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Aerospace Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

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    Report

  • 140 Pages
  • July 2023
  • Region: Global
  • IMARC Group
  • ID: 5642200
UP TO OFF until Dec 31st 2023

Quick Summary:

Delve into the dynamic arena of the global aerospace insurance market with this comprehensive market research report. This report examines the inherent challenges within the aerospace industry, including increasing air travel demand, emerging aviation companies, and continuous advancements in aircraft technology, all driving the growing need for this specialized insurance. Learn how aerospace insurance is specifically designed to navigate the unique risks associated with such a vital industry, offering financial protection which includes various facets such as aircrafts, satellites, and airports, along with their associated liabilities. The importance of such market information cannot be overstated, and this report brings it to your fingertips.

Aviation industry's growth and the emerging trends in aircraft technology mean a concurrent rise in potential risks and liabilities, necessitating comprehensive insurance coverage. Market trends reflecting the emergence of innovative insurance solutions, the rise in global catastrophic events, stringent regulatory requirements, and a boom in air passengers also spell significant growth for the aerospace insurance market. This report consolidates key insights, detailed segment analysis, and comprehensive regional insights, to offer a clearer perspective of the market landscape. The knowledge gained from this report is invaluable for every stakeholder in the aerospace ecosystem. Find solutions and strategies to stay afloat in this complex market terrain with this expertly crafted report.

The global aerospace insurance market size reached US$ 841.7 Million in 2022. Looking forward, the publisher expects the market to reach US$ 1,028.7 Million by 2028, exhibiting a growth rate (CAGR) of 2.6% during 2023-2028. The increasing demand for air travel, the subsequent growth of the aviation industry, and continuous advancements in aircraft technology are some of the key factors driving the market.

Aerospace insurance is a specialized form of insurance designed to mitigate the unique risks associated with aviation and space exploration. It provides financial protection to individuals and organizations involved in the aerospace industry, covering various aspects such as aircraft, satellites, airports, and associated liabilities. It works by assessing the risks, determining the coverage needed, and providing policies tailored to meet specific requirements. Strict rules and regulations govern aerospace insurance, including compliance with safety standards and maintenance procedures. The advantages of aerospace insurance include safeguarding against catastrophic losses, protecting investments, and ensuring compliance with legal requirements. Currently, the common 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).

Aerospace Insurance Market Trends:

The global aerospace insurance market is primarily accelerated by several key factors, including the increasing demand for air travel and the subsequent growth of the aviation industry. As more airlines, aircraft manufacturers, and aerospace companies emerge, the need for insurance coverage to mitigate risks associated with accidents, natural disasters, and liability claims becomes paramount. In confluence with this, continuous advancements in aircraft technology and the development of sophisticated aerospace systems have necessitated the adoption of comprehensive insurance policies that cater to the unique risks posed by these cutting-edge technologies, further fueling the market growth. Moreover, the stringent regulatory requirements imposed by aviation authorities and governing bodies, which mandate insurance coverage, are bolstering the market growth. Additionally, the rising number of catastrophic events, such as natural disasters, acts of terrorism, and geopolitical tensions, is favoring the market growth. Furthermore, the expansion of emerging markets and the growing number of air passengers are creating a positive outlook for the market. Besides this, the trend of outsourcing aerospace manufacturing and maintenance services to lower-cost regions has increased the demand for insurance coverage, which, in turn, is boosting the market growth. Apart from this, the availability of innovative insurance solutions, such as parametric insurance and usage-based policies, and the escalating adoption of unmanned aerial vehicles (UAVs) in various industries, including agriculture, delivery services, and surveillance, are fueling the market growth.

Key Market Segmentation:

The publisher provides an analysis of the key trends in each sub-segment of the global aerospace insurance market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on type and application.
  • Life Insurance
  • Property Insurance
  • Others
The report has provided a detailed breakup and analysis of the global aerospace insurance market based on the type. This includes life insurance, property insurance, and others. According to the report, property insurance accounted for the largest market share.

Application Insights:

  • Service Providers
  • Airport Operators
  • Others
The report has provided a detailed breakup and analysis of the global aerospace insurance market based on application. This includes service providers, airport operators, and others. According to the report, airport operators accounted for the largest market share.

Regional Insights:

  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • Latin America
The report has also provided a comprehensive analysis of all the major regional markets, which include North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. As per the report, North America was the largest market for aerospace insurance. Some of the factors driving the North America aerospace insurance market included the rising importance of insurance coverage to mitigate losses and uncertainties arising from future crises, the availability of reinsurance options, and the inflating consumer per capita income.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global aerospace insurance market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include 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, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Questions Answered in This Report

1. What was the size of the global aerospace insurance market in 2022?
2. What is the expected growth rate of the global aerospace insurance market during 2023-2028?
3. What has been the impact of COVID-19 on the global aerospace insurance market?
4. What are the key factors driving the global aerospace insurance market?
5. What is the breakup of the global aerospace insurance market based on the type?
6. What is the breakup of the global aerospace insurance market based on the application?
7. What are the key regions in the global aerospace insurance market?
8. Who are the key players/companies in the global aerospace insurance market?
Frequently Asked Questions about the Global Aerospace Insurance Market

What is the estimated value of the Global Aerospace Insurance Market?

