Key vendors to leverage marketing strategies to keep pace with the high competition in the global market
Technavio, a company that develops over 2000 pieces of research every year and covers more than 500 technologies across 80 countries, has announced the top five leading vendors for the global aerospace insurance market in their latest research report. This report also lists eight other prominent vendors who are expected to contribute to this market’s growth between 2016-2020.
To identify the top vendors, Technavio’s market research analysts have taken into account the revenue generated by the sales of aerospace insurance in the global market.
This Technavio report, under the aerospace components vertical, is based on the synthesis, analysis, and interpretation of information about the global aerospace insurance market collected from specialized sources. The analysts have derived insights using a mix of primary and secondary research with an aim to provide a holistic picture of the market.
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Competitive vendor landscape
The global market for aerospace insurance is highly competitive in nature owing to the presence of several vendors in the market space. Vendors compete on the basis of cost, quality, reliability, and aftermarket services. Providing cost-effective and high-quality services is imperative for vendors to keep pace with the intense competition in the market. Vendors are currently focusing on expanding their global footprint, product offerings, and a strong client base to gain an edge over their peers. They are also seeking means to improve product plans through brand positioning or sales approach to gain market shares.
“There have been a reduction in the number of accidents due to the advances in technology, improved pilot training standards, better risk analysis and management, effectual automation and control, and ongoing improvements in safety features. Improvement in technology ensures more rigorous testing of parts, leading to a reduction in the number of accidents, thus reducing insurance claims. This, in turn, has resulted in reduced insurance premium levels for airline insurance buyers and aviation manufacturing insurance buyers,” says Avimanyu Basu, a lead analyst at Technavio for aerospace components.
Top five vendors in the aerospace insurance market space
Allianz
Allianz, through its subsidiary Allianz Global Corporate and Specialty, serves the aerospace insurance market. Allianz Global Corporate and Specialty offers specialist risk solutions to specialist challenges; captive insurance solutions; insurance coverage for general aviation, airports, airlines, and manufacturing risks; claims services; space insurance and satellite insurance; and others.
Key products: General aviation insurance, Commercial Platinum Plus, and Airports and facilities insurance.
American International Group (AIG)
American International Group provides insurance and risk management solutions for airlines, aircraft operations, and aerospace facilities. In the global aerospace insurance market, AIG offers services such as Aerospace Products Liability, Aerospace WorldSource, Airports, Ground Handlers, and Service Providers Liability, Airlines insurance, Aviation Workers Compensation, and General Aviation.
Key products: Aerospace Insurance, Airlines insurance and major risks, and General aviation insurance.
Aon
Aon is a provider of risk management services, insurance and reinsurance brokerage, human resources consulting solutions, and outsourcing services. It has a strong operational network of subsidiaries. Some of the subsidiaries are Access Plans, Alexander Reinsurance Intermediaries, Allied North America Insurance Brokerage of Texas, Aon Advisory Services, Aon Capital Managers, and Aon Services Group located across the US, APAC, and EMEA.
Key products: Airline Insurance and Unmanned Aircraft Solutions.
Hallmark Aerospace Insurance Managers
Hallmark Aerospace Insurance Managers offers coverage for private and commercial aviation aircraft, fixed-base operations and other aviation facilities, and private and public airports. It also provides necessary coverage, sound coverage, prompt and accurate policy delivery, consistent underwriting, fair pricing, and reliable claims service.
Key products: Airlines, Aviation claims management, Aviation and Aerospace Products Manufacturers, Helicopters, and Fixed-base operator (FBO).
Marsh
Marsh is a risk management and insurance brokerage company, which operates as a subsidiary of Marsh & McLennan companies. The company’s product and service offerings include analytics, captive solutions, cargo, casualty, claims, client and market technologies, employee benefits, environmental, Asia client services, financial and professional, global credit, and worker’s compensation. The company serves clients in more than 130 countries and has around 400 offices worldwide.
Key products: General Aviation, Manufacturer Product Liability, Airlines, and Space.
Other prominent vendors in this market include Old Republic Aerospace, Arthur J. Gallagher & Co, Avion Insurance, Global Aerospace, Hiscox London Market, Wells Fargo, Willis Towers Watson, and XL Catlin.
A more detailed analysis is available in the Technavio report, Global Aerospace Insurance Market 2016-2020. Technavio also customizes reports by other regions and specific segments upon request.
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