Aerospace Insurance Market
Global Aerospace Insurance Market Size, Share & Trends Analysis Report by Type (Passenger Liability Insurance, Public Liability Insurance, In-Flight Insurance, and Others), by End-User (Airport Operator, Service Provider, and Others), Forecast Period (2021-2027) Update Available - Forecast 2024-2030
The aerospace insurance market is anticipated to grow at a significant CAGR over the forecast period (2021-2027). Aerospace Insurance is insurance that is provided for airlines, cargo, craft, and passengers traveling through airlines. This insurance covers physical damage done by crashing of airlines, hijacking by terrorists, war, passenger injured during traveling, and others are covered in aerospace insurance. As per the data released by International Air Transport Association (IATA), in October 2021, India is considered to become the third largest air passenger market in the coming decade. Further, the rising demand for travelers across the globe has pushed the number of airlines to reach 1,100 planes by 2027.
Impact of COVID-19 Pandemic on Global Aerosapce Insurance Market
In March 2020, the World Health Organization (WHO) declared the outbreak of COVID-19. Since then, almost all states globally declared a state of emergency in their territories and, consequently, have taken economic and social measures in order to avoid, or at least mitigate, the spread of the virus. The impact of economic ad social measure included travel restriction among others, which has severely and adversely impacted the aviation industry. Furthermore, ther industries related to the aviation industry such as the aviation insurance market among others, are also facing new and challenging scenarios that affect their businesses. Owing to the several changes to the factual conditions of daily aviation activity have changed the circumstances around the aviation insurance policies.
Segmental Outlook
Global aerospace insurance market is segmented based on the type andened-user. Based on the type, the market is sub-segmented as passenger liability insurance, public liability insurance, in-flight insurance, and others. The other type of insurance includes non-motion and motion insurance. Based on the end-user, the aerospace insurance market is sub-segmented as airport operator, service providers, and others. The other segment comprises of several BFSI companies. Among these, the passenger liability insurance segment is expected to hold considerable market size over the forecast period. Due to various benefits offered such as cost covered for medical treatment and others.
Global Aerospace Insurance Market Share by End-User, 2020 (%)
The Airport Operators is Expected to Hold Considerable Market Share in the Global Aerospace Insurance Market
Among the end user, the airport operators is expected to cater significant market share over the forecast period, owing to the rise in establishment of airports coupled with government program across the globe. For instance, in November 2021, the Aeroporti di Roma has partnered with Lventure Group to implement a Proof of Concept (PoC) experimentation programme. Lventure Group is a venture capital investment company. The programme will be developed in the first airport incubation programme in Italy, which is expected to start by March 2022 at Rome Fiumicino Airport.
Regional Outlooks
The global aerospace insurance market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East &Africa, and Latin America). The North America region is expected tohold prominent market share among the aerospace insurance market, followed by Europe. As majority of the population relies on the airlines for travel purpose across the countries such as the US, Canada, the UK, and others.
Global Aerospace Insurance Market Growth, by Region 2021-2027
The Asia-Pacific Region is Anticipated to Grow at the Significant CAGR Among the Global Aerospace Insurance Market
The Asia-Pacific region is expected to cater considerable CAGR of the aerospace insurance market over the forecast period. Due to the increase in the number of construction and expansion of airports, new aircraft, and rising passenger traffic aross the countries of the region. Countries including India and China are considered to be the main revenue contributors in the region owing to the several investments in the aerospace sector. For instance, in November 2021, the Government of India announced to invest around $1.2 billion in the development of new airports along with the retrofitting of the existing airports across the country. Such factors are expected to propel the growth of the maret across the region.
Market Players Outlook
Globally, the aerospace insurance market players includes AIG Group, Arthur J. Gallagher and Co., Brown and Brown Inc., Lockton Co., Swiss Re Ltd., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in January 2022, Willis Towers Watson (WTW) acquired aviation industry insurance company named as Aerosure Asia-Pacific, which is a Sydney based firm. By combining the capabilities of both the company, the companies aim to deliver wide range of insurance services to aerospace sector, including airlines, airports, and others.
