According to the latest report by IMARC Group, titled “Boiler Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global boiler insurance market size reached US$ 10.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 22.6 Billion by 2028, exhibiting a growth rate (CAGR) of 14.3% during 2023-2028. Boiler insurance represents a type of insurance policy designed to cover the losses and damages caused by explosions outside or inside a boiler. In terms of the coverage type, it can be segmented into boiler cover, boiler and central heating cover, boiler, central heating, plumbing, and wiring cover, etc. This boiler insurance options aid in recovering financial losses incurred in repairing and replacing damaged equipment after the breakdown and even covers the expenses of substituting perishable goods, which are spoiled, owing to the failure in the boiler system. Consequently, they are extensively utilized in numerous sectors, such as chemicals, food and beverage (F&B), metals and mining, refineries, etc.
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Global Boiler Insurance Market Trends:
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The expanding small and medium-sized enterprises that are relying more on third-party liability coverage solutions are primarily driving the boiler insurance market. Furthermore, the elevating focus among the insurance providers towards introducing novel strategies and policies for increasing revenue and enhancing the overall customer experience is acting as another significant growth-inducing factor. Additionally, the growing digitization in the insurance sector and the development of voice-enabled troubleshooting services and advanced artificial intelligence (AI)- based solutions that enable users to connect directly with the organization and seek redressal in real-time are also positively influencing the global market. Moreover, the introduction of favorable insurance plans with cost-effective premium rates is expected to bolster the boiler insurance market in the coming years.
Global Boiler Insurance Market 2023-2028 Analysis and Segmentation:
Competitive Landscape With Key Players:
- Aviva plc
- Axa S.A
- Bosch Thermotechnology Ltd. (Robert Bosch GmbH)
- British Gas (Centrica PLC)
- CORGI HomePlan Ltd (OVO Group Ltd)
- Domestic & General Group Limited
- Future Generali India Insurance Co. Ltd.
- HomeServe Membership Ltd.
- Tata AIG General Insurance Company Limited (Tata Sons Private Limited)
- The Hartford Steam Boiler Inspection
- Insurance Company and YourCare Services Ltd.
Breakup by Boiler Type:
- Fire-Tube
- Water-Tube
Breakup by Boiler Fuel:
- Natural Gas
- Coal
- Oil
- Others
Breakup by Coverage Type:
- Boiler Cover
- Boiler and Central Heating Cover
- Boiler, Central Heating, Plumbing and Wiring Cover
Breakup by End User:
- Chemicals
- Refineries
- Metal and Mining
- Food and Beverages
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
