inc. (United States), Malayan Insurance (Malaysia), Willis Towers Watson (United Kingdom)

Market segmentation

Per application:

The international aircraft insurance market has been divided into commercial aviation, business and general aviation and others based on the application sector.
The commercial aviation sector dominated the global aircraft insurance market in 2019. Due to the increase in passenger air traffic as well as the growth of commercial aircraft, this segment is propelling the expansion of the market. Additionally, throughout the research period of 2020 to 2026, this category is expected to grow at the fastest CAGR.

Per end user:

Based on the end industry, the global aviation insurance market has been segmented into airlines, aviation product manufacturers, air taxi operators, and many others.
The airline industry is expected to lead the aircraft insurance market in 2019. However, it is expected to grow at the fastest CAGR over the assessment period.

Regional analysis

The aviation insurance market trends report examined a wide range of geographies including Middle East & Africa, Europe, Asia-Pacific, North America and Rest.
Due to large insurers such as Berkshire Hathaway Inc. and American International Group, Inc., the North American zone was expected to dominate the industry in 2019. Additionally, given the major aircraft manufacturers in the region, such as Airbus SAS, the European area is expected to drive the aviation insurance market.

Apart from this, the regional Asia-Pacific market is expected to grow at the fastest rate over the study period. Growing air passenger traffic in countries like India and China is driving the expansion of this field. Additionally, the Middle East and Africa region is driving the expansion of the market due to increased construction of new airports in countries such as UAE and increasing manufacturing of unmanned aerial vehicles. pilot (UAV).

Industry News

•Rising atmospheric passenger traffic and increase in government rules and regulations for passenger comfort are having a beneficial effect on the growth of the market. Nevertheless, high aviation insurance premiums and an increase in the cost and frequency of claims are limiting market expansion. Rising spending on international flights, on the other hand, is expected to provide lucrative opportunities for market expansion throughout the forecast period.

•Companies are focusing their efforts on finding new ways to grow and generate money, increasing the demand for AI and advanced machine learning algorithms across industries. Nevertheless, due to an increase in the number of aircraft accidents caused by different factors such as bird strikes, engine failures, bad weather and other factors, the category of in-flight insurance is expected to develop at the fastest rate throughout the projection period.

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This press release was published on openPR.

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