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2022
Aviation Insurance Market

Aviation Insurance Market by Insurance Type (Public Liability Insurance, Passenger Liability Insurance, Combined Single Limit (CSL), In-Flight Insurance, and Others) and Application (Commercial Aviation, General & Business Aviation and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030

A14877
Pages: 192
Dec 2021 | 355 Views
   
Author(s) : Pramod Borasi, Monica Chhabra , Vineet Kumar
Tables: 91
Charts: 50
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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The global aviation insurance market size was valued at $3,430.20 million in 2020, and is projected to reach $5,759.97 million by 2030, registering a CAGR of 5.6% from 2021 to 2030. 

With an unprecedented COVID-19 pandemic, demand for aviation has witnessed a decline as majority of the aviation insurance premium is calculated on the basis of in-flight duration, which was significantly decreased due to lockdown announced by majority of the governments.

Aviation 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. Aviation insurance is also known as aircraft 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 aviation insurance market growth.

Global-Aviation-Insurance-Market _Image

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Rise in air passenger traffic and increase in government rules & regulations for passenger safety positively impacts the growth of the market. However, factors such as costly aviation insurance premium hampers and increase in frequency and cost of claims are limiting the growth of the market. On the contrary, rising expenditure on international airlines is expected to offer remunerative opportunities for the expansion of the market during the forecast period.

By insurance type, the passenger liability insurance segment is expected to garner a significant aviation insurance market size during the forecast period, owing to stringent government regulations; making it compulsory to avail passenger liability insurance to protect damages to the passengers. Moreover, companies majorly focus on creating novel opportunities for growth and revenue generation, thereby increasing the preference for AI and advance machine learning algorithms across industries. However, the in-flight insurance segment is expected to witness growth at the highest rate during the forecast period, owing to increasing cases of airline accidents from various causes such as bird collision, bad weather, engine failure and other.

Region wise, the aviation insurance market share was dominated by Asia-Pacific in 2020 and is expected to witness the highest growth rate during the forecast period owing to economically emergent countries such as China and India, which have manufacturing plants of several industries. In addition, rise in investment from the government in this region toward development of airports and runways is anticipated to boost the growth of the market.

The report focuses on growth prospects, restraints, and trends of the aviation insurance market analysis. The study provides Porter’s five forces analysis to understand impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the aviation insurance market share.

Segment review

The global aviation insurance market revenue share is segmented on the basis of insurance type, application, 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 others. In terms of application, the market is categorized into commercial aviation, general & business aviation and others. Region wise, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

Aviation Insurance Market
By Insurance Type

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Passenger Liability Insurance is segment is projected as one of the most lucrative segments.

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Key players operating in the global aviation insurance market report include American International Group, Inc., AXA, BWI Aviation Insurance, EAA, Global Aerospace, Inc., Tokio Marine HCC, Travers & Associates Aviation Insurance Agency, LLC, STARR INTERNATIONAL COMPANY, INC., USAA, and USAIG. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global aviation insurance industry.

COVID-19 impact analysis

The COVID-19 outbreak has a significant impact on growth of the aviation insurance market size, mainly owing to large, well-documented claims from Original Equipment Manufacturers (OEMs) in the aerospace division. In addition, there has been a steady and significant rise in passenger traffic since the COVID-19 impact. There has also been an increase in government rules & regulations for passenger safety. In addition, globalization has led to an increasing demand for airline services as emerging nations are aiming to expand their existing airport terminals. Moreover, COVID-19 has exponentially hampered the travel industry. For instance, in 2020, the arrival of tourists in Spain dropped by 78% with approximately 19.2 million visitors. This creates a hindrance to the aviation insurance market growth. However, in such conditions, insurance companies can develop new tailor-made offers for consumers. Furthermore, the reduced airline activity brought severe impact on aviation insurance as airline premiums are generally assessed according to hours flown, the global aviation premiums collected were down by an estimated 25% as compared to 2019 numbers. In addition, claims continued to occur from weather and ground collision damage such as individual incidents of hail and wind damage to sitting aircraft. For instance, in 2020, airports in five U.S. states suffered direct tornado hits, causing $125 million in insured damage. Thus, number of such developments across the globe are anticipated to provide lucrative opportunities for the expansion of the aircraft insurance market.

