What is Aviation Insurance for General Aviation?
Aviation insurance for general aviation is insurance coverage that is tailored specifically to aircraft operations and the risks associated with aviation. Aviation insurance plans differ from those used for other modes of transportation in that they include aviation definitions of words as well as terminology, limits, and clauses unique to aviation insurance. Insurance coverage for claims and losses resulting from the ownership, maintenance, or use of aircraft, hangars, or airports, such as aircraft damage, personal injury, and property damage. General Aviation Insurance is a collection of insurance products that cover physical damage to aircraft as well as liability to third parties for the operation of aircraft with fewer than 50 seats. AIG's General Aviation Solution provides Canadian aircraft owners, operators, and corporate clients with cost-effective, flexible hull and obligation coverage. AIG offers innovative programs and coverage to meet the needs of commercial and business aviation operations across Canada, as well as municipal governments, non-owned aircraft, and light aviation risks. Independent aircraft owners and operators, certain types of commercial enterprises, non-airline-served airports, and aerial applicators may be included.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Global Aerospace (United Kingdom), AIG (United States), AXA Xl (United States), Aerospace Insurance Managers (United States), Great American (United States), London Aviation (United Kingdom), Old Republic (United States), Starr Aviation Insurance (China), USSIC Aviation (United States) and USAIG (United States) |
The study covers a detailed analysis segmented by key business segments i.e. by type (In-Flight Insurance, Ground Risk Hull (Non Motion) Insurance, Ground Risk Hull (Motion) Insurance, Public Liability Insurance and Passenger Liability Insurance) , by application (Commercial, Defense, General Aviation and Others) and major geographies. Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global Aviation Insurance for General Aviation market throughout the predicted period.
The competition is expected to become even more intense in the years to come due to the entry of several new players in the market. To help clients improve their revenue shares in the market, this research study provides an in-depth analysis of the markets competitive landscape and offers information on the products offered by various leading companies. Additionally, this Aviation Insurance for General Aviation market report suggests strategies that Vendors can follow and highlights key areas they should focus on, in order to take maximum benefits of growth opportunities.
The report offers several leading Vendors, some of them are Global Aerospace (United Kingdom), AIG (United States), AXA Xl (United States), Aerospace Insurance Managers (United States), Great American (United States), London Aviation (United Kingdom), Old Republic (United States), Starr Aviation Insurance (China), USSIC Aviation (United States) and USAIG (United States).
Market Overview:
On 19th May 2021, Newfront Insurance has expanded its offerings by acquiring sector specialist Aviation Marine Insurance Services (AMIS).
UK Regulation to access current UK civil aviation regulations, including AMC and GM, and CAA regulatory documents. Please keep in mind that if you use the information and guidance under the headings, the references to EU regulations or EU web pages in our guidelines will not provide an appropriate characterization of your obligations under UK law.
Companies are entering the market through mergers and acquisitions, expansions, investments, new service launches, and collaborations. The players are expanding into new geographic locations through acquisitions and expansions to gain a competitive benefit through consolidated complementary.
Influencing Trend:
Growing Popularity for Tracking Cargos among Shippers and Acceptance of Aviation Insurance for General Aviation Globally
Market Growth Drivers:
Growing Air Passenger Traffics and Stringent Government Regulations Pertaining to Aircraft and Passenger Safety
Challenges:
Presence of Number of Major Players in the Global Market May Create Challenges for the New Entrances and Issue Related to Hard Insurance Market Characteristics
Restraints:
Coronavirus Crises across the Globe May Impact the Aviation Insurance for General Aviation Market and High Cost of Reinsurance, Liability Limits, and Reduced Coverages
Opportunities:
Increasing Number of Claims Due to Collision and Crashes Will Create Significant Opportunities and Rapid Growth of the Aviation Insurance Industry in Emerging Economies
Key highlights of the Global Aviation Insurance for General Aviation market Study:
CAGR of the market during the forecast period 2021-2027
In-depth information on growth factors that will accelerate the Aviation Insurance for General Aviation market in next few years.
Detailed Insights on futuristic trends and changing consumer behavior
Forecast of the Global Aviation Insurance for General Aviation market size and its contribution to the parent market by type, application and by country.
A broad view of customer demand
Uncover markets competitive landscape and in-depth information on various Vendors
Comprehensive information about factors that will challenge the growth of Aviation Insurance for General Aviation Vendors
Transformation and Important Triggers:
Business transformation has taken hold across the broad corporate landscape due to the confluence of several important triggers, including:
A tipping point in globalization
A major slowdown in Western economies
Significant shifts in technology and cost structure
The challenges of regulatory compliance
New forms of competition developing
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Aviation Insurance for General Aviation market.
In order to reach an exhaustive list of functional and relevant players, various industry classification standards are closely followed such as NAICS, ICB, and SIC to penetrate deep into important geographies by players, and a thorough validation test is conducted to reach the most relevant players for survey in Aviation Insurance for General Aviation market.
In order to make a priority list sorting is done based on revenue generated based on the latest reporting, using paid databases such as Factiva, Bloomberg, etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment> by targeting key target audience that includes New Entrants/Investors, Analysts and Strategic Business Planners, Aviation Insurance for General Aviation Suppliers & Distributors, Venture Capitalists and Private Equity Firms, Reinsurance Service Providers and Insurance Brokers, Government Bodies, End-Users and Others.
This helps us to gather the data for the players revenue, operating cycle and expense, profit along with product or service growth, etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that include Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, Annual reports, press releases, etc.