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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
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.
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.
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
Questions Answered in the Aircraft Insurance Market Research Report:
Key Market Segments
Key Market Players