Aviation Insurance Market
By Application

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Commericial Aviation Insurance is projected as one of the most lucrative segments.

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Top impacting factors

Rise in 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. In addition, rapid increase in national and international travelling for business is accelerating the growth of the aviation insurance market revenue across the globe. With rise in tourism, the incidence such as cancelled flights, accidents, natural calamities, and other such occurrences of uncertainties, has been increasing during travelling. This fosters the demand for aviation insurance, thereby contributing toward the growth of the global market. Moreover, rapid digitalization in the corporate and tourism sectors and surge in penetration of Internet of Things (IoT) in various business have boosted international travelling, which notably contributed toward the growth of the aircraft insurance market.

Increase in government rules & regulations for passenger safety

With rise in travelers across the globe, various governments are introducing new regulations for aviation industry, which acts as a key driving factor for the global market. In addition to this, various countries across the European region require aviation insurance while travelling from one place to another, which enhances the growth of the market. Moreover, various countries have aviation insurance policies to meet the diplomatic relations, which propel the aviation insurance market growth. For instance, due to the adverse relationship between Cuba and the U.S., both countries agreed to allow travel for limited reasons. The Government of Cuba has mandated aviation insurance for each individual travelling to the U.S., which is driving the growth of the market. In addition, with rise of COVID-19 cases, many countries are mandating business travel insurance, and some international destinations are now mandating travelers to have a specific aviation insurance that covers COVID-19. Thus, all these factors are anticipated to foster the growth of the market in the upcoming years.

Aviation Insurance Market
By Region

2030
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific would exhibit the highest CAGR of 8.2% during 2021-2030.

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Key Benefits For Stakeholders     

  • The study provides an in-depth analysis of the aviation insurance market forecast along with the current trends and future estimations to explain the imminent investment pockets.
  • Information about key drivers, restraints, & opportunities and their impact analysis on the global aviation insurance market is provided in the report.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
  • The quantitative analysis of the market from 2021 to 2030 is provided to determine the aviation insurance market potential.

Key Market Segments

  • Insurance Type
    • Passenger Liability Insurance
    • Public Liability Insurance
    • Combined Single Limit (CSL)
    • In-Flight Insurance
    • Others
  • Application
    • Commercial Aviation
    • General & Business Aviation
    • Others
  • By Region
    • North America
      • U.S.
      • Canada
    • Europe
      • UK
      • Germany
      • France
      • Italy
      • Spain
      • Rest of Europe
    • Asia-Pacific
      • China
      • Japan
      • India
      • Australia
      • South Korea
      • Rest of Asia-Pacific
    • LAMEA
      • Latin America
      • Middle East
      • Africa
  • KEY MARKET PLAYERS
    • American International Group, Inc.
    • AXA
    • BWI Aviation Insurance
    • EAA
    • Global Aerospace, Inc.
    • Tokio Marine HCC
    • Travers & Associates Aviation Insurance Agency, LLC
    • STARR INTERNATIONAL COMPANY, INC.
    • USAA
    • USAIG
 

CHAPTER 1:INTRODUCTION

1.1.Report description
1.2.Key benefits for stakeholders
1.3.Key market segments
1.4.Research methodology

1.4.1.Primary research
1.4.2.Secondary research
1.4.3.Analyst tools and models

CHAPTER 2:EXECUTIVE SUMMARY

2.1.Key findings

2.1.1.Top impacting factors
2.1.2.Top investment pockets

2.2.CXO perspective

CHAPTER 3:MARKET OVERVIEW

3.1.Market definition and scope
3.2.Key forces shaping aviation insurances industry/market
3.3.Market dynamics

3.3.1.Drivers

3.3.1.1.Rise in air passenger traffic
3.3.1.2.Increase in government rules & regulations for passenger safety

