Dublin, Nov. 01, 2024 (GLOBE NEWSWIRE) — The “Aerospace Insurance – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
The global market for Aerospace Insurance was estimated at US$3.2 Billion in 2023 and is projected to reach US$4.0 Billion by 2030, growing at a CAGR of 2.9% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
Aerospace insurance plays a vital role in mitigating the risks associated with aviation, covering a wide range of liabilities, including aircraft damage, personal injuries, third-party liabilities, and losses due to accidents. With global air traffic steadily increasing, and the aviation industry witnessing unprecedented technological advancements, the demand for comprehensive insurance solutions is essential to protect airline operators, aircraft manufacturers, and service providers from potential financial exposure.
What Factors Are Driving Growth in the Aerospace Insurance Market?
The growth in the aerospace insurance market is driven by several factors, including the increasing complexity of aviation risks, the rise of new aviation technologies, and the expansion of the global aerospace industry. The demand for coverage is rising due to increased air travel, the growth of unmanned aerial systems, and the expansion of satellite launches.
Heightened regulatory scrutiny, cyber threats, and the need for environmental liability coverage are also prompting operators to seek comprehensive insurance solutions. Additionally, geopolitical instability, terrorism, and the rise of space tourism are pushing insurers to develop more specialized products to meet evolving customer needs, further fueling market growth.
What Are the Key Segments in the Aerospace Insurance Market?
Coverage types include hull insurance, which protects the physical integrity of aircraft, and liability insurance, which covers legal obligations arising from injury, property damage, or environmental risks. Other specialized policies include airport liability and product liability insurance for aircraft parts manufacturers.
End-users of aerospace insurance range from commercial airlines and private aircraft operators to satellite operators and drone service providers. Regionally, North America and Europe dominate the market due to their large aviation industries, while the Asia-Pacific region is rapidly expanding due to the increasing number of airlines and growing demand for aviation infrastructure in emerging economies.
How Are Technological Innovations Shaping the Aerospace Insurance Industry?
Technological advancements, such as the integration of artificial intelligence (AI) and data analytics, are transforming the aerospace insurance industry by enabling more accurate risk assessments and improving underwriting processes. Satellite tracking systems, real-time flight data monitoring, and predictive analytics are helping insurers predict potential risks more effectively and reduce the likelihood of costly claims.
Additionally, the rise of unmanned aerial vehicles (UAVs) and space tourism is creating new challenges for insurers, pushing them to innovate and offer tailored policies for emerging aviation sectors. The incorporation of blockchain technology is further enhancing transparency and trust between insurers and policyholders, streamlining claims processes, and reducing the chances of fraud.
Why You Should Buy This Report:
- Detailed Market Analysis: Access a thorough analysis of the Global Aerospace Insurance Market, covering all major geographic regions and market segments.
- Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
- Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Aerospace Insurance Market.
- Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the In-Flight Insurance segment, which is expected to reach US$1.6 Billion by 2030 with a CAGR of a 3.4%. The Public Liability Insurance segment is also set to grow at 2.8% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, which was estimated at $884.4 Million in 2023, and China, forecasted to grow at an impressive 5.7% CAGR to reach $804.3 Million by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players in the Aerospace Insurance market such as Allianz SE, American International Group, Inc., Aon PLC, Arthur J. Gallagher (UK) Limited, Avion Insurance Agency, Inc. and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 296 |
| Forecast Period | 2023 – 2030 |
| Estimated Market Value (USD) in 2023 | $3.2 Billion |
| Forecasted Market Value (USD) by 2030 | $4 Billion |
| Compound Annual Growth Rate | 2.9% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Impact of COVID-19 and a Looming Global Recession
- Aerospace Insurance – Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- Rising Global Aviation Traffic Spurs Demand for Comprehensive Aerospace Insurance
- Technological Innovations in Risk Assessment Strengthen Business Case for Advanced Aerospace Insurance
- Increasing Complexity of Aviation Supply Chains Expands Addressable Market for Aerospace Coverage
- Surge in Demand for Coverage of Drones and Unmanned Aerial Vehicles (UAVs) Propels Growth in Aerospace Insurance
- Growing Focus on Cybersecurity Risks in Aviation Industry Drives Adoption of Cyber Insurance Policies
- Expansion of Space Tourism Throws the Spotlight on Emerging Aerospace Insurance Solutions
- Technological Advancements in Aircraft and Satellite Manufacturing Create New Market Opportunities for Insurers
- Rising Incidence of Climate-related Risks Accelerates Demand for Weather-related Aerospace Insurance Coverage
- Surge in Mergers and Acquisitions in the Aerospace Industry Expands Need for Tailored Insurance Solutions
- Growing Importance of Loss Mitigation Strategies in Aerospace Operations Drives Adoption of Innovative Insurance Products
- Technological Innovations in Real-time Flight Monitoring and Analytics Enhance Risk Management Capabilities for Insurers
- Rising Costs of Aircraft Repair and Maintenance Propel Growth in Comprehensive Aerospace Insurance Plans
- Growing Use of AI and Predictive Analytics in Aerospace Insurance Drives Efficiency in Underwriting and Claims Management
FOCUS ON SELECT PLAYERS:Some of the 56 leading companies in the Aerospace Insurance market include
- Allianz SE
- American International Group, Inc.
- Aon PLC
- Arthur J. Gallagher (UK) Limited
- Avion Insurance Agency, Inc.
- AXA Group
- AXA XL
- BWI Aviation Insurance Agency, Inc.
- Global Aerospace Underwriting Managers Ltd.
- Hallmark Financial
For more information about this report visit https://www.researchandmarkets.com/r/u4vwwj
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
- Aerospace Insurance Market
