Summary
The global Aircraft Insurance Market is expected to witness a CAGR of xx% over the forecast period 2020-2026 and is expected to reach US$ xx million in 2026, from US$ xx million in 2019.
Aircraft insurance is private aviation insurance coverage geared particularly to the operation of small planes and the associated risks inherent in private aircraft ownership. Private aircraft include single-engine airplanes, gyrocopters, and flying wings. In the United States, the Federal Aviation Administration sets the standards for safe airline operations. To help keep the air transportation industry operating safely, the Federal Aviation Administration makes standard annual certification requirements and financial incentives available to operators
The rising number of airline accidents around the world is a prime factor driving the growth of the aircraft insurance market. According to the National Safety Council, the total number of accidents involving U.S.-registered civilian aircraft increased from 1,315 in 2017 to 1,347 in 2018. The number of civil aviation deaths increased, from 347 in 2017 to 393 in 2018. A growing number of private aircraft around the globe is another key factor driving the growth of the aircraft insurance market. According to the General Aviation Manufacturers Association, in 2018, worldwide deliveries increased to 2,441 aircraft (up 5.0%), while the U.S. output was 1,746 aircraft (up 9.2%). In 2019, worldwide deliveries increased to 2,658 aircraft (up 8.9%), while the U.S. output was 1,771 aircraft (up 1.4%).
North America is projected to gain significant growth over the forecast period and this is attributed to the strong presence of the aircraft industry coupled with the rise in delivery of aircraft due to growing air traffic in the region. According to the Bureau of Transportation Statistics, U.S. airlines carried 4.9 percent more passengers on domestic flights and 3.1 percent more passengers on international flights in 2018 than in 2017 for a systemwide increase of 4.7 percent. Foreign airlines carried 5.6 percent more passengers to and from the U.S. than in 2017.
Key Developments:
- In January 2021, Aon has announced the launch of a new fuel insurance product designed to help shipping and aviation companies protect against rising fuel costs.
- In May 2020, Starr Insurance Companies announced the launch of Starr Gate, a new type of general aviation policy providing pilots who rent aircraft with unprecedented flexibility for their insurance needs through “high-definition underwriting” and usage-based pricing with a tool that can also improve a pilot’s skills.
- In February 2021, the Insurance Regulatory and Development Authority of India (IRDAI) has urged all general insurance companies to launch covers for mishaps related to remotely piloted aircraft systems (RPAS) or drones.
The Aircraft Insurance Market report highlights product development and growth strategies such as merger and acquisition adopted by market players along with SWOT Analysis, PEST and Porter’s Five Forces analyses of the Aircraft Insurance Market, which highlight the strengths, weaknesses, opportunities, and commination of key companies. Moreover, the report offers two distinct market forecasts, one from the perspective of the producer and another from that of the consumer.
The various contributors involved in the value chain of the product include manufacturers, suppliers, distributors, intermediaries, and customers.
The Key Manufacturers covered in this Report:-
- Allianz
- Starr International
- Marsh
- AIG
- Berkshire Hathaway
- AXA
- Chubb
- Munich Re
- Ace Aviation
- Santam Insurance
- Old Republic Aerospace, Inc. (ORAE)
- HCC Insurance
By the Product Type, the market is primarily segmented into:
- Public Liability Insurance
- Passenger Liability Insurance
- Combined Single Limit (CSL)
- Ground Risk Hull (Motion) Insurance
- Ground Risk Hull (Non-Motion) Insurance
By Applications, the market is segmented into:
- Private Aircraft Insurance
- Commercial Aviation Insurance
- Others
The Report covers the following Regions:
- North America
- United States
- Canada
- Mexico
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Indonesia
- Thailand
- Malaysia
- Philippines
- Vietnam
- Europe
- Germany
- France
- UK
- Italy
- Russia
- Central & South America
- Middle East & Africa
- Turkey
- GCC Countries
- Egypt
- South Africa
Objective of the Aircraft Insurance Market Report:
- To assess the size of the market by value and volume
- Analyze the Aircraft Insurance Market in terms of regions and major countries
- Highlight recent developments and trends in the market
- Offer perceptive data regarding major market players in terms of key developments, strategies, and product portfolio
- Determine share of the Aircraft Insurance Market in terms of various segments such as by product type, application, and end-user
- Offer accurate projection of the market for the forecast period using state-of –the-art tools and the current primary and secondary research approaches
- Discuss major factors that impact growth of the Aircraft Insurance Market
The Aircraft Insurance Market engages the readers with all pivotal approaches to understand their position in the industry based on revenue or sales growth. The report efficiently evaluates the Aircraft Insurance Market from various dimensions to deliver an end-product that is informative, elaborate, and accurate and includes detailed market segmentation, regional analysis, and competition in the market. The information in the report is backed by annual company reports, financial reports, press releases, regulatory databases, government documents, and statistical databases.
For the data information by region, company, type and application, 2019 is considered as the base year. Whenever data information was unavailable for the base year, the prior year has been considered.
Key Stakeholders:
- Material suppliers/wholesalers
- Market Distributors/traders
- Regulatory bodies
- Research organizations, and consulting firms
- Commercial research & developments (R&D)
- Trade associations and industry bodies
- Importers and exporters
- End-use industries
Available Customizations:
Custom research is one of the most crucial components of the business strategy that helps an organization gain insight into specific business sector, aligned with its specific area of interest. Thus, SMI offers more accurate, pragmatic, and actionable information specifically tailored to suit your business needs.
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