Aircraft Insurance Market Outlook - 2030
Aircraft insurance refers to indemnification of a client against losses arising from the result of damages, maintenance, or use of aircraft, and hangars at the airport. In addition, it provides coverages for damage to aircraft, property damage, and personal injury. Aircraft insurance is also known as aviation insurance. This insurance typically covers repair or replacement of damaged parts of accidental aircraft.
Generally, the end users of aircraft insurance include airlines, airports, aircraft product manufacturers, leasing companies, air taxi operators, and corporate aircraft operators. Furthermore, surge in adoption of aircraft insurance due to increased global trade and numerous benefits provided in aircraft insurance coverage are the major factors boosting the market growth.
The global aircraft insurance market is segmented on the basis of insurance type, application, end user, and region. Based on insurance type, the market is divided into public liability insurance, passenger liability insurance, combined single limit (CSL), in-flight insurance and umbrella insurance, and others. In terms of application, the market is categorized into commercial aviation and general & business aviation. On the basis of end user, the market is divided into airlines, air taxi operators, aircraft product manufacturers, and others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global aircraft insurance industry include Ace Aviation, Allianz, American International Group, Inc., AXA, Berkshire Hathaway Inc., Chubb, MARSH LLC, Munich Re, Tokio Marine HCC, Willis Towers Watson. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global aircraft insurance market.
COVID-19 Impact Analysis
- In the wake of the COVID-19 pandemic situation, the aircraft insurance industry has faced several difficulties as most of the private & commercial flights have been canceled. In addition, these cancellations in flights have severely impacted the revenue of the aircraft insurance industry.
- Moreover, during the pandemic, as businesses were shut down, the demand for aircraft insurance market forecast had decreased. However, aircraft insurance has witnessed increased demand from cargo flights in transition. Therefore, the COVID-19 health crisis has a moderate impact on the market.
Top Impacting Factors
Rise in air passenger traffic and increase in government rules & regulations for passenger safety are the major factors fueling the market growth. However, costly aviation insurance premium hampers the growth of the market. Contrarily, rising expenditure on international airlines has increased the need for travel insurance, which is expected to accelerate the demand for aviation insurance in the coming years.
Growing Air Passenger Traffic
Rise in number of passengers opting for air travel mode has increased tremendously in the market. In addition, with this growing demand for airline services, emerging nations are developing and expanding their existing airport terminals. Therefore, massive development of airports, which involves automated baggage handling & self-check-ins, further propels the market growth.
Rising Expenditure on International Airlines
Rise in expenditure on international vacation further attracts customers of the airlines industry. In addition, international airline firms incorporate and develop their existing travel policies for their employees, which further contribute to the market growth. Generally, senior executive employees working in the company receive huge benefits in terms of first class and business class tickets for travel purpose. Therefore, rise in expenditure on international vacations is expected to foster the market growth in the coming years.
Key Benefits of the Report
- This study presents analytical depiction of the global market along with the current aircraft insurance 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 aircraft insurance market share.
- The current market is quantitatively analyzed to highlight the global aircraft insurance market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed aircraft insurance market analysis depending on the present and future competitive intensity of the market.
Questions Answered in the Aircraft Insurance Market Research Report:
- Which are the leading players active in the global aircraft insurance market size?
- What are the detailed impacts of COVID-19 on the market?
- What are current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the global market?
- What future projections would help in taking further strategic steps?
Aircraft Insurance Market Report Highlights
By Insurance Type
By End User
Key Market Players
Tokio Marine HCC, American International Group, Inc., AXA, Ace Aviation, Berkshire Hathaway Inc., Allianz, Munich Re, MARSH LLC, Chubb, Willis Towers Watson