New York , US , May 16, 2022 (GLOBE NEWSWIRE) -- Aircraft Insurance Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), "Aircraft Insurance Market Information by End User, By Application, and Region - Forecast till 2027", the market will be valued at USD 16,844.43 Million by 2027 at a 2.78% CAGR.
Market Synopsis
Aircraft insurance means indemnifying clients against any losses that could arise resulting from damages, use, or maintenance of aircraft, as well as hangars at the airport. Additionally, it offers coverages for any damage to the aircraft, personal injury, and property damage. Aircraft insurance or aviation insurance typically covers the replacement or repair of damaged parts of the aircraft.
In general, the major end-users of aircraft insurance are airports, airlines, leasing companies, aircraft product manufacturers, corporate aircraft operators, and air taxi operators. Moreover, the rising use of aircraft insurance owing to the surge in worldwide trade as well as the several benefits offered by the aircraft insurance coverage will enhance the market growth.
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Market Competitive Landscape:
The important vendors in the aircraft insurance market include:
- Allianz (Germany)
- MARSH LLC (US)
- Willis Towers Watson (UK)
- Ace Aviation (US)
- Old Republic Aerospace (US)
- STARR INTERNATIONAL COMPANY, INC. (US)
- American International Group, Inc. (US)
- Malayan Insurance (Malaysia)
- Chubb (US)
- Tokio Marine HCC (US)
- Berkshire Hathaway Inc. (US)
- Santam Insurance (South Africa)
- Gallagher (US)
- Global Aerospace, Inc. (US)
- Munich Re (Germany)
- AXA (France)
Market USP Covered:
Market Drivers:
The notable increase in air passenger traffic, as well as the surge in government regulations and rules with respect to passenger safety, are propelling the market growth. Rising affordability of the aviation insurance premium further bolsters the market share. Heightened spending on international airlines has raised the requirement for travel insurance, which would elevate the need for aviation insurance in the upcoming years.
The accelerated number of passengers with a preference for air travel mode has risen remarkably over the years. Additionally, with this mounting demand for airline services, developing nations are setting up as well as expanding their airport terminals. As a result, noteworthy advances in airports, involving automated baggage handling along with self-check-ins, will stimulate further business expansion.
Rising expenditure pertaining to international vacations attracts customers in the airline sector. International airlines are incorporating and developing their travel policies for all their employees, which contributes tremendously to the market growth. Typically, senior employees in the company are granted huge benefits in terms of business class and first-class tickets for travel purposes. Hence, surging expenditure with respect to international vacations can foster the market growth in subsequent years.
Market Restraints:
The aircraft insurance market could witness restraints owing to the existing backlogs present in aircraft deliveries. Additionally, the high-priced aviation insurance claims can be a major challenge in the years ahead.
Furthermore, the worldwide market growth rate could slow down on account of the asset recovery risk associated with airline bankruptcy worldwide.
Browse In-depth Market Research Report (168 Pages) on Aircraft Insurance: https://www.marketresearchfuture.com/reports/aircraft-insurance-market-9535
COVID 19 Analysis
The aircraft insurance market will continue to advance smoothly despite the COVID-19 outbreak, given the significant focus on innovations as well as research and development/R&D activities. Following the SARS-CoV-2 onset, there has been a substantial increase in the number of tie-ups between companies, with the common aim to mitigate the financial loss brought on by the pandemic. Although the lockdown has weakened supply chains to a large extent, the demand for aircraft insurance will remain high in the coming time period.
Market Segmentation
By Application:
Some of the top applications of aircraft insurance are Commercial Aviation, Business & General Aviation, and more.
In 2019, the leading segment was commercial aviation in the aircraft insurance market. The segment can also expect to thrive at the highest rate between 2021 and 2027. The segmental expansion is owing to the rapidly rising air passenger traffic along with the surging advances in commercial aircraft.
By End-User:
The aircraft insurance market, with respect to end-user, caters to aircraft product manufacturers, air taxi operators, airlines, and more.
In 2019, the lead was secured by the airline segment. It will also expand at the highest rate in the years to come. More and more airline operators are spending on aircraft insurance owing to the significant risks related to the aviation industry, including accidents, passenger injuries, and flight delays. This has been a common case in the wake of numerous airline cancellations following the COVID-19 outbreak.
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Regional Insights
North America can expect to take over the worldwide market with the highest share, considering the presence of highly eminent insurance providers including American International Group Inc. and Berkshire Hathaway Inc.
Europe will be another bankable market for aircraft insurance in the following years, given the expansive pool of renowned aircraft manufacturers including Airbus SAS in the region. Increasing spending on international airlines will present remunerative opportunities to the regional market in the approaching years as well.
The aircraft insurance market in Asia Pacific will be thriving at the highest rate during the analysis period. The regional market’s promising growth in the years to come will be in response to the dramatic surge in air passenger traffic in emerging countries like China and India. Heightened spending by the government on the development of runways and airports can create highly favorable avenues for the regional market.
Middle East and Africa will be performing reasonably well in the ensuing years, thanks to the rising focus on setting up new and advanced airports in countries like the UAE paired with the rising development of UAVs in the region.
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