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Allied Market Research

Aerospace Insurance Market by Insurance Type (In Flight Insurance, Combined Single Limit, Passenger Liability Insurance, Public Liability Insurance, Ground Risk Hull Insurance In-motion, and Ground Risk Hull Insurance Not-in-motion), Client (Airports, Airlines, and Operations), and End User (Airport Operators, Service Providers, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027

A10174
Pages: NA
Aug 2021 | 377 Views
 
Author(s) : NA
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Aerospace Insurance Market Outlook 2021-2027:

Aerospace insurance is specifically crafted insurance coverage for the aerospace industry and risks associated with the aerospace industry. Aerospace insurance covers general liability coverage intended for passenger and cargo airlines and losses induced by war or terrorist activities, physical damage, passenger, and third-party liability. A pre-determined premium is charged by the insurance provider from the aircraft owners at regular intervals that differs on the basis of number of airlines used by the airport services, magnitude of the operations, and air traffic data. Moreover, aerospace insurance shelters the aircraft owners and its users financially and legally in case of accidents.

Market scope and structure analysis

Report Metric

Details

  Market size available for years

  2020–2027

  Base year considered

  2019

  Forecast period

  2021–2027

  Forecast unit

  Value (USD)

  Segments covered

  Insurance Type, Clients, End User, and Region

  Regions covered

North America (U.S. and Canada), Europe (Germany, the UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), and Latin America (Brazil, Mexico, and rest of LATAM), and Middle East & Africa

  Companies covered

Avion Insurance, Allianz SE, Global Aerospace, AXA, Hiscox London Market, Marsh Inc., Wells Fargo, American International Group, Willis Towers Watson, and Hallmark Financial Services Inc.

 

COVID-19 scenario analysis

Aerospace insurance market observed sluggishness in processing of overseas documents due to COVID-19 regulations implemented on trade and transport.

Grounding of aircraft and temporary closure of airports globally owing to outbreak of COVID-19 negatively impacted the aerospace insurance market financially as the clients faced financial crisis.

Increase in insurance premium by the insurers due to increase in claims during pandemic adversely affected the growth of the aerospace insurance market.

COVID-19 pandemic led to significant drop in air travel traffic, which further lowered the revenue of passenger insurance companies.

Top impacting factors: market scenario analysis, trends, drivers, and impact analysis

Expansion of the aviation industry and rise in smart airport development are the factors that drive the growth of the aerospace insurance market. However, delayed services and lack of cognizance hamper the market growth. Contrarily, decline in rate of insurance premium; financial safety for insurance buyers against accidents; and increase in investigative activities by aircraft, drones, and spaceships are anticipated toprovide lucrative opportunities for the expansion of the aerospace insurance market.

The aerospace insurance market trends are as follows:

Expansion of the aviation industry 

Aerospace offers host of opportunities for several sectors, including exploration, communication, and transportation. Ease in safe transportation, better communication, and navigation aids in the growth of aviation industry. For instance, in 2017, Dubai tested Autonomous Air Taxi (AAT), which is electrically powered and can cruise at 31 mph with a maximum airspeed of 62mph and maximum flight time of 30 minutes. Development of the aviation industry assists contributes toward the growth of the aerospace insurance market.

Smart airport development

Smart airports utilize numerous automated technologies such as automated baggage handling systems and self-check-in counters. Emerging economies and developed nations are in the process of modernization and expansion of new as well as existing airports to cater to the increasing demand for air transport. For instance, in July 2017, LG deployed airport cleaning robots and airport guide robots at Incheon International Airport (IIA) (biggest airport in South Korea) on a trial basis. These robots will provide assistance and information to the travelers and will keep the floors clean. Such developments in smart airports to increase efficiency of airports are expected to boost the growth of aerospace insurance market.

Key segments covered

Segments

Subsegments

  Insurance Type

  • In-flight Insurance
  • Combined Single Limit
  • Passenger Liability Insurance
  • Public Liability Insurance
  • Ground Risk Hull Insurance In-Motion
  • Ground Risk Hull Insurance Not-In-Motion

  Clients

  • Airports
  • Airlines
  • Operations

  End User

  • Airport Operators
  • Service Providers
  • Others

 

Key benefits of the report:

  • This study presents the analytical depiction of the aerospace insurance industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global aerospace insurance market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the aerospace insurance market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides a detailed aerospace insurance market analysis depending on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the aerospace insurance market research report:

  • Which are the leading players active in the aerospace insurance market?
  • What are the current trends that will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities of the market?
  • What are the projections for the future that would help in taking further strategic steps?
 
With collective industry experience of about 200 years of its analysts and experts, Allied Market Research (AMR) encompasses most infallible research methodology for its market intelligence and industry analysis. We do not only engrave the deepest levels of markets but also sneak through its slimmest details for the purpose of our market estimates and forecasts. Our approach helps in building greater market consensus view for size, shape and industry trends within each industry segment. We carefully factor in industry trends and real developments for identifying key growth factors and future course of the market. Our research proceeds are the resultant of high quality data, expert views and analysis and high value independent opinions. Our research process is designed to deliver balanced view of the global markets and allow stakeholders to make informed decisions.

We offer our clients exhaustive research and analysis based on wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics and regional intelligence. Our in-house industry experts play instrumental role in designing analytic tools and models, tailored to the requirements of particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of our recommendations and advice. With AMR’s calibrated research process and 360` degree data-evaluation methodology, our clients are assured of receiving:

  • Consistent, valuable, robust and actionable data & analysis that can easily be referenced for strategic business planning
  • Technologically sophisticated and reliable insights through well audited and veracious research methodology
  • Sovereign research proceeds that present a tangible depiction of marketplace


With a strong methodology we are, therefore, confident that our research and analysis are most reliable and guarantees sound business planning.

Secondary research
We refer a broad array of industry sources for our secondary, which typically include; however, not limited to: Company SEC filings, annual reports, company websites, broker & financial reports and investor presentations for competitive scenario and shape of the industry

  • Patent and regulatory databases for understanding of technical & legal developments
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic new articles, web-casts and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators and relevant press releases for market estimates and forecast


Primary research
Our primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks and face-to-face interactions. We are also in professional corporate relations with various companies that allow us greater flexibility for reaching out industry participants and commentators for interviews and discussions, fulfilling following functions:

  • Validates and improves the data quality and strengthens research proceeds
  • Further develops analyst team’s market understanding and expertise
  • Supplies authentic information about market size, share, growth and forecasts


Our primary research interview and discussion panels are typically composed of most experienced industry members. These participants include; however, not limited to:

  • Chief executives and VPs of leading corporations specific to industry
  • Product and sales managers or country heads; channel partners and top level distributors; banking, investments and valuation experts Key opinion leaders (KOLs)


Analyst tools and models
AMR has developed set of analyst tools and data models to supplement and expedite the analysis process. Corresponding to markets, where there is significant lack of information and estimates, AMR’s team of experts and analyst develop specific analyst tools and industry models to translate qualitative and quantitative industry indicators into exact industry estimates. These models also allow analysts to examine the prospects and opportunities prevailing in the market to accurately forecast the course of the market.
 
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