Aerospace Insurance Market to grow by USD 763.67 million from 2022 to 2027, Expansion and construction of new airports to drive the growth - Technavio

NEW YORK, Nov. 28, 2023 /PRNewswire/ -- The aerospace insurance market is expected to grow by USD 763.67 million from 2022 to 2027. However, the growth momentum of the market will progress at a CAGR of 4.36% during the forecast period. The market is segmented by end-user (service providers, airport operators, and others), type (in-flight insurance, public liability insurance, passenger liability insurance, and others), and geography (Europe, North America, APAC, Middle East and Africa, and South America). 

Expansion and construction of new airports is a key factor driving market growth. The demand for aircraft is growing with a significant increase in air passenger traffic in the airline industry, which leads to new terminals being built. Countries in the Asia Pacific region, the Middle East, and Africa have a strong interest in building new airports to mitigate traffic congestion and cope with an increasing number of passengers.The report analyses the market size and growth and provides accurate predictions on the growth of the market. View PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the aerospace insurance market: Ace Aviation, Allianz SE, American Financial Group Inc., American International Group Inc., Aon plc, Arthur J. Gallagher and Co., Avion Insurance Agency Inc., AXA Group, Berkshire Hathaway Inc., BWI Aviation Insurance Agency Inc., Chubb Ltd., Global Aerospace Underwriting Managers Ltd., Hallmark Financial Services Inc., London Aviation Underwriters Inc., Marsh and McLennan Companies Inc., Munich Reinsurance Co., Starr International Co. Inc., Tokio Marine Holdings Inc., Wells Fargo and Co., and Willis Towers Watson Public Ltd. Co.
• The Aerospace Insurance Market is fragmented in nature.
• Market to observe 4.1% YOY growth in 2023.

Market Dynamics:

Major Trend

• The evolution of non-airline aviation services is a major trend in the market. 
• Commercial airlines face a variety of challenges, including increased security checks, frequent cancellations, delays, and restrictions on routes, with a particular focus on major hubs rather than Smaller airports that are popular with passengers. These challenges are impacting the commercial aviation insurance market.

Significant Challenge

• Lack of awareness and delayed aerospace insurance services is a significant challenge restricting market growth.
• Insurers typically provide cover for the medium to long term, but slow processing of claims, especially when they involve multiple offshore utilities, has reduced confidence in the products. travel insurance products.
• This lack of confidence has discouraged airline operators and travelers from investing in travel insurance services, affecting overall demand.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Keg Segments:

• The service providers segment will account for a significant share of market growth. This segment includes insurance offered by airlines, helicopters, and business jet operators. Aviation risks are attractive to underwriters due to the high premiums generated. 

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Related Reports:

The commercial and military aircraft MRO market is estimated to grow at a CAGR of 4.68% between 2022 and 2027. The market size is forecast to increase by USD 20,151.64 million.

The airport stands equipment market size is estimated to grow at a CAGR of 6.47% between 2022 and 2027 and the size of the market is forecast to increase by USD 1,457.82 million. 

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by End-user

Market Segmentation by Type

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio