The global aerospace insurance market exhibited moderate growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 5.4% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Aerospace insurance includes various insurance policies for airlines, airports and their operations. It covers losses incurred from physical damage, third-party and passenger liability, war or terrorist activities and general liability coverage for cargo and passenger airlines. It is specially designed for aviation service providers, airport operators, etc. The insurance provider levies a pre-decided premium at regular intervals from the aircraft owners that varies upon the size of the operations, air traffic data and the number of airlines using the airport services.
The thriving aviation industry, along with an increasing number of airports around the world is the key factor driving the growth of the market. In recent years, the number of passengers opting for air travel has increased substantially. In order to meet this surging demand, both the emerging and developing nations are modernizing and expanding their existing airport terminals as well as creating new ones. Moreover, the development of smart airports that utilize various automated solutions such as self-check-in kiosks and automated baggage handling systems is also contributing to the market growth. Furthermore, with the growing need for aircraft fueling and group handling, aerospace product liabilities are likely to increase, thus catalyzing the demand for insurance services. Apart from this, increasing space exploratory activities using drones, spaceships and aircraft is also favoring the market growth. Insurance buyers safeguard themselves and equipment against accidents and any damage caused by climatic changes, equipment failure and collisions. Besides this, the declining insurance premium rates are ensuring an increase in the number of policy takers, which is positively impacting the market growth.
IMARC Group’s latest report provides a deep insight into the global aerospace insurance market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the aerospace insurance market in any manner.
The report has also analyzed the competitive landscape of the market with some of the key players being Allianz SE, American International Group, Global Aerospace, Hallmark Financial Services Inc., Marsh Inc, China Life Insurance Company, Travers Aviation, Malayan Insurance, AXA, ING Group, Old Republic Aerospace, Hiscox Group, Wells Fargo, Avion Insurance, etc.
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