Market Overview:
The global aerospace insurance market is expected to grow at a CAGR of 5.5% from 2018 to 2030. The market growth is attributed to the increasing demand for air travel, rising number of aircraft accidents, and increase in the number of terrorist attacks. In addition, the growth in the MRO (maintenance, repair and overhaul) sector is also contributing to the growth of this market. The life insurance segment accounted for majority share of the global aerospace insurance market in 2017 and is projected to grow at a CAGR of 5.8% during the forecast period. This can be attributed to increasing demand for life insurance policies by airline operators as it offers financial security against accidental death or injury suffered by employees while on duty. The property insurance segment accounted for second-largest share in 2017 and is projected to grow at a CAGR of 4%.
Product Definition:
Aerospace insurance is a type of insurance that provides coverage for damages or losses incurred as a result of an accident or incident involving an aircraft. This type of insurance is important because it can help protect the owner or operator of the aircraft from financial losses in the event of an accident.
Life Insurance:
Life insurance is a contract between an insurer and a policy holder. The main objective of this insurance is to provide financial protection to the policy holder in case of the death of the insured person. Life insurance also aims at protecting family members or beneficiaries from financial loss that might be caused due to premature death of an employee or husband. The amount paid as premium by the subscriber towards life assurance depends on two factors, namely age and health status.
Property Insurance:
Insurance is a form of protection from financial loss against Catastrophe, Injury or damage to property. It helps in reducing the impact of an uncertain event by transferring the risk to another party. The main objective of insurance is to make sure that people who are not able to do so themselves have access to basic protection against risks that are beyond their ability to protect themselves from.
Application Insights:
The service providers segment held the largest share of over 60.0% in 2017. Service providers include air taxi and charter companies, scheduled and non-scheduled airlines, space agencies, freight forwarders and logistics companies among others. The aviation industry is prone to risks such as natural disasters such as earthquakes, floods & storm surge along with human made ones like terrorism which affects the aircraft operations leading to a rise in demand for aerospace insurance.
The airport operators segment is expected to grow at a significant rate over the forecast period owing to increasing passenger traffic at airports across the world resulting in an increase in exposure towards risk factors such as accidents & incidents during ground handling services or while boarding/alighting from aircraft among others thus affecting market growth negatively.
Regional Analysis:
The market in Asia Pacific is expected to grow at the highest rate over the forecast period. The growth can be attributed to increasing aviation activities and rising investments in aerospace infrastructure across emerging economies such as China, India, Indonesia, Malaysia and Thailand. Furthermore, growing demand for air travel from passengers as well as freight operators is anticipated to fuel regional growth over the next eight years.
Increasing demand for commercial flights by passengers has resulted in an increase in airport construction projects around the world including Dubai’s World Central Airport (ECOM), Hong Kong International Airport (HKIA) expansion project and Beijing’s new airport Dong-Bin-Xing which are anticipated to further drive regional growth over the forecast period.
North America accounted for a significant share of revenue share owing to high passenger traffic at airports coupled with rapid development of new facilities within U.S.
Growth Factors:
- Increasing demand for air travel: The global air travel industry is expected to grow at a CAGR of 6.4% from 2016 to 2021, owing to the increasing number of passengers travelling by air. This will result in an increase in the demand for aerospace insurance products and services.
- Proliferation of new aircraft models: Aircraft manufacturers are introducing new aircraft models into the market at a rapid pace, which is resulting in an increase in the number of accidents and incidents. This is driving the demand for aerospace insurance products and services as they offer protection against financial losses arising from such accidents or incidents.
- Stringent safety regulations: Governments across the world are implementing stringent safety regulations governing the aviation industry with a view to enhancing passenger safety levels. These regulations are leading to increased spending on aviation safety measures by airlines, thereby fuelling growth in the aerospace insurance market.
Scope Of The Report
Report Attributes
Report Details
Report Title
Aerospace Insurance Market Research Report
By Type
Life Insurance, Property Insurance, Others
By Application
Service Providers, Airport Operators, Others
By Companies
Global Aerospace, American International Group, Allianz, USAIG, Hallmark Financial Services, Marsh Inc, Chinalife, Travers Aviation, Malayan Insurance, AXA, ING Group
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
221
Number of Tables & Figures
155
Customization Available
Yes, the report can be customized as per your need.
Global Aerospace Insurance Market Report Segments:
The global Aerospace Insurance market is segmented on the basis of:
Types
Life Insurance, Property Insurance, Others
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Service Providers, Airport Operators, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Global Aerospace
- American International Group
- Allianz
- USAIG
- Hallmark Financial Services
- Marsh Inc
- Chinalife
- Travers Aviation
- Malayan Insurance
- AXA
- ING Group
Highlights of The Aerospace Insurance Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Life Insurance
- Property Insurance
- Others
- By Application:
- Service Providers
- Airport Operators
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Aerospace Insurance Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
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- Consumer Insights
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- Product & Brand Management
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- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Aerospace insurance is a type of insurance that covers the costs associated with accidents and incidents in the aviation industry. This includes coverage for aircraft, pilots, passengers, cargo and ground crews. Aerospace insurers typically offer a variety of policies that cover a wide range of risks and expenses.
Some of the major players in the aerospace insurance market are Global Aerospace, American International Group, Allianz, USAIG, Hallmark Financial Services, Marsh Inc, Chinalife, Travers Aviation, Malayan Insurance, AXA, ING Group.
The aerospace insurance market is expected to register a CAGR of 5.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Aerospace Insurance Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Aerospace Insurance Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Aerospace Insurance Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Aerospace Insurance Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Aerospace Insurance Market Size & Forecast, 2020-2028
4.5.1 Aerospace Insurance Market Size and Y-o-Y Growth
4.5.2 Aerospace Insurance Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Life Insurance
5.2.2 Property Insurance
5.2.3 Others
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Service Providers
6.2.2 Airport Operators
6.2.3 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Aerospace Insurance Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Aerospace Insurance Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Life Insurance
9.6.2 Property Insurance
9.6.3 Others
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Service Providers
9.10.2 Airport Operators
9.10.3 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Life Insurance
10.6.2 Property Insurance
10.6.3 Others
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Service Providers
10.10.2 Airport Operators
10.10.3 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Life Insurance
11.6.2 Property Insurance
11.6.3 Others
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Service Providers
11.10.2 Airport Operators
11.10.3 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Life Insurance
12.6.2 Property Insurance
12.6.3 Others
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Service Providers
12.10.2 Airport Operators
12.10.3 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Life Insurance
13.6.2 Property Insurance
13.6.3 Others
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Service Providers
13.10.2 Airport Operators
13.10.3 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Aerospace Insurance Market: Competitive Dashboard
14.2 Global Aerospace Insurance Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Global Aerospace
14.3.2 American International Group
14.3.3 Allianz
14.3.4 USAIG
14.3.5 Hallmark Financial Services
14.3.6 Marsh Inc
14.3.7 Chinalife
14.3.8 Travers Aviation
14.3.9 Malayan Insurance
14.3.10 AXA
14.3.11 ING Group