The Report Covers
• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global aerospace insurance market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
• Impact of COVID-19 on the Global Aerospace Insurance Market
• Recovery Scenario of Global Aerospace Insurance Market
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. BY Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.1.1. Allianz Group
3.1.1.1. Overview
3.1.1.2. Financial Analysis
3.1.1.3. SWOT Analysis
3.1.1.4. Recent Developments
3.1.2. Marsh US Inc.
3.1.2.1. Overview
3.1.2.2. Financial Analysis
3.1.2.3. SWOT Analysis
3.1.2.4. Recent Developments
3.1.3. Travers and Associates Aviation Insurance Agency, LLC
3.1.3.1. Overview
3.1.3.2. Financial Analysis
3.1.3.3. SWOT Analysis
3.1.3.4. Recent Developments
3.1.4. Old Republic Aerospce
3.1.4.1. Overview
3.1.4.2. Financial Analysis
3.1.4.3. SWOT Analysis
3.1.4.4. Recent Developments
3.1.5. Avion Insurance Agency Inc.
3.1.5.1. Overview
3.1.5.2. Financial Analysis
3.1.5.3. SWOT Analysis
3.1.5.4. Recent Developments
3.2. Key Strategy Analysis
3.3. Impact of Covid-19 on Key Players
4. Market Determinants
4.1. Motivators
4.2. Restraints
4.3. Opportunities
5. Market Segmentation
5.1. Global Aerospace Insurance Market by Type
5.1.1. Passenger Liability Insurance
5.1.2. Public Liability Insurance
5.1.3. In-Flight Insurance
5.1.4. Others (Non-Motion and Motion Insurance)
5.2. Global Aerospace Insurance Market by End-User
5.2.1. Airport Operator
5.2.2. Service Providers
5.2.3. Others (BFSI)
6. Regional Analysis
6.1. North America
6.1.1. United States
6.1.2. Canada
6.2. Europe
6.2.1. UK
6.2.2. Germany
6.2.3. Italy
6.2.4. Spain
6.2.5. France
6.2.6. Rest of Europe
6.3. Asia-Pacific
6.3.1. China
6.3.2. India
6.3.3. Japan
6.3.4. South Korea
6.3.5. Rest of Asia-Pacific
6.4. Rest of the World
7. Company Profiles
7.1. AIG Group
7.2. Arthur J. Gallagher and Co.
7.3. Assured Partners Inc.
7.4. AXA XL
7.5. Beazley Plc.
7.6. Brown and Brown Inc.
7.7. China Life Insurance Co. Ltd.
7.8. Hallmark Financial Services Inc.
7.9. HDI Global Speciality SE
7.10. Global Aerospace
7.11. ING Group
7.12. Lockton Co.
7.13. Malayan Insurance Co. Inc.
7.14. Marsh Pvt Ltd.
7.15. MySlipcase Ltd.
7.16. Swiss Re Ltd.
1. GLOBAL AEROSPACE INSURANCE MARKET RESEARCH AND ANALYSIS BY TYPE, 2020-2027 ($ MILLION)
2. GLOBAL PASSENGER LIABILITY AEROSPACE INSURANCE MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
3. GLOBAL PUBLIC LIABILITY AEROSPACE INSURANCE MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
4. GLOBAL IN-FLIGHT AEROSPACE INSURANCE MARKET RESEARCH AND ANALYSIS BY REGION,2020-2027($ MILLION)
5. GLOBAL OTHER AEROSPACE INSURANCE MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
6. GLOBAL AEROSPACE INSURANCE MARKET RESEARCH AND ANALYSIS BY END-USER, 2020-2027 ($ MILLION)
7. GLOBAL AEROSPACE INSURANCE BY AIRPORT OPERATOR MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
8. GLOBAL AEROSPACE INSURANCE BY SERVICE PROVIDER MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
9. GLOBAL AEROSPACE INSURANCE BY OTHERS MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
10. GLOBAL AEROSPACE INSURANCE MARKET RESEARCH AND ANALYSIS BY GEOGRAPHY, 2020-2027 ($ MILLION)
