OREGAON, PORTLAND, UNITED STATES , March 15, 2023 /EINPresswire.com/ -- Aerospace insurance is specifically crafted insurance coverage for the aerospace industry and risks associated with the aerospace industry. Aerospace insurance covers general liability coverage intended for passenger and cargo airlines and losses induced by war or terrorist activities, physical damage, passenger, and third-party liability. A pre-determined premium is charged by the insurance provider from the aircraft owners at regular intervals that differs on the basis of number of airlines used by the airport services, magnitude of the operations, and air traffic data. Moreover, aerospace insurance shelters the aircraft owners and its users financially and legally in case of accidents.

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COVID-19 scenario analysis

Aerospace insurance market observed sluggishness in processing of overseas documents due to COVID-19 regulations implemented on trade and transport.

Grounding of aircraft and temporary closure of airports globally owing to outbreak of COVID-19 negatively impacted the aerospace insurance market financially as the clients faced financial crisis.

Increase in insurance premium by the insurers due to increase in claims during pandemic adversely affected the growth of the aerospace insurance market.

Expansion of the aviation industry

Aerospace offers host of opportunities for several sectors, including exploration, communication, and transportation. Ease in safe transportation, better communication, and navigation aids in the growth of aviation industry. For instance, in 2017, Dubai tested Autonomous Air Taxi (AAT), which is electrically powered and can cruise at 31 mph with a maximum airspeed of 62mph and maximum flight time of 30 minutes. Development of the aviation industry assists contributes toward the growth of the aerospace insurance market.

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Smart airport development

Smart airports utilize numerous automated technologies such as automated baggage handling systems and self-check-in counters. Emerging economies and developed nations are in the process of modernization and expansion of new as well as existing airports to cater to the increasing demand for air transport. For instance, in July 2017, LG deployed airport cleaning robots and airport guide robots at Incheon International Airport (IIA) (biggest airport in South Korea) on a trial basis. These robots will provide assistance and information to the travelers and will keep the floors clean. Such developments in smart airports to increase efficiency of airports are expected to boost the growth of aerospace insurance market.

By Insurance Type
In-flight Insurance
Combined Single Limit
Passenger Liability Insurance
Public Liability Insurance
Others

By End User
Airport Operators
Service Providers
Others

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