Global Aerospace Insurance Market by Types, Applications, and Regions — Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2020–2026.
The global aerospace insurance market is estimated to expand at a considerable CAGR during the forecast period, 2020–2026. Rising number of passengers around the globe, who prefer to travel by aircrafts are the major factors contributing to the growth of the market. A large number of countries are making investments for development of airports. These investments have created huge opportunities for the demand of aerospace insurance, due to large number of aircrafts and airports being operational. The growing demand for aerospace insurance is being driven by the maintenance requirement of these aircrafts and airports around the globe during the forecast period.
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Insurance coverage meant particularly for the threats regarding the involvement of operation and aviation of aircraft is known as aerospace insurance. It covers liability sustained by property and aircraft. Aviation insurance is explicitly divergent from those for various territories of transport and grade to incorporate aviation terminology that provisions and confines to flight protection. These insurances are structured fundamentally for the activities at air terminals and producers. Aerospace is one of the major sectors around the world. This division is responsible for transportation of the rising number of travelers and goods.
Market Trends, Drivers, Restraints, and Opportunities:
- Increasing number of people opting to travel by aircraft is the major factor contributing to the growth of the market.
- Rising need for group handling and aircraft fuelling are expected to increase product liabilities, thereby contributing to market growth.
- Growing space exploratory activities using aircraft, drones, and spaceships is positively impacting the growth of the market.
- Declining insurance premium rates is the major factor influencing the growth of aerospace insurances.
- Growing number aircraft purchases to cater the rising passenger traffic is influencing the market growth.
- Investments made by countries to improve and expand their airport terminals is fuelling the growth of the market.
- Unpredictability and Uncertainty of airline sector is estimated to hamper the market growth.
- Lack of awareness and services is the major challenge for the growth of the market.
Competitive Landscape:
Major companies in the global aerospace insurance market Global Aerospace, AXA, Old Republic Aerospace, Allianz SE, Wells Fargo, Hiscox Group, American International Group, Marsh Inc, Avion Insurance, Hallmark Financial Services, Malayan Insurance, ING Group, China Life Insurance, and Travers Aviation. The competition in global aerospace insurance market is highly intense due to large number of market players in the market. The competitors use strategies such as collaborations, ventures, partnerships, acquisitions, new product launches, and agreements to gain new market share.
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The global aerospace insurance market has been segmented on the basis of
Types
- Life Insurances
- Property Insurances
- Others
Applications
- Service Providers
- Airport Operators
- Others
Regions
- Asia Pacific
- Europe
- North America
- Middle East & Africa
- Latin America
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Table of Contents
- Executive Summary
- Assumptions and Acronyms Used
- Research Methodology
- Aerospace Insurance Market Overview
- Global Aerospace Insurance Market Analysis and Forecast by Type
- Global Aerospace Insurance Market Analysis and Forecast by Application
- Global Aerospace Insurance Market Analysis and Forecast by Sales Channel
- Global Aerospace Insurance Market Analysis and Forecast by Region
- North Aerospace Insurance Market Analysis and Forecast
- Latin Aerospace Insurance Market Analysis and Forecast
- Europe Aerospace Insurance Market Analysis and Forecast
- Asia Pacific Aerospace Insurance Market Analysis and Forecast
- Middle East & Africa Aerospace Insurance Market Analysis and Forecast
- Competition Landscape
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