11. NORTH AMERICAN AEROSPACE INSURANCE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
12. NORTH AMERICAN AEROSPACE INSURANCE MARKET RESEARCH AND ANALYSIS BY TYPE, 2020-2027 ($ MILLION)
13. NORTH AMERICAN AEROSPACE INSURANCE MARKET RESEARCH AND ANALYSIS BY END-USER, 2020-2027 ($ MILLION)
14. EUROPEAN AEROSPACE INSURANCE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
15. EUROPEAN AEROSPACE INSURANCE MARKET RESEARCH AND ANALYSIS BY TYPE, 2020-2027 ($ MILLION)
16. EUROPEAN AEROSPACE INSURANCE MARKET RESEARCH AND ANALYSIS BY END-USER, 2020-2027 ($ MILLION)
17. ASIA-PACIFIC AEROSPACE INSURANCE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
18. ASIA-PACIFIC AEROSPACE INSURANCE MARKET RESEARCH AND ANALYSIS BY TYPE, 2020-2027 ($ MILLION)
19. ASIA-PACIFIC AEROSPACE INSURANCE MARKET RESEARCH AND ANALYSIS BY END-USER, 2020-2027 ($ MILLION)
20. REST OF THE WORLD AEROSPACE INSURANCE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
21. REST OF THE WORLD AEROSPACE INSURANCE MARKET RESEARCH AND ANALYSIS BY TYPE, 2020-2027 ($ MILLION)
22. REST OF THE WORLD AEROSPACE INSURANCE MARKET RESEARCH AND ANALYSIS BY END-USER, 2020-2027 ($ MILLION)
1. IMPACT OF COVID-19 ON GLOBAL AEROSPACE INSURANCE MARKET, 2020-2027 ($ MILLION)
2. IMPACT OF COVID-19 ON GLOBAL AEROSPACE INSURANCE MARKET BY SEGMENT, 2020-2027 ($ MILLION)
3. RECOVERY OF GLOBAL AEROSPACE INSURANCE MARKET, 2021-2027 (%)
4. GLOBAL AEROSPACE INSURANCE MARKET SHARE BY TYPE, 2020 VS 2027 (%)
5. GLOBAL PASSENGER LIABILITY AEROSPACE INSURANCE MARKET REGION BY GEOGRAPHY, 2020 VS 2027 (%)
6. GLOBAL PUBLIC LIABILITY AEROSPACE INSURANCE MARKET REGION BY GEOGRAPHY, 2020 VS 2027 (%)
7. GLOBAL IN-FLIGHT AEROSPACE INSURANCE MARKET REGION BY GEOGRAPHY, 2020 VS 2027 (%)
8. GLOBAL AEROSPACE INSURANCE OTHERS MARKET REGION BY GEOGRAPHY, 2020 VS 2027 (%)
9. GLOBAL AEROSPACE INSURANCE MARKET SHARE BY END-USER, 2020 VS 2027 (%)
10. GLOBAL AEROSPACE INSURANCE BY AIRPORT OPERATOR MARKET REGION BY GEOGRAPHY, 2020 VS 2027 (%)
11. GLOBAL AEROSPACE INSURANCE BY SERVICE PROVIDER MARKET REGION BY GEOGRAPHY, 2020 VS 2027 (%)
12. GLOBAL AEROSPACE INSURANCE BY OTHERS MARKET REGION BY GEOGRAPHY, 2020 VS 2027 (%)
13. GLOBAL AEROSPACE INSURANCE MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
14. US AEROSPACE INSURANCE MARKET SIZE, 2020-2027 ($ MILLION)
15. CANADA AEROSPACE INSURANCE MARKET SIZE, 2020-2027 ($ MILLION)
16. UK AEROSPACE INSURANCE MARKET SIZE, 2020-2027 ($ MILLION)
17. FRANCE AEROSPACE INSURANCE MARKET SIZE, 2020-2027 ($ MILLION)
18. GERMANY AEROSPACE INSURANCE MARKET SIZE, 2020-2027 ($ MILLION)
19. ITALY AEROSPACE INSURANCE MARKET SIZE, 2020-2027 ($ MILLION)
20. SPAIN AEROSPACE INSURANCE MARKET SIZE, 2020-2027 ($ MILLION)
21. REST OF EUROPE AEROSPACE INSURANCE MARKET SIZE, 2020-2027 ($ MILLION)
22. INDIA AEROSPACE INSURANCE MARKET SIZE, 2020-2027 ($ MILLION)
23. CHINA AEROSPACE INSURANCE MARKET SIZE, 2020-2027 ($ MILLION)
24. JAPAN AEROSPACE INSURANCE MARKET SIZE, 2020-2027 ($ MILLION)
25. SOUTH KOREA AEROSPACE INSURANCE MARKET SIZE, 2020-2027 ($ MILLION)
26. REST OF ASIA-PACIFIC AEROSPACE INSURANCE MARKET SIZE, 2020-2027 ($ MILLION)
27. REST OF THE WORLD AEROSPACE INSURANCE MARKET SIZE, 2020-2027 ($ MILLION)
