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Aviation Insurance Market Trends, Top Major Players, Key Insights, Share Analysis And Forecast To 2032
Aviation Insurance Market Analysis
The Business Research Company's Aviation Insurance Global Market Report 2023 identifies rise in air passenger traffic as the major driver for the aviation insurance market's growth in the forecast period. Air passenger traffic refers to all travelers using the airport, including those arriving and departing. It represents the number of individuals transported by commercial airlines or private aircraft on domestic and international flights. With increased air passenger traffic, airlines will be in great demand, which will require the use of aviation insurance to protect people within the aircraft and the owners of the aircraft from any aviation risks.
The global aviation insurance market is expected to grow from $4.04 billion in 2022 to $4.27 billion in 2023 at a compound annual growth rate (CAGR) of 5.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and resulted in increased interest rates affecting many markets across the globe. The aviation insurance market is expected to reach $5.24 billion in 2027 at a CAGR of 5.2%.
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Major competitors in the aviation insurance market are Allianz SE, AXA SA, American International Group Inc., Chubb Ltd., USAA Inc.(United Services Automobile Association), Marsh LLC, Aon plc, Willis Towers Watson Public Limited, Arthur J Gallagher And Co., Tokio Marine HCC, AssuredPartners Inc.
A key trend in the aviation insurance market includes innovation in aviation insurance. Major companies operating in the aviation insurance market are focused on developing innovative aviation insurance solutions to sustain their position in the market. For instance, in March 2023, HDI Global SE, a Germany-based insurance company, launched Aviation IQ, a new digital platform for general aviation in Canada. It is a new insurance platform that delivers end-to-end digital automation of general aviation insurance contracts that cover tiny fixed-wing aircraft used for personal travel or business. This innovative platform provides brokers with policy documents in a matter of minutes. Therefore, this powerful tool can help brokers and aircraft owners save time and money. Additionally, it is also a valuable resource for pilots, as it allows them to track their flight hours and mileage and adjust their insurance coverage as needed.
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The aviation insurance market is segmented -
1) By Insurance Type: Public Liability Insurance, Passenger Liability Insurance, Ground Risk Hull Insurance Not-In-Motion, Ground Risk Hull Insurance In-Motion, Combined Single Limit, In Flight Insurance
2) By Application: Commercial Aviation, Business And General Aviation, Other Applications
3) By End User Industry: Service Providers, Airport Operators, Other End User Industries
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the aviation insurance market.
The Business Research Company's "Global Aviation Insurance Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Aviation Insurance Market Include:
1. Executive Summary
2. Aviation Insurance Market Characteristics
3. Aviation Insurance Market Trends And Strategies
4. Aviation Insurance Market - Macro Economic Scenario
……
32. Global Aviation Insurance Market Competitive Benchmarking
33. Global Aviation Insurance Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Aviation Insurance Market
35. Aviation Insurance Market Future Outlook and Potential Analysis
36. Appendix
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