3.3.2.Restraints

3.3.2.1.Costly aviation insurance premium
3.3.2.2.Increasing frequency and cost of claims

3.3.3.Opportunities

3.3.3.1.Surge in number of international airlines

3.1.COVID-19 impact analysis on aviation insurance market

3.1.1.Impact on market size
3.1.2.Change in consumer trends, preferences, and budget impact due to COVID-19
3.1.3.Economic impact
3.1.4.Key player strategies to tackle negative impact in the industry
3.1.5.Opportunity analysis for aviation insurance service providers

CHAPTER 4:AVIATION INSURANCE MARKET, BY INSURANCE TYPE

4.1.Overview
4.1.Public liability insurance

4.1.1.Key market trends, growth factors, and opportunities
4.1.2.Market size and forecast, by region
4.1.3.Market analysis, by country

4.2.Passenger liability insurance

4.2.1.Key market trends, growth factors, and opportunities
4.2.2.Market size and forecast, by region
4.2.3.Market analysis, by country

4.3.Combined Single Limit

4.3.1.Key market trends, growth factors, and opportunities
4.3.1.Market size and forecast, by region
4.3.2.Market analysis, by country

4.4.In-flight Insurance

4.4.1.Key market trends, growth factors, and opportunities
4.4.1.Market size and forecast, by region
4.4.2.Market analysis, by country

4.5.Others

4.5.1.Key market trends, growth factors, and opportunities
4.5.2.Market size and forecast, by region
4.5.3.Market analysis, by country

CHAPTER 5:AVIATION INSURANCE MARKET, BY APPLICATION

5.1.Overview
5.2.Commercial Aviation Insurance

5.2.1.Key market trends, growth factors, and opportunities
5.2.2.Market size and forecast, by region
5.2.3.Market analysis, by country

5.3.General and Business Aviation Insurance

5.3.1.Key market trends, growth factors, and opportunities
5.3.2.Market size and forecast, by region
5.3.3.Market analysis, by country

5.4.Others

5.4.1.Key market trends, growth factors, and opportunities
5.4.2.Market size and forecast, by region
5.4.3.Market analysis, by country

CHAPTER 6:AVIATION INSURANCE MARKET, BY REGION

6.1.Overview

6.1.1.Market size and forecast, by region

6.1.North America

6.1.1.Key market trends, growth factors, and opportunities
6.1.2.Market size and forecast, by Insurance type
6.1.3.Market size and forecast, by application
6.1.4.Market analysis, by country

6.1.4.1.U.S.

6.1.4.1.1.Market size and forecast, by insurance type
6.1.4.1.2.Market size and forecast, by application

6.1.4.2.Canada

6.1.4.2.1.Market size and forecast, by insurance type
6.1.4.2.2.Market size and forecast, by application

6.1.Europe

6.1.1.Key market trends, growth factors, and opportunities
6.1.2.Market size and forecast, by Insurance type
6.1.3.Market size and forecast, by Application
6.1.4.Market analysis, by country

6.1.4.1.UK

6.1.4.1.1.Market size and forecast, by insurance type
6.1.4.1.2.Market size and forecast, by application

6.1.4.2.Germany

6.1.4.2.1.Market size and forecast, by insurance type
6.1.4.2.2.Market size and forecast, by application

6.1.4.3.France

6.1.4.3.1.Market size and forecast, by insurance type
6.1.4.3.2.Market size and forecast, by application

6.1.4.4.Italy

6.1.4.4.1.Market size and forecast, by insurance type
6.1.4.4.2.Market size and forecast, by application

6.1.4.5.Spain

6.1.4.5.1.Market size and forecast, by insurance type
6.1.4.5.2.Market size and forecast, by application

6.1.4.6.Rest of Europe

6.1.4.6.1.Market size and forecast, by insurance type
6.1.4.6.2.Market size and forecast, by application

6.2.Asia-Pacific

6.2.1.Key market trends, growth factors, and opportunities
6.2.2.Market size and forecast, by Insurance type
6.2.3.Market size and forecast, by Application
6.2.4.Market analysis, by country

