Global Aerospace Insurance Industry Report 2023: Market to Surpass $1 Billion by 2028 - Innovative Insurance Solutions and UAVs Drive Expansion
DUBLIN, Oct. 10, 2023 /PRNewswire/ -- The "Aerospace Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global aerospace insurance market size reached US$ 841.7 Million in 2022. Looking forward, the market is set to reach US$ 1,028.7 Million by 2028, exhibiting a growth rate (CAGR) of 2.6% during 2023-2028
The North America aerospace insurance market is the largest globally, driven by several factors. One significant driver is the increasing importance of insurance coverage to mitigate potential losses and uncertainties arising from future crises.
With the aerospace industry being highly susceptible to various risks, having robust insurance coverage is critical for managing these uncertainties. Additionally, the availability of reinsurance options in North America further supports the aerospace insurance market.
The region's rising per capita income has also contributed to the growth of the aerospace insurance market. As individuals and businesses in North America enjoy increased financial stability, they are more likely to invest in insurance coverage to protect their aerospace assets and investments.
The growth of the aviation industry is a major driver of the aerospace insurance market worldwide. The increasing demand for air travel has led to the expansion of the aviation sector, creating more opportunities for insurance coverage. Moreover, continuous advancements in aircraft technology have necessitated comprehensive insurance policies to address the unique risks associated with these cutting-edge technologies.
Aerospace insurance is a specialized form of insurance tailored to the aviation and space exploration industries. It offers financial protection for individuals and organizations involved in aerospace activities, covering various aspects such as aircraft, satellites, airports, and associated liabilities. This insurance involves assessing risks, determining coverage needs, and providing policies tailored to specific requirements while adhering to strict regulations and safety standards.
Key types of aerospace insurance include hull insurance (covering physical damage to aircraft), liability insurance (covering damages to third parties), and aviation product liability insurance (covering manufacturing defects). These insurance products play a crucial role in safeguarding against catastrophic losses, protecting investments, and ensuring compliance with legal requirements.
The global aerospace insurance market is characterized by several trends driving its growth. These include the increasing demand for air travel and the subsequent growth of the aviation industry, continuous advancements in aircraft technology, stringent regulatory requirements mandating insurance coverage, and the rising number of catastrophic events such as natural disasters, acts of terrorism, and geopolitical tensions.
The expansion of emerging markets and the growing number of air passengers are also contributing to the positive outlook for the aerospace insurance market. Additionally, the trend of outsourcing aerospace manufacturing and maintenance services to lower-cost regions has increased the demand for insurance coverage. Furthermore, innovative insurance solutions like parametric insurance and usage-based policies, along with the growing adoption of unmanned aerial vehicles (UAVs) in various industries, are fueling market growth.
The competitive landscape of the global aerospace insurance market has been analyzed comprehensively, including market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant.
Key Questions Answered in This Report
- What was the size of the global aerospace insurance market in 2022?
- What is the expected growth rate of the global aerospace insurance market during 2023-2028?
- What has been the impact of COVID-19 on the global aerospace insurance market?
- What are the key factors driving the global aerospace insurance market?
- What is the breakup of the global aerospace insurance market based on the type?
- What is the breakup of the global aerospace insurance market based on the application?
- What are the key regions in the global aerospace insurance market?
- Who are the key players/companies in the global aerospace insurance market?
Competitive Landscape:
- Allianz SE
- American International Group Inc.
- Avion Insurance
- Axa S.A.
- China Life Insurance (Overseas) Company Limited
- Global Aerospace Inc.
- Hallmark Financial Services Inc.
- Hiscox Ltd.
- ING Group
- Malayan Insurance
- Marsh LLC
- Old Republic Aerospace
- Travers & Associates
- Wells Fargo & Company
For more information about this report visit https://www.researchandmarkets.com/r/ysqsqd
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SOURCE Research and Markets
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