Industry Background:
The aerospace industry is constantly transforming. Companies are focusing on the development of cost-effective and innovative insurance programs. Aerospace insurance refers to insurance coverage that is meant specifically for the risk involved in the operation of aircraft. The specifications of an aviation insurance policy are normally the same as those of other insurance policies, but the particular eliminations and approvals are exclusive to the aviation risk. The aerospace insurance market has high growth prospects owing to an increasing number of airports across the globe and government initiatives to improve travel rules and regulations.This growth is primarily driven by Increasing Unusual Events Such As Natural Disasters and Terrorist Attacks
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Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Volume Unit | N |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Aerospace & Defense sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Manufacturers, such as American International Group (United States), Allianz (Germany), Aon (United Kingdom), Marsh (United States), Old Republic Aerospace (United States), Hallmark Aerospace Insurance Managers (United States), Arthur J. Gallagher & Co (United States), Global Aerospace (Canada), Hiscox London Market (United Kingdom) and Wells Fargo (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
3rd June 2019, Gallagher provider of risk management, insurance, and consulting services acquired Jardine Lloyd Thompson Group plc’s (JLT), wholesale insurance broking and aerospace retail operations.
14th October 2019, MS Amlin provider of insurance cover to commercial enterprises and others confirms exit from the aviation insurance market.Aerospace Insurance market companies operating in these industries are focusing more on efficient growth, improvement of operational efficiency and productivity, achieving high safety standards, and focusing on maintaining sustainable development. The market is highly competitive with a few players occupying the major share. The key players are highly focused on developing and innovating new strategies to maintain their market position and customer base. The companies are coming up with partnerships or agreements along with planning strategic activities such as partnerships, product launches, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
Regulatory Insights:
“The Secretary of Transportation under 49 U.S.C. § 44301, et seq., may provide insurance and reinsurance against loss or damage arising out of any risk from the operation of an American aircraft or foreign-flag aircraft. Moreover, The Secretary of Transportation may provide insurance without premium, if the Secretary of Defense or the head of a Department, Agency, or instrumentality of the U.S. government agrees to indemnify the Secretary of Transportation against all losses covered by the insurance.”
Influencing Trend:
Growing Number of Passengers Selecting for Air Travel
Market Growth Drivers:
Increasing Unusual Events Such As Natural Disasters and Terrorist Attacks and Government Initiatives to Improve Travel Rule and Regulation
Challenges:
Lengthy Claim Settlement Process and Lack of Awareness about Aerospace Insurance
Restraints:
Lack of Transparency Associated with Insurance Policies and Stringent Government Regulations Regarding Aerospace Insurance
Opportunities:
Increasing Number of Airports across Globe and Growing Demand from the Developing Economies
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Manufacturers landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Aerospace Insurance Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Aerospace Insurance Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Aerospace Insurance players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Aerospace Insurance Study Sheds Light on
The Aerospace Insurance Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Aerospace Insurance industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Aerospace Insurance industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.