6.2.4.1.China

6.2.4.1.1.Market size and forecast, by insurance type
6.2.4.1.2.Market size and forecast, by application

6.2.4.2.Japan

6.2.4.2.1.Market size and forecast, by insurance type
6.2.4.2.2.Market size and forecast, by application

6.2.4.3.India

6.2.4.3.1.Market size and forecast, by insurance type
6.2.4.3.2.Market size and forecast, by application

6.2.4.4.Australia

6.2.4.4.1.Market size and forecast, by insurance type
6.2.4.4.2.Market size and forecast, by application

6.2.4.5.South Korea

6.2.4.5.1.Market size and forecast, by insurance type
6.2.4.5.2.Market size and forecast, by application

6.2.4.6.Rest of Asia-Pacific

6.2.4.6.1.Market size and forecast, by insurance type
6.2.4.6.2.Market size and forecast, by application

6.3.LAMEA

6.3.1.Key market trends, growth factors, and opportunities
6.3.2.Market size and forecast, by Insurance type
6.3.3.Market size and forecast, by Application
6.3.4.Market analysis, by country

6.3.4.1.Latin America

6.3.4.1.1.Market size and forecast, by insurance type
6.3.4.1.2.Market size and forecast, by application

6.3.4.2.Middle East

6.3.4.2.1.Market size and forecast, by insurance type
6.3.4.2.2.Market size and forecast, by application

6.3.4.3.Africa

6.3.4.3.1.Market size and forecast, by insurance type
6.3.4.3.2.Market size and forecast, by application

CHAPTER 7:COMPETITIVE LANDSCAPE

7.1.Key players positioning analysis, 2020
7.2.Competitive dashboard
7.3.Top winning strategies

CHAPTER 8:COMPANY PROFILE

8.1.American International Group, Inc.

8.1.1.Company overview
8.1.2.Key Executives
8.1.3.Company snapshot
8.1.4.Operating business segments
8.1.5.Product portfolio
8.1.6.Business performance

8.2.AXA

8.2.1.Company overview
8.2.2.Key Executives
8.2.3.Company snapshot
8.2.4.Operating business segments
8.2.5.Product portfolio
8.2.6.Business performance

8.3.BWI AVIATION INSURANCE

8.3.1.Company overview
8.3.2.Key executives
8.3.3.Company snapshot
8.3.4.Product portfolio

8.4.EXPERIMENTAL AIRCRAFT ASSOCIATION INC.

8.4.1.Company overview
8.4.2.Key executives
8.4.3.Company snapshot
8.4.4.Product portfolio

8.5.Global Aerospace Services Inc.

8.5.1.Company overview
8.5.2.Key executives
8.5.3.Company snapshot
8.5.4.Product portfolio
8.5.5.Key strategic moves and developments

8.6.Tokio Marine Holdings, Inc.

8.6.1.Company overview
8.6.2.Key Executives
8.6.3.Company snapshot
8.6.4.Operating business segments
8.6.5.Product portfolio
8.6.6.Business performance

8.7.Travers & Associates Aviation Insurance Agency, LLC.

8.7.1.Company overview
8.7.2.Key executives
8.7.3.Company snapshot
8.7.4.Product portfolio

8.8.STARR INTERNATIONAL COMPANY, INC.

8.8.1.Company overview
8.8.2.Key executives
8.8.3.Company snapshot
8.8.4.Product portfolio
8.8.5.Key strategic moves and developments

8.9.USAA

8.9.1.Company overview
8.9.2.Key Executives
8.9.3.Company snapshot
8.9.4.Product portfolio

8.10.USAIG

8.10.1.Company overview
8.10.2.Key Executives
8.10.3.Company snapshot
8.10.4.Product portfolio
8.10.5.Key strategic moves and developments