The Global Aerospace Insurance Market was estimated to be valued at $841.7 Million in 2022.

What is the growth rate of the Global Aerospace Insurance Market?

The growth rate of the Global Aerospace Insurance Market is 3.4%, with an estimated value of $1028.7 Million by 2028.

What is the forecasted size of the Global Aerospace Insurance Market?

The Global Aerospace Insurance Market is estimated to be worth $1028.7 Million by 2028.

Who are the key companies in the Global Aerospace Insurance Market?

Key companies in the Global Aerospace Insurance Market include Allevi Inc., Altis Biosystems, AxoSim, BiomimX S.r.l., Elveflow, Emulate Inc., InSphero, MIMETAS, Nortis Inc. and TARA Biosystems Inc..

Table of Contents

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Aerospace Insurance Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Breakup by Type
5.5 Market Breakup by Application
5.6 Market Breakup by Region
5.7 Market Forecast
6 Market Breakup by Type
6.1 Life Insurance
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Property Insurance
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Others
6.3.1 Market Trends
6.3.2 Market Forecast
7 Market Breakup by Application
7.1 Service Providers
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Airport Operators
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Others
7.3.1 Market Trends
7.3.2 Market Forecast
8 Market Breakup by Region
8.1 North America
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Europe
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Asia Pacific
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Middle East and Africa
8.4.1 Market Trends
8.4.2 Market Forecast
8.5 Latin America
8.5.1 Market Trends
8.5.2 Market Forecast
9 SWOT Analysis
9.1 Overview
9.2 Strengths
9.3 Weaknesses
9.4 Opportunities
9.5 Threats
10 Value Chain Analysis
11 Porter’s Five Forces Analysis
11.1 Overview
11.2 Bargaining Power of Buyers
11.3 Bargaining Power of Suppliers
11.4 Degree of Competition
11.5 Threat of New Entrants
11.6 Threat of Substitutes
12 Competitive Landscape
12.1 Market Structure
12.2 Key Players
12.3 Profiles of Key Players
12.3.1 Allianz SE
12.3.2 American International Group Inc.
12.3.3 Global Aerospace Inc.
12.3.4 Hallmark Financial Services Inc.
12.3.5 Marsh LLC
12.3.6 China Life Insurance (Overseas) Company Limited
12.3.7 Travers & Associates
12.3.8 Malayan Insurance
12.3.9 Axa S.A.
12.3.10 ING Group
12.3.11 Old Republic Aerospace
12.3.12 Hiscox Ltd.
12.3.13 Wells Fargo & Company
12.3.14 Avion Insurance
List of Figures
Figure 1: Global: Aerospace Insurance Market: Major Drivers and Challenges
Figure 2: Global: Aerospace Insurance Market: Sales Value (in Million US$), 2017-2022
Figure 3: Global: Aerospace Insurance Market: Breakup by Type (in %), 2022
Figure 4: Global: Aerospace Insurance Market: Breakup by Application (in %), 2022
Figure 5: Global: Aerospace Insurance Market: Breakup by Region (in %), 2022
Figure 6: Global: Aerospace Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 7: Global: Aerospace Insurance Industry: SWOT Analysis
Figure 8: Global: Aerospace Insurance Industry: Value Chain Analysis
Figure 9: Global: Aerospace Insurance Industry: Porter’s Five Forces Analysis
Figure 10: Global: Aerospace Insurance (Life Insurance) Market: Sales Value (in Million US$), 2017 & 2022
Figure 11: Global: Aerospace Insurance (Life Insurance) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 12: Global: Aerospace Insurance (Property Insurance) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: Global: Aerospace Insurance (Property Insurance) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Global: Aerospace Insurance (Other Types) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: Aerospace Insurance (Other Types) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Global: Aerospace Insurance (Service Providers) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: Aerospace Insurance (Service Providers) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: Global: Aerospace Insurance (Airport Operators) Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: Global: Aerospace Insurance (Airport Operators) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Global: Aerospace Insurance (Other Applications) Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Global: Aerospace Insurance (Other Applications) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 22: North America: Aerospace Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: North America: Aerospace Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: Europe: Aerospace Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: Europe: Aerospace Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: Asia Pacific: Aerospace Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: Asia Pacific: Aerospace Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 28: Middle East and Africa: Aerospace Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 29: Middle East and Africa: Aerospace Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 30: Latin America: Aerospace Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 31: Latin America: Aerospace Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
List of Tables
Table 1: Global: Aerospace Insurance Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Aerospace Insurance Market Forecast: Breakup by Type (in Million US$), 2023-2028
Table 3: Global: Aerospace Insurance Market Forecast: Breakup by Application (in Million US$), 2023-2028
Table 4: Global: Aerospace Insurance Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 5: Global: Aerospace Insurance Market Structure
Table 6: Global: Aerospace Insurance Market: Key Players

Companies Mentioned

  • 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

Methodology

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