The global aviation insurance market is expected to see rising growth by 2028, due to the increasing numbers of airports globally. The North America region is expected to be dominant during the forecast period.
NEW YORK, July 19, 2022 /PRNewswire/ — Research Dive has added a new report to its offering titled, “Aviation Insurance Market by Type of Insurance (Public Liability Insurance, Passenger Liability Insurance, Ground Risk Hull Insurance not in Motion, Ground Risk Hull Insurance in Motion, and In-flight Insurance), Application (Commercial Aviation, Business & General Aviation, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028.”
According to the report, the global aviation insurance market is anticipated to generate a revenue of $6,326.30 million and grow at a CAGR of 5.20% throughout the estimated timeframe from 2021-2028.
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Dynamics of the Aviation Insurance Market
With the increasing numbers of airports and thriving airport industry all across the globe, the market is predicted to witness striking growth during the analysis period. Besides, the increased space exploration activities and lower insurance premium rates are expected to boost the growth of the aviation insurance market over the forecast period. Moreover, the increasing number of millennials opting to travel by aircraft worldwide is expected to create massive growth opportunities throughout the estimated timeframe. However, the costly aviation insurance and limited service providers may hamper the growth of the market during the forecast period.
Covid-19 Impact on the Aviation Insurance Market
The wake of the Covid-19 pandemic has had a negative impact on the aviation insurance market, likewise several other industries. The spontaneous rise in the number of cases suffering from the deadly virus has completely spoiled the aviation industry market. Due to strict restrictions on transportation and stringent lockdowns imposed by the government of many countries, there was a significant reduced demand for air travel during the period of crisis. This has caused huge revenue losses and declined the growth rate of the market.
Segments of the Aviation Insurance Market
The report has been divided the aviation insurance market into various segments based on type of insurance, application, and region.
- By type of insurance, the public liability insurance sub-segment is expected to be most profitable and is projected to generate a revenue of $2,162.80 million during the estimated period. Public liability insurance provides coverage for third-party entities and property damage, which is the factor expected to bolster the growth of the aviation insurance market sub-segment during the forecast period.
- By application, the commercial aviation sub-segment is predicted to be most lucrative and is expected to garner a revenue of $3,196.50 million during the analysis timeframe. The rising affluence of air travel mostly among middle-class populations is further expected to fortify the growth of the aviation insurance market sub-segment over the forecast timeframe.
- By region, the North America region is predicted to hold the maximum share of the market and is expected to generate a revenue of $2,312.30 million throughout the forecast timeframe. The increasing government investments in the in the R&D, and the rising procurement of advanced fighter jets, trainer aircrafts, helicopters, by the leading key players of this region is projected to foster the regional growth of the market during the analysis timeframe.
Key Players of the Aviation Insurance Market
The major players of the aviation insurance market include,
- Starr Aviation Insurance
- USAIG
- AXA Xl
- London Aviation Underwriters, Inc.
- American International Group Inc
- Great American Insurance Company (American Financial Group)
- Avion insurance
- ARTHUR J. GALLAGHER & CO.
- Marsh LLC
- Allianz and many more.
These players are broadly working on the development of new business strategies to obtain a leading position in the global industry. – Buy the Full report here started at $2999 (Read-Only)
For instance, in December 2021, Willis Towers Watson Public Limited Company, a leading British-American multinational risk management, insurance brokerage and advisory company, has announced its collaboration with Aerosure, a renowned Sydney based aviation industry specialist, especially focusing on the Australia, Pacific Island and New Zealand region. With this collaboration, the companies are aiming to make global strategies to provide high-performing services to clients all across Asia and Australia.
In addition, the report also presents other crucial aspects including SWOT analysis, the latest strategic developments, product portfolio, and the financial performance of the key players.
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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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