Emerging Trends in Aviation Insurance Market to Reflect Massive Expansion By 2023: Allianz, Global Aerospace, MARSH, Wells Fargo

The aviation insurance provides insurance to the products and services related to the aviation industry. It covers risks related to the property and liability for aircraft and also those related to the maintenance of the aircraft. The insurance covers the injuries caused to the passengers travelling in a plane when the policy holder is operating the plane. The aviation insurance can be depending upon the type of aircraft and possible related risks.

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Aviation insurance covers losses due to maintenance, property damage, injury to passengers, and loss of cargo. It is specially designed to protect owners and operators of the aircraft from unpredictable losses. There are automated systems in airports for functions like check-in, baggage handling, and others. Moreover, aviation insurance covers liabilities such as passenger injuries, injuries because of accidents, aviation product liability, baggage liability, and delays.

The growing demand for modern services, advances in technology, and the increasing number of airports are accelerating the demand for the global aviation insurance market. The global aviation insurance market is expected to grow at a CAGR of 6.0% during the forecast period. The further demand for the market will increase because of the increased underwriting capacity.

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The global aviation insurance market is segmented on the basis of the type of insurance and end-use industry. Based on the insurance type, the segment is categorised as Public Liability Insurance, Passenger Liability Insurance, Combined Single Limit, Ground risk hull insurance not-in-motion, Ground risk hull insurance in-motion, and In-flight Insurance. The end-use industry is further categorised as service providers, airport operators, and others.

On the basis of region, the market for aviation insurance is segmented as North America, Europe, Asia Pacific, Latin America and Middle East Asia. The Asia-Pacific region is expected to witness growth with a high CAGR during the forecast period, owing to the rising investment in airport construction, expansion of airports, and rising passenger traffic. In addition to these, the demand for travel insurance rises due to the increasing expenditure on recreational activities and international vacations, thereby accelerating the demand for aviation insurance.

The major players in the aviation insurance market are Allianz, American International Group, Avion Insurance, Global Aerospace, Hallmark Financial Services, MARSH, Wells Fargo, Willis Towers Watson, XL Catlin, Hiscox London Market, and others. Various strategies such as mergers and acquisitions, partnerships, and joint ventures are being carried out by the players to expand their business and gain a higher market share. For instance, in 2018, Marsh & McLennan Companies, Inc., a New York-based company dealing in insurance business and other services, acquired JLT, an insurance and reinsurance provider, in order to increase their customer base and generate revenues.

Major Points from Table of Contents
Chapter 1 Preface
Chapter 2 Executive Summary
Chapter 3 Market Dynamics
Chapter 4 Global Aviation Insurance Market, by Insurance Type
Chapter 5 Global Aviation Insurance Market, by End-use Industry
Chapter 6 Global Aviation Insurance Market, by Region
Chapter 7 Competitive Intelligence
Chapter 8 Company Profiles

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