New Study Report “Aircraft Insurance Market 2019 Global Market Opportunities, Challenges, Strategies and Forecasts 2025” Added on Wiseguyreports.com.
Introduction/Market Overview:
Global Aircraft Insurance Market Size, Status and Forecast 2019-2025
With the ever-evolving economy, several people have shifted to the upper-middle-class category. This, in turn, has led in demand for various goods and services which were otherwise not accessible. One such industry that has benefitted the most is the global aircraft insurance market. The rise in the fleet, coupled with rapid globalization, has helped the industry grow by leap and bound in recent years. This, in turn, has forced the operators to adopt solutions for all things possible.
When it comes to aircraft insurance, the industry is affected by several factors. Aircraft insurance contains a wide range of options and hence helps operators. The insurance covers significant as well as minor damages. On the other hand, even the maintenance charges are covered by the current policies. This ensures that the industry grows profoundly all across the globe. Most airlines do charge a minor amount for the same and hence end up providing affordable solutions to the industry.
Aircraft insurance has very few or no complications at all. The industry is expected to grow at a compound annual growth rate of 6%. However, most modern planes come with almost negligible chances of faults, and hence, the operators end up paying more premiums that they can recover. However, stringent laws on the same have worked out in favor of the aircraft insurance industry, and the industry is expected to proliferate further in the next few years. The rise in the number of people preferring to travel through the industry has helped the industry grow by leap and bound.
Important Key Players Analysis: Allianz, Starr International, Marsh, AIG, Berkshire Hathaway, AXA, Chubb, Munich Re, Ace Aviation, Santam Insurance, Old Republic Aerospace, Inc. (ORAE) and more.
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Segmentation
The global aircraft industry can be segmented into several segments, with each section playing a crucial role in the growth of the sector. These segments deliver a clear picture of the industry, allowing one to have an unbiased opinion on the same. Two significant factors based on which the industry can be segmented into are the product type and the end-user. Based on end-user, the industry is segmented into private aircraft insurance and commercial aviation insurance. On the other hand, based on the product, the aircraft industry can be segmented into public liability insurance, ground risk hull (motion) insurance, ground risk hull (non-motion) insurance, passenger liability insurance, and combined single limit (CSL).
Regional Overview
Aircraft insurance has a global presence and has the lion share in the United States. The presence of a large number of the personal fleet has helped the industry grow by leap and bound in the region. On the other hand, the Middle East presents a lucrative option too. The presence of a large number of carriers has helped the industry grow by leap and bound has been the primary driver of growth. In the Asia Pacific region, Southeast Asia acts as the most critical market.
Key Stakeholders
Aircraft Insurance Manufacturers
Aircraft Insurance Distributors/Traders/Wholesalers
Aircraft Insurance Subcomponent Manufacturers
Industry Association
Downstream Vendors
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Industry News
A piece of recent news highlights the growth of the air ambulance and the challenges that the industry has been facing. There is an intense push from the healthcare industry to keep the pricing in limit while the companies face draconian insurance policies from the aircraft insurance industry.
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