- The global aerospace insurance market is primarily driven by significant growth in the aviation industry.
- Since flying is associated with several risks, users are now opting for aerospace insurance, which provides compensation for any losses incurred post boarding the flight.
- The market is projected to grow at a steady rate during 2019-2024.
According to the latest report by IMARC Group, titled “Aerospace Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global aerospace insurance market size reached $480 million in 2018. Aerospace insurance is specialized insurance, offering tailor-made safety policies pertaining to the operations of airports and airlines, as well as the risks involved in the aviation industry.
Since aircraft are highly prone to accidents, technical failures and terrorist attacks, the insurance provides protection against a wide array of losses, risks, perils, dangers and damages to policyholders. It offers coverage for not only physical damage, passenger liability, third-party liability or war/terrorism but also comprehensive general liability coverage for both passenger and cargo airlines.
Global Aerospace Insurance Market Trends:
The global market is primarily driven by significant growth in the aviation industry. Owing to various factors, such as rising disposable income levels, rapid urbanization, and an overall dynamic lifestyle led by the majority of the population, there has been a considerable increase in air passenger traffic. Since flying is associated with several risks such as turbulent weather, technical failure or plane crash, users are now opting for aerospace insurance, which provides compensation for any losses incurred post boarding the flight.
Additionally, escalating demand for the construction of new airports with advanced automated systems, along with the renovation of existing airports, is also projected to facilitate the market growth. A significant decline in the premium rates of aerospace insurance has led to an increase in the number of policy takers, which is expected to further create a positive outlook for the market. Increasing space exploratory activities and the emerging trend of smart airports are some of the other factors contributing to the market growth. On account of the aforementioned factors, the market is projected to grow at a steady rate during 2019-2024.
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Key Market Segmentation:
- On the basis of the type, the market has been divided into life insurance, property insurance and others.
- Based on the application, the market has been categorized into service providers, airport operators and others.
- On the geographical front, the market has been segregated into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
The competitive landscape of the market has been examined in the report, with the detailed profiles of the key players operating in the market. Some of these players include Allianz SE, American International Group, Inc., Global Aerospace Underwriting Managers Ltd., Hallmark Financial Services Inc., Marsh LLC, China Life Insurance Company Ltd., Travers & Associates Aviation Insurance Agency, LLC, Malayan Insurance Co., Inc. AXA Technology Services SAS, ING Bank N.V., Old Republic Aerospace, Hiscox Group, Wells Fargo & Company, and Avion Insurance Agency Inc.