About Aircraft Insurance
Aircraft insurance provides liability and property coverage for aircraft. Aircraft Insurance is in high demand due to claims or suits that generate from the ownership, maintenance, or in forms of commercial general liability. The private aircraft majorly need aircraft insurance to cover their aircraft liability loss exposure. The insurance includes physical damage, medical payments coverages. The type of amount of premium depends upon the in which purpose aircraft is being used. Few Insurance companies also offer insurance services for rented aircraft rather than owned.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The market is fragmented by key vendors who are focusing on production technologies, improving efficiency and shelf life. Growth opportunities can be captured by tracking the ongoing process improvement and financial flexibility to invest in optimal strategies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Aircraft Insurance market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
ERGO Group (Germany), Avion Insurance (United States), Allianz (Germany), AXA XL (Bermuda), AssuredPartners Aerospace (United States), BankBazaar (India), Avemco Insurance Company (United States), QBE Insurance (Australia), Hayward Aviation (United Kingdom), Global Aerospace (England) and Travers & Associates Aviation Insurance Agency, LLC (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Aviation Insurance Resources (United States), USAA (United States), Falcon (United States), Berkley Aviation, Starr Aviation and Travelers Aviation.
Segmentation Overview
AMA Research has segmented the market of Global Aircraft Insurance market by Type (In-Flight Insurance, Ground Risk Hull (Non-Motion) Insurance, Ground Risk Hull (Motion) Insurance, Public Liability Insurance, Passenger Liability Insurance and Combined Single Limit), Application (Rail Freight, Road Freight, Ocean Freight and Aviation Freight) and Region.
On the basis of geography, the market of Aircraft Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Aircraft, the sub-segment i.e. Standard Aircraft will boost the Aircraft Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising Passenger and Freight Traffic across the World
Market Growth Drivers:
Increasing Demand Safe Transfer of Goods and Cargo in Freighter Aircraft, Increasing Air Traffic & Concerns to Enhance Operational Efficiency and Rising Incidence of Terrorist Attacks
Challenges:
Issue Related To Hard Insurance Market Characteristics
Restraints:
Issue Related To Import/Export Trade and Tariff
Opportunities:
Rising Investment in the Airline Sector by the Government and Growing Airline Industry Globally
Market Leaders and their expansionary development strategies
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In Jul 2019, ERGO International AG revealed that it sold four more group subsidiaries to the Euroins Insurance Group. These new sales are for life and non-life subsidiaries in Romania and the Czech Republic.
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Aircraft Insurance Service Providers, Raw Material Suppliers, Government Regulatory and Research Organizations and End-Use Industries
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.