Boiler Insurance Market is Anticipated to Expand Rapidly 2021–2027 | British Gas, CORGI Insurance Services, Domestic & General Insurance PLC, HomeServe PLC, Worcester Bosch, INTERGAS, Uswitch Ltd

The global market for boiler insurance has expanded considerably in the past few years, and is anticipated to expand, as demand for boiler insurance continues to increase. Boiler insurance is a form of insurance policy that covers maintenance and replacement of a home boiler. It also provides coverages for components of heating system, including plumbing and electrical equipment. There is also a limit to how much an insurer may pay for maintenance related costs for damages. Moreover, the demand for boiler insurance is relatively high in winters, owing to higher use of boiler and related equipment.

Companies covered

Major players analyzed include British Gas, CORGI Insurance Services, Domestic & General Insurance PLC, HomeServe PLC, Worcester Bosch, INTERGAS, Uswitch Limited

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Regions covered

North America (U.S. and Canada), Europe (Germany, UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM) and Middle East & Africa

Segments covered

Coverage, End User, and Region

COVID-19 scenario analysis:

• COVID has had a negative effect on much of the insurance sector with rise in compensation rates.
• In the light of lockdowns & shutdowns, insurers providing boiler coverage have prioritized customers with large scale boiler machinery, who face massive uncertainties and are vulnerable to higher losses.
• Furthermore, insurers are largely dependent on online platforms for receiving and dealing with complaints & claim settlements.
• However, insurers experienced issues with scheduling service appointments and providing maintenance workers such as missed response to clients, cancelled appointments, and temporarily discontinued new replacement services.

Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

Coverages for boiler insurance during winter season has become a major growth factor for the market. As consumers largely rely on central heating, thus they tend to purchase boiler machines, resulting in higher insurance coverages for them. This, as a result fuels growth of boiler insurance coverages as higher use of boiler lead to failures and breakages of the machine. However, intense competitive rivalry, regulatory limitations, and lower awareness in geographical locations are some of the factors that limit the market growth.

Conversely, the market penetration is lower and adoption is mostly at its early stages in many emerging countries, which acts as create lucrative opportunities for the market growth.

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The global boiler insurance market trends are as follows:

New service offerings to cut costs:

In December 2019, British Gas, which is a UK-based home & energy insurance company developed new digital services, which allows customers to avail boiler insurance services via voice-activated Google Home. In addition, customers can request "OK Google, talk to Boiler Support" to further launch a voice-enabled troubleshooting service. Thus, such new advance digitalized services have become a major trend in the boiler insurance market, which, in turn, boosts the market growth.

Growth in preference for app usage among customers:

Rise in mobile phone penetration has created new opportunities for insurers to easily communicate to their clients through mobile applications. For instance, British Gas and HomeServe PLC have introduced their mobile applications to improve user experience by providing instant online services. Moreover, these digitalized services help consumers in terms of bill payments, booking an appointment for engineers, raising tickets for doubts, which, boosts the market growth.

Key benefits of the report:

• This study presents analytical depiction of the global boiler insurance market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global boiler insurance market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed market analysis based on the present and future competitive intensity of the market.

Questions answered in the global boiler insurance market research report:

• Who are the leading market players active in the global boiler insurance market?
• What would be the detailed impact of COVID-19 on the global boiler insurance market?
• What current trends would influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the global boiler insurance market?
• What are the projections for the future that would help in taking further strategic steps?

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