market Overview

The global aircraft insurance market registered a healthy CAGR of 2.78% during the review period and will exceed USD 16,844.3 million by 2027. Aircraft insurance covers risks associated with the operation of an aircraft, such as multiple types of damage. The global aircraft insurance market is expected to become fully saturated soon due to growing air passenger traffic, strict unofficial laws related to aircraft and passenger safety, new terminal improvements, and high cost of aircraft repairs. The global aircraft insurance market is characterized by the presence of several global and provincial sellers. The market is serious and every player is trying to get the biggest piece of the pie. Government ways come one after another, competition is fierce, and unofficial laws are key factors affecting the development of the global market. Considering the cost and the nature of the help, the businessman argues.

The developing commercial aviation industry is expected to boost the growth of the global market over the review period. The commercial aviation segment is expected to witness significant market expansion over the next few years owing to the growth of the commercial aviation industry and the need for insurance coverage to overcome the dangers associated with commercial aviation. Moreover, costly aviation insurance claims, the current backlog of aircraft deliveries, and asset recovery risks associated with airline bankruptcies may hamper the global market in the future.

market segmentation

The global aircraft insurance market is segmented on the basis of type, end user, and application.

In terms of type segmentation, the global market is segmented into Public Liability, Ground Liability (Non-Sports) Insurance, Shelter and Ground Support Hardware Insurance, Travelers Liability, Combined Single Break (CSL), Ground Liability (Sports) ) ) insurance, flight insurance and umbrella insurance. On the basis of application, the global aircraft insurance market has been segmented into business aviation and corporate aviation.

In view of end users, the global market has been segmented into Airlines, Airports, Aircraft Product Manufacturers, Leasing Companies, Ground Operators, Individual General Aviation Aircraft Operators, Air Taxi Operators, Corporate Aircraft Operators and Owners, Support, Maintenance and Overhaul (MRO) ) company.

Regional Analysis

North America is expected to lead the global aircraft insurance market owing to the proliferation of airport infrastructure and increase in aviation operations in the region. The continued need for safe and economical airport infrastructure is a must to meet the region's growing passenger base.

Europe is one of the basic business areas of aircraft insurance agency. The aviation protection market in the region is expected to witness impressive growth over the next few years, largely dependent on strict informal laws regarding aircraft and passenger safety. Carriers in the region have worked with aviation organizations and health experts, including the European Union Aviation Safety Agency (EASA) and the International Air Transport Association (IATA), to develop new safety guidance to expand the health and unwavering quality of aircraft .

The main participants

Some of the major companies covered in the global aircraft insurance market are Allianz Global Corporate & Specialty (AGCS) (Germany), American International Group (AIG) (USA), ACE Holdings WLL (Bahrain), Willis Towers Watson (UK), Chubb (Switzerland) , STARR INTERNATIONAL COMPANY, INC. (USA), AXA (France), Arthur J. Gallagher & Co. (USA), Munich Re (Germany) and Marsh LLC (USA).

COVID 19 Impact

We have been tracking the impact of the COVID-19 pandemic on various industries and verticals across all sectors. Due to the impact of COVID-19 on the industry, our research report contains the same to help you understand the decline and rise. Additionally, we help you identify the gap between supply and demand in your market of interest. Additionally, the report helps you in your analysis, revisions to government regulations, and many other useful insights.