Research Nester has released its report titled “Aerospace Insurance Market: Global Demand Analysis & Opportunity Outlook 2020-2027” that delivers detailed overview of the global aerospace insurance market in terms of market segmentation by insurance type, end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global aerospace insurance market comprises of two segments which are segmented by insurance type and end user. The market is estimated to register a robust CAGR over the forecast period (2020-2027). The airport operators falling under end user segment is estimated to hold a significant market share over the forecast period, owing to growth in the number of commercial airports taking place across various regions globally, which in turn is estimated to increase the demand for new aircrafts and airport operators which would require proper management of airports and aircrafts. These factors are anticipated to drive the demand for insurance coverage for the aircrafts and airports and is anticipated to drive the growth of the market over the forecast period.
The growth of the market is driven by various factors such as the rise in the number of air passengers observed across the globe. All regions are anticipated to increase their prosperity based on their dependence on air connectivity. IATA has predicted that the number of passengers travelling by aircraft are expected to double from the current numbers to reach 8.2 billion by 2037. China is the fastest growing aviation market with an annual additional O-D passengers of 1 billion for every 1.6 billion people. Further, United States and India follow behind with an annual addition of O-D passengers at 481 million passengers for a total of 1.3 billion people and 414 million new passengers for a total of 572 million respectively.
The global aerospace insurance market is segmented into five major regions comprising of North America, Latin America, Europe, Asia Pacific and Middle East & Africa. The market in Asia Pacific is anticipated to hold a significant market share over the forecast period, owing to the maximum number of commercial airports present in the region. Moreover, the region also attracts 37 percent of global passenger traffic which is the largest market share. All these factors are estimated to drive the growth of the market over the forecast period.
However, the growth of the global aerospace insurance market is hindered by various factors such as presence of low awareness levels and delays caused in many cases in rendering services to clients that can cause a lack of trust among clients and discourage them from investing in travel insurance products. These factors are anticipated to operate as major restraints to the growth of the market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global aerospace insurance market which includes company profiling of key companies such as Marsh & McLennan Companies, Inc. (NYSE: MMC), American International Group, Inc. (NYSE: AIG), Global Aerospace, Inc., Allianz SE (ETR: ALV), Arthur J Gallagher & Co. (NYSE: AJG), Axa SA (EPA: CS), Old Republic Aerospace, Inc., Willis Towers Watson PLC (NASDAQ: WLTW), Hallmark Financial Services, Inc.NASDAQ: HALL) and Hiscox Limited (LON: HSX). The outlining enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global aerospace insurance market that is expected to help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.