This report focuses on the global Aviation Insurance Market status, future forecast, growth opportunity, key market and key players. This information is extremely useful information for new and growing company to mark themselves over the market.
— Aviation insurance covers the risks related to the aviation industry and the technical operation of aircraft. It provides insurance against property and liability of an aircraft. Aviation insurance covers losses due to maintenance, property damage, injury to passengers, and loss of cargo. It is specially designed to protect owners and operators of the aircraft from unpredictable losses. There are automated systems in airports for functions like check-in, baggage handling, and others. Moreover, aviation insurance covers liabilities such as passenger injuries, injuries because of accidents, aviation product liability, baggage liability, and delays.
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The global aviation insurance market is expected to grow at a CAGR of 6.0% during the forecast period. Numerous airports are getting constructed to manage the rising traffic of air passengers. The growing demand for modern services, advances in technology, and the increasing number of airports are accelerating the demand for the global aviation insurance market. There are several economies that are investing in the development of airports to cater to the rising passenger traffic. The industry is facing challenges due to the lack of awareness about the aviation insurance and delayed services. The further demand for the market will increase because of the increased underwriting capacity.
The global aviation insurance market is segmented on the basis of the type of insurance and end-use industry. Based on the insurance type, the segment is categorised as Public Liability Insurance, Passenger Liability Insurance, Combined Single Limit, Ground risk hull insurance not-in-motion, Ground risk hull insurance in-motion, and In-flight Insurance. The end-use industry is further categorised as service providers, airport operators, and others.
On the basis of region, the market for aviation insurance is segmented as North America, Europe, Asia Pacific, Latin America and Middle East Asia. The Asia-Pacific region is expected to witness growth with a high CAGR during the forecast period, owing to the rising investment in airport construction, expansion of airports, and rising passenger traffic. In addition to these, the demand for travel insurance rises due to the increasing expenditure on recreational activities and international vacations, thereby accelerating the demand for aviation insurance.
The major players in the aviation insurance market are Allianz, American International Group, Avion Insurance, Global Aerospace, Hallmark Financial Services, MARSH, Wells Fargo, Willis Towers Watson, XL Catlin, Hiscox London Market, and others. Various strategies such as mergers and acquisitions, partnerships, and joint ventures are being carried out by the players to expand their business and gain a higher market share. For instance, in 2018, Marsh & McLennan Companies, Inc., a New York-based company dealing in insurance business and other services, acquired JLT, an insurance and reinsurance provider, in order to increase their customer base and generate revenues.
Major Points from Table of Contents
Chapter 1 Preface
Chapter 2 Executive Summary
Chapter 3 Market Dynamics
Chapter 4 Global Aviation Insurance Market, by Insurance Type
Chapter 5 Global Aviation Insurance Market, by End-use Industry
Chapter 6 Global Aviation Insurance Market, by Region
Chapter 7 Competitive Intelligence
Chapter 8 Company Profiles
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