LONDON--(BUSINESS WIRE)--The global aerospace insurance market is expected to grow by USD 58.70 million as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period.

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The market is driven by the expansion and construction of new airports. In addition, the increase in air passenger traffic is anticipated to boost the growth of the aerospace insurance market.

Over the years, the aviation industry has witnessed a significant surge in passenger traffic. To avoid congestion in the existing airports and to cater to the growing passenger traffic, several countries especially in fast-growing regions of APAC, the Middle East, and Africa are significantly investing in the modernization and development of new airports. For instance, in January 2020, the Kempegowda International Airport in Bengaluru, India announced an investment of USD 1.7 billion for the infrastructural expansion of the airport. Many such investments in the expansion of airports are fueling the growth of the global aerospace insurance market.

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Major Five Aerospace Insurance Companies:

Allianz Group

Allianz Group operates its business through segments such as Property-Casualty, Life or Health, Asset Management, and Corporate and Other. The company offers customized policies covering all types of physical damage and liability for aerospace risks. It covers the entire spectrum of aerospace industry risk from niche suppliers to international Fortune 500 enterprises.

American International Group Inc.

American International Group Inc. operates its business through segments such as General Insurance, Life and Retirement, Other Operations, and Legacy Portfolio. The company offers support and customized insurance policies for airlines and unmanned aircraft.

Aon Plc

Aon Plc operates its business through segments such as Commercial Risk Solutions, Reinsurance Solutions, Retirement Solutions, Health Solutions, and Data and Analytic Services. The company offers aerospace insurance policies.

Arthur J. Gallagher & Co.

Arthur J. Gallagher & Co. operates its business through segments such as Brokerage, Risk Management, and Corporate. The company provides aviation and aerospace insurance coverage and risk solutions.

AXA Group

AXA Group operates its business through segments such as France, Europe, Asia, AXA XL, US, International, and Transversal and Central Holdings. The company provides insurance coverage to aviation industry, offering hull damage and third party liability to product liability.

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Aerospace Insurance Market End-user Outlook (Revenue, USD Million, 2020-2024)

Aerospace Insurance Market Geography Outlook (Revenue, USD Million, 2020-2024)

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