LIST OF TABLES

TABLE 01.AVIATION INSURANCE MARKET REVENUE, BY INSURANCE TYPE, 2020–2030 ($MILLION)
TABLE 02.AVIATION INSURANCE MARKET FOR PUBLIC LIABILITY INSURANCE, BY REGION 2020–2030 ($MILLION)
TABLE 03.AVIATION INSURANCE MARKET FOR PASSENGER LIABILITY INSURANCE, BY REGION 2020–2030 ($MILLION)
TABLE 04.AVIATION INSURANCE MARKET FOR COMBINED SINGLE LIMIT, BY REGION 2020–2030 ($MILLION)
TABLE 05.AVIATION INSURANCE MARKET FOR IN-FLIGHT INSURANCE, BY REGION 2020–2030 ($MILLION)
TABLE 06.AVIATION INSURANCE MARKET FOR OTHERS, BY REGION 2020–2030 ($MILLION)
TABLE 07.AVIATION INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 08.AVIATION INSURANCE MARKET FOR COMMERCIAL AVIATION INSURANCE, BY REGION 2020–2030 ($MILLION)
TABLE 09.AVIATION INSURANCE MARKET FOR GENERAL AND BUSINESS AVIATION INSURANCE, BY REGION 2020–2030 ($MILLION)
TABLE 10.AVIATION INSURANCE MARKET FOR OTHERS, BY REGION 2020–2030 ($MILLION)
TABLE 11.AVIATION INSURANCE MARKET REVENUE, BY REGION, 2020–2030 ($MILLION)
TABLE 12.NORTH AMERICA AVIATION INSURANCE MARKET REVENUE, BY INSURANCE TYPE, 2020–2030 ($MILLION)
TABLE 13.NORTH AMERICA AVIATION INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 14.NORTH AMERICA AVIATION INSURANCE MARKET REVENUE, BY COUNTRY, 2020–2030 ($MILLION)
TABLE 15.U.S. AVIATION INSURANCE MARKET REVENUE, BY INSURANCE TYPE, 2020–2030 ($MILLION)
TABLE 16.U.S. AVIATION INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 17.CANADA AVIATION INSURANCE MARKET REVENUE, BY INSURANCE TYPE, 2020–2030 ($MILLION)
TABLE 18.CANADA AVIATION INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 19.EUROPE AVIATION INSURANCE MARKET REVENUE, BY INSURANCE TYPE, 2020–2030 ($MILLION)
TABLE 20.EUROPE AVIATION INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 21.EUROPE AVIATION INSURANCE MARKET REVENUE, BY COUNTRY, 2020–2030 ($MILLION)
TABLE 22.UK AVIATION INSURANCE MARKET REVENUE, BY INSURANCE TYPE, 2020–2030 ($MILLION)
TABLE 23.UK AVIATION INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 24.GERMANY AVIATION INSURANCE MARKET REVENUE, BY INSURANCE TYPE, 2020–2030 ($MILLION)
TABLE 25.GERMANY AVIATION INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 26.FRANCE AVIATION INSURANCE MARKET REVENUE, BY INSURANCE TYPE, 2020–2030 ($MILLION)
TABLE 27.FRANCE AVIATION INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 28.ITALY AVIATION INSURANCE MARKET REVENUE, BY INSURANCE TYPE, 2020–2030 ($MILLION)
TABLE 29.ITALY AVIATION INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 30.SPAIN AVIATION INSURANCE MARKET REVENUE, BY INSURANCE TYPE, 2020–2030 ($MILLION)
TABLE 31.SPAIN AVIATION INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 32.REST OF EUROPE AVIATION INSURANCE MARKET REVENUE, BY INSURANCE TYPE, 2020–2030 ($MILLION)
TABLE 33.REST OF EUROPE AVIATION INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 34.ASIA-PACIFIC AVIATION INSURANCE MARKET REVENUE, BY INSURANCE TYPE, 2020–2030 ($MILLION)
TABLE 35.ASIA-PACIFIC AVIATION INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 36.ASIA-PACIFIC AVIATION INSURANCE MARKET REVENUE, BY COUNTRY, 2020–2030 ($MILLION)
TABLE 37.CHINA AVIATION INSURANCE MARKET REVENUE, BY INSURANCE TYPE, 2020–2030 ($MILLION)
TABLE 38.CHINA AVIATION INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 39.JAPAN AVIATION INSURANCE MARKET REVENUE, BY INSURANCE TYPE, 2020–2030 ($MILLION)
