Aircraft Insurance Market Industry Perspective, Segments, Report Overview, Comprehensive Analysis, Forecast 2030

Market Research Future Insights

The Global Aircraft Insurance Market is estimated to be worth USD 16.84 Billion by 2030, registering a 2.78% CAGR during the forecast period (2022- 2030).

Aircraft Insurance Market refers to indemnifying clients against any losses that could arise due to damages, use, or maintenance of aircraft, as well as hangars at the airport. Additionally, it provides coverage for any damage to the aircraft, personal injury, and property damage. Aircraft insurance or aviation insurance generally covers the replacement or repair of damaged parts of the aircraft. Aircraft insurance protects aircraft from liability and property damage. Aviation insurance, also known as aircraft insurance, is available for a diversity of planes, including regular, experimental, and vintage planes, as well as seaplanes. Aviation insurance providers expect aircraft owners a pre-decided premium at regular intervals based on the size of operations, air traffic data, and the number of airlines that use the airport’s services. Different aviation insurance plans provide various options tailored to each customer’s individual or personalized demands.

Revenue growth of the worldwide aviation insurance market is significantly driven by the growing number of passengers choosing air travel in recent years, for which air traffic is boosting across the globe. In addition, arising countries are creating and expanding their current airport terminals to meet the rising demand for airline services. As a result, massive airport expansion, which includes automated baggage handling and self-check-ins, is taking place. Augmented spending on overseas travel and vacations is similarly attracting more airline consumers. Climate change, equipment failure, and collisions are some reasons that can cause accidents and damage to people and their equipment during air travel, which is anticipated to boost market revenue growth further. Construction of new airports and growing capacity of the existing ones, and culturing space exploration activities are factors awaited to continue to open up promising business opportunities for considerable players and new entrants in the market.

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Regional Analysis
The Global Aircraft Insurance Market is divided into five regions: North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

The Asia-Pacific aviation insurance market is anticipated to register the fastest growth in CAGR over the forecast period. Accelerated urbanization and the presence of manufacturing plants of established firms, especially in developing nations in the region including India, China, Malaysia, and Indonesia, are resulting in augmented traveling by the working population.

The aviation insurance market in North America is estimated to register vigorous growth in revenue over the forecast period, owing to the presence of dominant industry players in the region.

Europe will be another significant market for aircraft insurance in the coming years, given the expansive pool of esteemed aircraft manufacturers including Airbus SAS in the region.

Market Segmentation

The Global Aircraft Insurance Market is segmented into the following types;

By Application

• Commercial Aviation
• Business & General Aviation

By End-user

• Airlines
• Airports

Key Players
The Global Aircraft Insurance Market’s prominent key players are Allianz (Germany), MARSH LLC (US), Willis Towers Watson (UK), Ace Aviation (US), Old Republic Aerospace (US), STARR INTERNATIONAL COMPANY INC. (US), American International Group Inc. (US), Malayan Insurance (Malaysia), Chubb (US), Tokio Marine HCC (US), Berkshire Hathaway Inc. (US), Santam Insurance (South Africa), Gallagher (US), Global Aerospace Inc. (US), Munich Re (Germany), AXA (France).

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