Financial Services & Insurance Research News

New report: Global aerospace insurance market forecast from 2017 to 2022

New report: Global aerospace insurance market forecast from 2017 to 2022

Aerospace insurance covers airports, manufacturers of aircraft and parts, and service providers against any damage, loss, or liability in return of a premium.

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Overview of the global aerospace insurance market

 market research analyst predicts that the global aerospace insurance market will witness a slight decline in its growth rate until 2017 due to the declining premium prices. However, from 2018, this market will grow steadily due to the growing aerospace industry and the procurement of new aircraft and will generate revenues of around USD 3 billion over the forecast period.

In terms of premiums, the global aerospace insurance market has been declining in recent years due to the soft market conditions in the airport and aircraft manufacturing sectors across the globe.

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However, with the sustained global economic recovery, it is expected that the fleet will become technologically advanced and safer. Moreover, the insurers will be able to generate appropriate insurance premium volumes even though there will be average rate reductions.

With the market expecting to get the much-needed support from the establishment of new airports and launch of new airlines, insurance companies will gain additional opportunities in several countries across the world like China.

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Factors such as increased time for security checks, lengthy delays, frequent cancellations, and routes have prompted several corporate travelers to opt for non-airline aviation services. These business travelers who avail charter flights are often insured, and the cost is included in the ticket price.

Several large corporations are procuring and using their aircraft, which has increased the number of corporate jet deliveries by over 40%. Business travelers and high net worth individuals (HNWI) are buying flight cards offered by charter aircraft companies like NetJets, which is consequently aiding in the growth of business jets insurance market.

Competitive landscape and key vendors

Due to the presence of several vendors, the global aerospace insurance market is extremely competitive. Many insurance companies are using social media platforms to target potential customers because such strategies are cost-effective, helps to extend market share, and expand their brand awareness.

Social data helps carriers to comprehend customers’ behavior in a better way and lowers their risk profiles. Some of the leading carriers deploy data-driven strategies to detect fraudulent claims and prioritize resources on cases that need attention.

Social media marketing enhances the effectiveness and reach of various campaigns and improves their advertising-to-premium ratios. In 2015, many aircraft companies increased their advertising expenditure by an average of over 16% to sustain themselves in the intensely competitive market landscape.

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