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London, 25 February 2015: TechNavio, an independent tech-focused global research firm, has announced the publication of its market research report on the Global Aerospace Insurance Market 2015-2019. The market is witnessing fierce competition among existing and new underwriters with the revival of the global economy and an increase in the number of airports and new airline companies. Underwriters are competing for the opportunity that exists among several airport operations, such as ground handling and aircraft fueling. The overall market is expected to grow at a CAGR of – 7.20 percent during the forecast period of 2014-2019.
Globally, the annual aerospace insurance premiums are expected to fall during the forecast period. One of the main reasons for this is the relatively low number of insurance claims. There have been fewer accidents because of advances in technology, improved pilot training standards, better risk analysis and management. Hence, the Aerospace Insurance sector has become attractive to underwriters worldwide and, as a result, competition has risen and affected prices.
“Aviation liability covers liability arising out of ground handling, passenger injuries, baggage liability, delays, injuries because of accidents, and aviation product liability. One of the major factors effecting the Global Aerospace Insurance market is the fall in the number of insurance claims,” says Faisal Ghaus, Vice President of TechNavio Research.
“Ongoing improvements in safety features and improvements in technology have ensured more rigorous testing of parts, leading to a reduction in the number of accidents, thus reducing insurance claims.”
To define the market conditions in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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