TABLE 40.JAPAN AVIATION INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 41.INDIA AVIATION INSURANCE MARKET REVENUE, BY INSURANCE TYPE, 2020–2030 ($MILLION)
TABLE 42.INDIA AVIATION INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 43.AUSTRALIA AVIATION INSURANCE MARKET REVENUE, BY INSURANCE TYPE, 2020–2030 ($MILLION)
TABLE 44.AUSTRALIA AVIATION INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 45.SOUTH KOREA AVIATION INSURANCE MARKET REVENUE, BY INSURANCE TYPE, 2020–2030 ($MILLION)
TABLE 46.SOUTH KOREA AVIATION INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 47.REST OF ASIA-PACIFIC AVIATION INSURANCE MARKET REVENUE, BY INSURANCE TYPE, 2020–2030 ($MILLION)
TABLE 48.REST OF ASIA-PACIFIC AVIATION INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 49.LAMEA AVIATION INSURANCE MARKET REVENUE, BY INSURANCE TYPE, 2020–2030 ($MILLION)
TABLE 50.LAMEA AVIATION INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 51.LAMEA AVIATION INSURANCE MARKET REVENUE, BY COUNTRY, 2020–2030 ($MILLION)
TABLE 52.LATIN AMERICA AVIATION INSURANCE MARKET REVENUE, BY INSURANCE TYPE, 2020–2030 ($MILLION)
TABLE 53.LATIN AMERICA AVIATION INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 54.MIDDLE EAST AVIATION INSURANCE MARKET REVENUE, BY INSURANCE TYPE, 2020–2030 ($MILLION)
TABLE 55.MIDDLE EAST AVIATION INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 56.AFRICA AVIATION INSURANCE MARKET REVENUE, BY INSURANCE TYPE, 2020–2030 ($MILLION)
TABLE 57.AFRICA AVIATION INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 58.AMERICAN INTERNATIONAL GROUP, INC.: KEY EXECUTIVES
TABLE 59.AMERICAN INTERNATIONAL GROUP, INC.: COMPANY SNAPSHOT
TABLE 60.AMERICAN INTERNATIONAL GROUP, INC.: OPERATING SEGMENTS
TABLE 61.AMERICAN INTERNATIONAL GROUP, INC.: PRODUCT PORTFOLIO
TABLE 62.AXA: KEY EXECUTIVES
TABLE 63.AXA: COMPANY SNAPSHOT
TABLE 64.AXA: OPERATING SEGMENTS
TABLE 65.AXA: PRODUCT PORTFOLIO
TABLE 66.BWI AVIATION INSURANCE: KEY EXECUTIVES
TABLE 67.BWI AVIATION INSURANCE: COMPANY SNAPSHOT
TABLE 68.BWI AVIATION INSURANCE: PRODUCT PORTFOLIO
TABLE 69.EXPERIMENTAL AIRCRAFT ASSOCIATION INC.: KEY EXECUTIVES
TABLE 70.EXPERIMENTAL AIRCRAFT ASSOCIATION INC.: COMPANY SNAPSHOT
TABLE 71.EXPERIMENTAL AIRCRAFT ASSOCIATION INC.: PRODUCT PORTFOLIO
TABLE 72.GLOBAL AEROSPACE SERVICES INC.: KEY EXECUTIVES
TABLE 73.GLOBAL AEROSPACE SERVICES INC.: COMPANY SNAPSHOT
TABLE 74.GLOBAL AEROSPACE SERVICES INC.: PRODUCT PORTFOLIO
TABLE 75.GLOBAL AEROSPACE SERVICE INC.: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 76.TOKIO MARINE HOLDINGS, INC.: KEY EXECUTIVES
TABLE 77.TOKIO MARINE HOLDINGS, INC.: COMPANY SNAPSHOT
TABLE 78.TOKIO MARINE HOLDINGS, INC.: OPERATING SEGMENTS
TABLE 79.TOKIO MARINE HOLDINGS, INC.: PRODUCT PORTFOLIO
TABLE 80.TRAVERS & ASSOCIATES AVIATION INSURANCE AGENCY, LLC: KEY EXECUTIVES
TABLE 81.TRAVERS & ASSOCIATES AVIATION INSURANCE AGENCY, LLC.: COMPANY SNAPSHOT
TABLE 82.TRAVERS & ASSOCIATES AVIATION INSURANCE AGENCY, LLC: PRODUCT PORTFOLIO
TABLE 83.STARR INTERNATIONAL COMPANY, INC.: KEY EXECUTIVES
TABLE 84.STARR INTERNATIONAL COMPANY, INC.: COMPANY SNAPSHOT
TABLE 85.STARR INTERNATIONAL COMPANY, INC.: PRODUCT PORTFOLIO
TABLE 86.USAA: KEY EXECUTIVES
TABLE 87.USAA: COMPANY SNAPSHOT
TABLE 88.USAA: PRODUCT PORTFOLIO
TABLE 89.USAIG: KEY EXECUTIVES
TABLE 90.USAIG: COMPANY SNAPSHOT
TABLE 91.USAIG: PRODUCT PORTFOLIO

