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| A10174 | Pages: NA | Dec 2021 | 986 Views | | |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Aerospace Insurance Market
Request Now !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.
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:
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 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 |
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Clients |
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End User |
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Questions answered in the aerospace insurance market research report:
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