What is Aviation InsuranceMarket?
Aerospace insurance provides liability and coverage against the damages or crashes of aircraft that occur due to the weather or other problems. Rising accidents from Boeing 737 Max and rapidly increasing air travel after the pandemic will boost the market. Most aviation insurance covers repairs or replacements of damaged aircraft and parts and liability claims from injury or loss of life.
Aviation Insurance Market Report Coverage
Report Coverage | Details |
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Study Timeframe | 2018 to 2030 |
Base Year | 2023 |
Growth Drivers | - Increasing Hangar Rash and Other Ground Incidents in the Commercial Aviation Industry
- Surging Demand for Aviation Insurance in the Commercial Aviation to Protect Passengers and Coverages against Ground Risk Hull
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Challenges & Pitfalls | - The Presence of Number of MAjor Players in the Global Market May Create Challenges for the New Entrances
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Opportunities
Increasing Number of Claims Due to Collision and Crashes Will Create Significant Opportunities
Restraints
- Coronavirus Crises Across the Globe May Impact the Aviation Insurance Market
- High Cost of Reinsurance, Liability Limits, and Reduced Coverages
The Players Covered in the Study are:
Allianz Global Corporate and Specialty (Germany), AXA S.A. (France), Chubb Limited (Switzerland), Munich Re (Germany), Zurich (Switzerland), Marsh (United States), American International Group (United States), HDFC ERGO (India), Aon plc (United Kingdom), Gallagher Insurance (United States), BWI Aviation Insurance (United States), Global Aerospace, Inc. (United States), Great American Insurance Group (United States) and Tokio Marine HCC (United States)
Market Development Activities
On January 2020, AXA XL merged AXA Corporate Solutions (ACS) and AXA ART into XL Insurance Company SE (XLICSE). The merger has been approved by the relevant regulatory authorities, including the Central Bank of Ireland and the High Court of Ireland. After AXA acquired XL Group Ltd, it was decided to merge ACS and AXA ART into XLICSE.
In January 20023. Chubb has appointed Chris Collins as Airline Director for Chubb Global Markets (CGM). Chubb is the company's London market wholesale and specialty business, including Lloyd's platform. In this role, Collins is responsible for leading the development and management of the CGM Airline portfolio. Collins joined Chubb from AIG where she served as International Head of Aviation and Deductibles from March 2022. Prior to that, he worked for an insurance company as Head of British Aerospace for three years. Collins has over 25 years of experience in aviation insurance and has held various roles on the broker and insurer side.