LIST OF FIGURES

FIGURE 01.KEY MARKET SEGMENTS
FIGURE 02.AVIATION INSURANCES MARKET SNAPSHOT, BY SEGMENTATION
FIGURE 03.AVIATION INSURANCES MARKET SNAPSHOT, BY REGION
FIGURE 04.TOP IMPACTING FACTORS
FIGURE 05.TOP INVESTMENT POCKETS
FIGURE 06.MODERATE-TO-HIGH BARGAINING POWER OF SUPPLIER
FIGURE 07.MODERATE-TO-HIGH THREAT OF NEW ENTRANTS
FIGURE 08.MODERATE-TO-HIGH THREAT OF SUBSTITUTES
FIGURE 09.MODERATE-TO-HIGH INTENSITY OF RIVALRY
FIGURE 10.LOW-TO-HIGH BARGAINING POWER OF BUYERS
FIGURE 11.AVIATION INSURANCE MARKET REVENUE, BY INSURANCE TYPE, 2020–2030 ($MILLION)
FIGURE 12.COMPARATIVE SHARE ANALYSIS FOR AVIATION INSURANCE MARKET FOR PUBLIC LIABILITY INSURANCE, BY COUNTRY, 2020 & 2030(%)
FIGURE 13.COMPARATIVE SHARE ANALYSIS FOR AVIATION INSURANCE MARKET FOR PASENGER LIABILITY INSURANCE, BY COUNTRY, 2020 & 2030(%)
FIGURE 14.COMPARATIVE SHARE ANALYSIS FOR AVIATION INSURANCE MARKET FOR COMBINED SINGLE LIMIT, BY COUNTRY, 2020 & 2030(%)
FIGURE 15.COMPARATIVE SHARE ANALYSIS FOR AVIATION INSURANCE MARKET FOR IN-FLIGHT INSURANCE, BY COUNTRY, 2020 & 2030(%)
FIGURE 16.COMPARATIVE SHARE ANALYSIS FOR AVIATION INSURANCE MARKET FOR OTHERS, BY COUNTRY, 2020 & 2030(%)
FIGURE 17.AVIATION INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
FIGURE 18.COMPARATIVE SHARE ANALYSIS FOR AVIATION INSURANCE MARKET FOR COMMERCIAL AVIATION INSURANCE, BY COUNTRY, 2020 & 2030(%)
FIGURE 19.COMPARATIVE SHARE ANALYSIS FOR AVIATION INSURANCE MARKET FOR GENERAL AND BUSINESS AVIATION INSURANCE, BY COUNTRY, 2020 & 2030(%)
FIGURE 20.COMPARATIVE SHARE ANALYSIS FOR AVIATION INSURANCE MARKET FOR OTHERS, BY COUNTRY, 2020 & 2030(%)
FIGURE 21.U.S. AVIATION INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 22.CANADA AVIATION INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 23.UK AVIATION INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 24.GERMANY AVIATION INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 25.FRANCE AVIATION INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 26.ITALY AVIATION INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 27.SPAIN AVIATION INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 28.REST OF EUROPE AVIATION INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 29.CHINA AVIATION INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 30.JAPAN AVIATION INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 31.INDIA AVIATION INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 32.AUSTRALIA AVIATION INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 33.SOUTH KOREA AVIATION INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 34.REST OF ASIA-PACIFIC AVIATION INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 35.LATIN AMERICA AVIATION INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 36.MIDDLE EAST AVIATION INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 37.AFRICA AVIATION INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 38.KEY PLAYER POSITIONING ANLYSIS: GLOBAL AVIATION INSURANCE MARKET
FIGURE 39.COMPETITIVE DASHBOARD
FIGURE 40.COMPETITIVE DASHBOARD
FIGURE 41.COMPETITIVE HEATMAP OF KEY PLAYERS
FIGURE 42.TOP WINNING STRATEGIES, BY YEAR, 2019-2021
FIGURE 43.TOP WINNING STRATEGIES, BY DEVELOPMENT, 2019-2021
FIGURE 44.TOP WINNING STRATEGIES, BY COMPANY, 2019-2021
FIGURE 45.AMERICAN INTERNATIONAL GROUP, INC.: REVENUE, 2018–2020 ($MILLION)
FIGURE 46.AMERICAN INTERNATIONAL GROUP, INC.: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 47.AMERICAN INTERNATIONAL GROUP, INC.: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 48.AXA: REVENUE, 2018–2020 ($MILLION)
FIGURE 49.AXA: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 50.TOKIO MARINE HOLDINGS, INC.: REVENUE, 2018–2020 ($MILLION)

