Global Aerospace Insurance Market to Reach USD 1,157.5 Million by 2033, Facilitated by Rising Passenger Traffic

January 16, 2025 | Aerospace and Defense

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According to the latest report by IMARC Group, titled “Aerospace Insurance Market Report by Type (Life Insurance, Property Insurance, and Others), Application (Service Providers, Airport Operators, and Others), and Region 2025-2033,” the global aerospace insurance market reached a value of USD 896.5 Million in 2024. Aerospace insurance is a type of coverage that is designed for airport operators and aviation service providers. The insurance provider generally levies a premium amount from aircrafts owners at regular intervals based on the air traffic data, size of their operations and the number of airlines that utilize the airport services. Aerospace insurance plays a vital role in covering losses and protecting the aircraft business, passengers, pilots, crew and cargo from damage caused by accidents, war or terrorist activities.

Global Aerospace Insurance Market Trends:

Over the past few years, the aerospace insurance industry has witnessed growth on account of the rising passenger traffic, along with substantial investments in the construction of new airports, as well as renovation and expansion of existing airports. In line with this, airlines and aircraft lessors are encouraging governments to waive off insurance premiums so as to mitigate the negative impact of the disease. Aerospace insurance providers are also working with airlines to maintain coverage and other operations. Over the long term, the market is expected to witness a revival with significant improvements in services once the global situation resumes normal functioning. Looking forward, the market value is projected to reach USD 1,157.5 Million by 2033, exhibiting a CAGR of 2.88% during 2025-2033.

Market Summary:

Based on the type, the market has been segmented into life, property and other types of insurance.
On the basis of the application, the market has been segregated into service providers, airport operators and others.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
The competitive landscape of the market has been examined, with some of the key players being Allianz SE, American International Group Inc., Avion Insurance, Axa S.A., China Life Insurance (Overseas) Company Limited, Global Aerospace Inc., Hallmark Financial Services Inc., Hiscox Ltd., ING Group, Malayan Insurance, Marsh LLC, Old Republic Aerospace, Travers & Associates and Wells Fargo & Company.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2024
Historical Period	2019-2024
Forecast Period	2025-2033
Units	Million USD
Segment Coverage	Type, Application, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered	Allianz SE, American International Group Inc., Avion Insurance, Axa S.A., China Life Insurance (Overseas) Company Limited, Global Aerospace Inc., Hallmark Financial Services Inc., Hiscox Ltd., ING Group, Malayan Insurance, Marsh LLC, Old Republic Aerospace, Travers & Associates and Wells Fargo & Company
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Global Aerospace Insurance Market to Reach USD 1,157.5 Million by 2033, Facilitated by Rising Passenger Traffic

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