New York, USA, March 30, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global aviation insurance market is anticipated to generate a revenue of $6,326.30 million and grow at a CAGR of 5.20% during the estimated timeframe from 2021 to 2028.
With the increasing demand for modernizing and expanding existing airports terminals in both emerging and developing countries and the growing aviation industry all across the globe, the market is expected to experience significant growth during the analysis period. Besides, the increasing investment in technology and expansion of smart airports with various automated solutions are the factors expected to bolster the growth of the aviation insurance market throughout the forecast period. Moreover, the rising number of millennials opting to travel by aircraft is further expected to create extensive growth opportunities for the market over the analysis period. However, the high cost of aviation insurance claims and delay in providing insurance-related services to clients may hinder the growth of the market during the estimated period.
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Segments of the Aviation Insurance Market
The report has been divided the aviation insurance market into segments based on the type of insurance, application, and region.
Type of Insurance: Public Liability Insurance Sub-Segment to be Most Profitable
The public liability insurance sub-segment is expected to garner a revenue of $2,162.80 million during the forecast period. This is mainly because it provides coverage for third-party entities and property damage. The increasing aviation-related business including non-owned aviation companies is expected to boost the growth of the aviation insurance market sub-segment during the analysis timeframe.
Application: Commercial Aviation Sub-Segment to be Most Lucrative
The commercial aviation sub-segment is expected to generate a revenue of $3,196.50 million over the estimated period. This is mainly because of the increasing development of commercial aircraft to serve the growing air passenger traffic. In addition, the increasing infrastructure investments and initiatives to connect secondary cities with prime aviation hubs and emerging middle-class populations are expected to fuel the growth of the aviation insurance market sub-segment over the forecast period.
Region: North America Region Anticipated to Have the Largest Share of the Aviation Insurance Market
The North America region is estimated to generate a revenue of $2,312.30 million and is expected to continue steady growth during the analysis timeframe. This is mainly due to the increasing number of aircraft procurements in this region. Moreover, the rising number in air passenger traffic in this region is expected to drive the regional growth of the aviation insurance market throughout the estimated timeframe.
Covid-19 Impact on the Aviation Insurance Market
The rise of the novel coronavirus has devastated the aviation insurance market, likewise several other industries. This is mainly because of the strict restrictions imposed on air travel to control the spread of the deadly virus. Furthermore, the sudden reduced demand for aircraft due to increasing precautionary measures among millennials to not to get infected is one of the major factors for the declination of the growth of the market during the period of crisis.
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Key Players of the Aviation Insurance Market
The major players in the aviation insurance market include
- ARTHUR J. GALLAGHER & CO.
- Marsh LLC
- Great American Insurance Company (American Financial Group)
- Allianz
- USAIG
- Avion insurance
- London Aviation Underwriters, Inc.
- American International Group Inc.
- AXA Xl
- Starr Aviation Insurance and many more.
These players are mainly working on the research and development of new business strategies and tactics to increase their leading position in the global industry. - Check and Get Access to the Competitor's Development Strategy Report
For instance, in September 2021, National Insurance Academy is a premier institution completely devoted to equipping the insurance industry with the best talents, has announced its collaboration with GIFT City, a planned business city of India located in Gujarat, which is considered as India’s first International Financial Services Centre to deliver courses in insurance, technology and risk management. With this collaboration, many certification programs and training opportunities will be provided to insurers, insurance brokers, and many others to capacitate risk management and insurance facility in India.
Further, the report also presents various other important aspects including product portfolio, the latest strategic developments, SWOT analysis, and the financial performance of the key players.
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