 
 

The adoption of aviation insurance solutions has increased over the years to help organizations to cover liability of the owner or operator for bodily injury to passengers or to persons other than passengers and for property damage. Medical costs, including loss of income, are usually paid to passengers suffering permanent total disability without the requirement of proving negligence. Furthermore, the type of coverage and the amount of premium depends on the type of aircraft that is being covered by the policy. Some policies even provide first flight coverage for aircraft that are built at home, which in turn is expected to drive the growth of the market.

Key providers of aviation insurance market such as Allianz, American International Group, Inc., and AXA account for a significant share in the market. For instance, in November 2020, SkyWatch, the leading InsurTech company for aviation in collaboration with Global Aerospace, Inc launched a usage-based insurance product for rented light aircraft that offers yearly, monthly, weekly, and daily coverage options. With the collaboration, kyWatch will distribute the product - available in most U.S. states - directly to pilots and via select partners, while Global Aerospace will provide underwriting expertise and prompt claims handling.

Furthermore, many insurance agencies are collaborating with tech companies to enhance their existing AI system for better and secure systems. For instance, in October 2021, Tata AIG General Insurance Co. Ltd partnered with TropoGo, a deep-tech startup to launch Remotely Piloted Aircraft System (RPAS) insurance. In addition, Tata AIG’s RPAS insurance is providing a comprehensive product covering both Hull and Third-Party Liability risks faced by drone owners and operators. Tata AIG’s RPAS insurance also provides optional coverage for BVLOS operations, night flying, data loss liability, and others.

Moreover, aviation industry and insurance providers are collaborating are leveraging solutions from technology providers to improve their insurance policy. For instance, in July 2021, Chubb Canada launched hub to develop further its domestic general aviation and non-major aerospace business. The Canadian Aviation hub is part of a new regional focus for the aviation team from Chubb Global Markets (CGM), which comprises Chubb’s London market wholesale and specialty arm, including the company’s Lloyd’s platform. Thus, growing number of such developments across the globe is expected to drive the growth of the market.

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