Dublin, Feb. 21, 2024 (GLOBE NEWSWIRE) -- The "Boiler Insurance Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global boiler insurance market has grown rapidly in recent years. It will grow from $10.6 billion in 2023 to $12.23 billion in 2024 at a compound annual growth rate (CAGR) of 15.4%. The growth observed in the historical period can be attributed to several factors, including industrial expansion, efforts in risk mitigation, heightened concerns regarding boiler safety, the globalization of industries, increased installations of boilers, emphasis on preventive maintenance practices, and the evolving dynamics within the energy sector.
The boiler insurance market is expected to see rapid growth in the next few years. It will grow to $21.22 billion in 2028 at a compound annual growth rate (CAGR) of 14.8%. Anticipated growth in the upcoming period can be attributed to several factors, notably the growing reliance on renewable energy sources, efforts to enhance boiler efficiency, the global transition toward sustainable energy, the customization of insurance policies, and the increasing significance of cybersecurity measures. Key trends expected in the forecast period encompass remote monitoring capabilities, initiatives focused on boiler retrofits, the integration of IoT (Internet of Things) and sensors for improved functionality, digitalization of claims processing procedures, advanced data analytics employed for underwriting purposes, and an expanding market presence in developing regions.
The boiler insurance market is experiencing growth driven by an increasing number of explosions and related damages in industries. In January 2022, ResilInc. reported a 129% increase in factory fire incidents in 2021, totaling 1,946 cases. Globally, over the past decade, 23,000 boiler accidents have been reported, with India alone contributing 34% to the fatalities. The surge in explosions and damages propels the boiler insurance market, offering companies a safety net against unforeseen financial repercussions.
The expansion of manufacturing industries is a key driver supporting the growth of the boiler insurance market. In April 2022, Goldman Sachs reported a remarkable 210% growth in the Indian manufacturing sector for the fiscal year 2021-2022, compared to the previous fiscal year. Concurrently, the United Nations Industrial Development Organization noted a global manufacturing production increase of 9.4% in March 2022. This growth in manufacturing industries substantiates the need for boiler insurance, fostering market expansion.
The global energy demand is anticipated to fuel the growth of the boiler insurance market. Rising energy demand, quantified as the need for electricity, heat, or fuel within specified periods, directly impacts the boiler insurance market. With industries expanding, adopting advanced technologies, and facing evolving risks associated with energy production, there is an increased requirement for comprehensive coverage. According to the US Energy Information Administration, primary energy consumption is projected to rise by 16% to 57% by 2050 compared to 2022. The escalating global energy demand acts as a catalyst for the growth of the boiler insurance market, aligning with industries' evolving risk landscapes.
The boiler insurance market is witnessing a significant trend towards the adoption of advanced technologies. Key players in the market are incorporating cutting-edge technologies into their insurance services to maintain a competitive edge. For example, in September 2022, Hartford Steam Boiler Inspection and Insurance Company, a US-based firm specializing in engineering and technical risk insurance, introduced Meshify Protect - a mobile application for sensor monitoring and alerts in industrial operations. This application utilizes IoT technology to streamline sensor activation, monitor facility conditions, and promptly notify stakeholders about potential issues such as water leaks, frozen pipes, extreme temperatures, and equipment failures. Meshify Protect not only offers real-time alerts but also supports predictive and preventive loss analyses, contributing to operational optimization and enabling innovative business models with financial coverage.
Major companies in the boiler insurance market are strategically partnering to enhance their capabilities. Strategic partnerships involve leveraging the strengths and resources of partnering companies to achieve mutual benefits and success. For instance, in October 2022, Munich Re, a German-based reinsurance provider, and HSB Group, a US-based boiler insurance company, collaborated with Schneider Electric SE, a France-based digital automation and energy management company. This strategic partnership aims to integrate risk solutions, including uptime guarantees and unwarned failure warranties, with IoT technology to offer comprehensive services to clients. This collaborative approach enhances the overall capabilities of the companies involved, providing clients with advanced and comprehensive boiler insurance solutions.
Major companies operating in the boiler insurance market report are Aviva plc, Axa S.A., Bosch Thermotechnology Ltd., Centrica plc, CORGI HomePlan Ltd., Domestic & General Group Limited, Future Generali India Insurance Co. Ltd., HDFC ERGO General Insurance Company Limited, HomeServe Membership Ltd., Liberty Mutual Group Inc., Tata AIG General Insurance Company Limited, The Hartford Steam Boiler Inspection and Insurance Company, The Travelers Indemnity Company, Your Care Services Ltd., Zurich Insurance Group Ltd., British Gas Services Ltd., Allianz SE, Chubb Limited, American International Group Inc., Munchener Ruckversicherungs-Gesellschaft, Swinton Insurance Ltd., Admiral Insurance Co., Churchill Insurance Company Limited, Legal & General Group plc, Hartford Steam Boiler Inspection and Insurance Company, Factory Mutual Insurance Company, Allianz Global Corporate & Specialty SE, Berkshire Hathaway Specialty Insurance Co., AXA XL, Travelers Companies Inc.
North America was the largest region in the boiler insurance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the boiler insurance market report during the forecast period. The regions covered in the boiler insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the boiler insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Report Scope
Markets Covered:
1) By Type: Boiler Repairs; Boiler Servicing; Plumbing and Drainage Repairs; Other Types
2) By Boiler Type: Fire-Tube; Water-Tube
3) By Plans: Gold; Platinum; Other Plans
4) By End User: Chemicals; Refineries; Metal and Mining; Food and Beverages; Other End Users
Key Companies Mentioned: Aviva plc; Axa SA; Bosch Thermotechnology Ltd.; Centrica plc; and CORGI HomePlan Ltd.
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes:
- Aviva plc
- Axa SA
- Bosch Thermotechnology Ltd.
- Centrica plc
- CORGI HomePlan Ltd.
- Domestic & General Group Limited
- Future Generali India Insurance Co. Ltd.
- HDFC ERGO General Insurance Company Limited
- HomeServe Membership Ltd.
- Liberty Mutual Group Inc.
- Tata AIG General Insurance Company Limited
- The Hartford Steam Boiler Inspection and Insurance Company
- The Travelers Indemnity Company
- Your Care Services Ltd.
- Zurich Insurance Group Ltd.
- British Gas Services Ltd.
- Allianz SE
- Chubb Limited
- American International Group Inc.
- Munchener Ruckversicherungs-Gesellschaft
- Swinton Insurance Ltd.
- Admiral Insurance Co.
- Churchill Insurance Company Limited
- Legal & General Group plc
- Hartford Steam Boiler Inspection and Insurance Company
- Factory Mutual Insurance Company
- Allianz Global Corporate & Specialty SE
- Berkshire Hathaway Specialty Insurance Co.
- AXA XL
- Travelers Companies Inc.
For more information about this report visit https://www.researchandmarkets.com/r/4h35e8
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