Global Aircraft Insurance Market.
Market Forecast
Global Aircraft Insurance Market is projected to register a CAGR of 5.77% during the review period from 2020 to 2026.
The global aircraft insurance market is expected to grow owing to factors such as the growing air passenger traffic and the high cost of aircraft repair. Furthermore, the development of new airports is also driving the market growth.
Additionally, the recent occurrence of the COVID-19 pandemic has also impacted the growth of the market. According to the International Air Transport Association (IATA), the global air transport industry is expected to witness global revenue losses for the passenger business between USD 63 billion and 113 billion in 2020 owing to the ongoing COVID-19 pandemic. Hence, aircraft insurance enables airline operators and other end-users to reduce the losses incurred. Moreover, the growing adoption of advanced technologies such as blockchain, the Internet of Things (IoT), and artificial intelligence (AI) to smoothen operations is also expected to drive the global aircraft insurance market.
However, expensive aviation insurance claims and asset recovery risk associated with airline bankruptcy might hamper the growth of the market.
Market USP
Rising air passenger traffic and high cost associated with aircraft development and repair are increasing the demand for aircraft insurance.
Growth Opportunities in the Market
The commercial aviation segment is expected to be the fastest-growing: The commercial aviation segment is expected to register the higher CAGR during the forecast period of 2020 to 2026. Increasing air passenger traffic across the globe and the rising demand for new aircraft is driving the growth of the segment. Furthermore, stringent government regulations pertaining to aircraft and passenger safety is also encouraging commercial airline operators to invest in aircraft insurance.
Airlines segment expected to register the highest CAGR: The airline's segment is expected to register the highest CAGR during the forecast period from 2020 to 2026 owing to multiple risks involved in operating the airlines such as accidents, flight delays, passenger injuries, and others. To reduce the losses incurred the airline operators invest in aircraft insurance.
Key Players
Allianz (Germany)
STARR INTERNATIONAL COMPANY, INC. (US)
MARSH LLC (US)
American International Group, Inc. (US)
Berkshire Hathaway Inc. (US)
AXA (France)
Chubb (US)
Munich Re (Germany)
Ace Aviation (US)
Santam Insurance (South Africa)
Old Republic Aerospace (US)
Tokio Marine HCC (US)
Global Aerospace, Inc. (US)
Gallagher (US)
Willis Towers Watson (UK)
Malayan Insurance (Malaysia)
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