Pune, March 23, 2023 (GLOBE NEWSWIRE) -- The 2022 valuation of the Aircraft Insurance Market by SNS Insider was USD 3.86 billion, and it is anticipated to achieve USD 6.06 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 5.8% during the projected period of 2023-2030.
Market Overview
Aircraft insurance is a type of coverage that provides financial protection against damages or losses that occur to an aircraft, its passengers, and its cargo. It is an essential form of insurance for anyone who owns, operates, or flies an aircraft. Aircraft insurance policies are often tailored to the specific needs of the aircraft owner or operator. Some policies may be designed for private aircraft owners, while others may be geared toward commercial aviation businesses.
Market Analysis
The aircraft insurance market has grown substantially, providing coverage for a range of risks associated with air travel, including aircraft damage or loss, liability, and hijacking. In addition, the rise in air passenger traffic and government regulations have contributed to market growth. Moreover, as the aviation industry continues to evolve, it is essential for insurers to strike a balance between providing adequate coverage and ensuring profitability. The market is poised to experience growth in the coming years, largely due to the increasing presence of leading players in the industry. These established companies have a wealth of knowledge and experience in providing insurance solutions for the aviation industry, making them well-equipped to meet the needs of the market.
Major Key Players Included in this Report Are:
The Key Players included are Allianz Corporate & Specialty, Willis Towers Watson, STARR International company, Arthur J. Gallagher & Co., Marsh LLC., American International Group, Chubb, AXA, Munich Re & Others.
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Aircraft Insurance Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 12.52 Billion |
| Market Size by 2030 | US$ 15.95 Billion |
| CAGR | CAGR of 3.07% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Aircraft Insurance Market: Key Segments | • By Type (Public Liability Insurance, Passenger Liability Insurance, Combined Single Limit (CSL), Ground Risk Hull (Motion) Insurance, Ground Risk Hull (Non-Motion) Insurance, Hangar, and Ground Support Equipment Insurance, In-Flight Insurance and Umbrella Insurance) • By Applications (Commercial Aviation & Business, General Aviation) • By End User (Airlines, Airports, Aircraft Product Manufacturers, Leasing Companies, Ground Operators, Individual General Aviation Aircraft Operators, & Others) |
| Key Regional Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
Impact of Recession on Aircraft Insurance Market Growth
The impact of a recession on the aircraft insurance market can be significant, leading to a decrease in demand, lower premiums, increased risk of bankruptcies, and changes in regulatory policies. While these effects may be challenging for insurance companies and policyholders, it is essential to remember that the aviation industry has shown resilience and has recovered from past economic downturns.
Key Regional Developments
According to recent market research reports, North America is expected to dominate the aircraft insurance market in the coming years. One of the primary reasons for the dominance of North America in the market is the presence of a large number of aircraft owners and operators in the region. The United States, in particular, has one of the largest fleets of commercial and private aircraft in the world, and this creates a huge demand for insurance coverage.
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Key Takeaway from Aircraft Insurance Market Study
- The commercial aviation segment is expected to grow at the quickest rate over the estimated period, driven by increasing demand for air travel and rising levels of investment in the aviation industry. As more people around the world travel by air, the need for insurance coverage for commercial aviation will continue to grow.
- In recent years, the market has witnessed a significant shift towards the service providers segment, which is expected to capture higher growth prospects in the coming years. These services are essential to the aviation industry, as they help airlines and other aviation businesses manage their risks and liabilities, and ensure compliance with regulatory requirements.
Recent Developments Related to Aircraft Insurance Market
- US regulators have given their approval for the acquisition of Atlas Air Worldwide Holdings, a global provider of outsourced aircraft and aviation operating services, by a group of private equity investors. The deal, which will take Atlas Air private, has been in the works since late 2021 and has now cleared all necessary regulatory hurdles.
- Saudi Arabia and Boeing have reached an agreement for a $37 billion deal that will see the Saudi Arabian airline fleet expand with the purchase of 121 Boeing aircraft. The deal is a major boost for both parties and is expected to strengthen the economic ties between Saudi Arabia and the United States.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Aircraft Insurance Market Segmentation, By Type
9. Aircraft Insurance Market Segmentation, By Applications
10. Aircraft Insurance Market Segmentation, By End User
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion
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