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Boiler Insurance Market Analysis, Trends, Growth, Research And Forecast 2033
Boiler Insurance Market Analysis
According to The Business Research Company's, The boiler insurance market size 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 in the historic period can be attributed to industrial growth, risk mitigation, boiler safety concerns, globalization of industries, rise in boiler installations, preventive maintenance, energy sector dynamics..
The boiler insurance market size 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%. The growth in the forecast period can be attributed to renewable energy sources, increasing boiler efficiency, global energy transition, customization of policies, cybersecurity concerns.. Major trends in the forecast period include remote monitoring, boiler retrofits, integration of iot and sensors, digitalization of claims processing, enhanced data analytics for underwriting, market expansion in developing regions..
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Market Drivers and Trends:
The growing number of explosions and related damage in industries is driving the boiler insurance market. Boilers are closed vessels that are used to heat water and produce steam that is used for industrial applications. Boilers operate at high temperatures and are needed to be operated with precautions. Sometimes boilers explode upon failure of safety precautions. These fires can be catastrophic and cost huge amounts of companies. Boiler insurance can save companies from financial losses in these conditions. For instance, in January 2022, according to data by ResilInc., a US-based supply chain risks Management Company, in 2021, there were about 1,946 factory fire incidences, which was an increase of 129% from 2020. Additionally, in January 2022, according to Hans India, an India-based media company, over the previous 10 years, a startling 23,000 boiler accidents have been reported worldwide, with India alone accounting for 34% of all fatalities. As a result, the increasing number of explosions and related damages is driving the boiler insurance market forward.
The adoption of advanced technologies is a key trend gaining popularity in the boiler insurance market. Major companies in the market are integrating advanced technologies with their insurance services to sustain their position in the market. For instance, in September 2022, Hartford Steam Boiler Inspection and Insurance Company, a US-based company operating in engineering and technical risk insurance, especially for boilers, introduced, Meshify Protect, a mobile application for sensor monitoring, and alerts in industry operations. Meshify Protect mobile app streamlines sensor activation, monitors the condition of places, and sends immediate notifications concerning water leaks, frozen pipes, extremely high or low temperatures, equipment failure, and other potentially harmful situations using IoT technology. Additionally, the application provides insurers, and operators with help with predictive and preventive loss analyses that can be used in optimizing industry operations, and enabling new business models, all supported by financial coverage.
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Major Key Players of the Market:
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.; Münchener Rückversicherungs-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.
Boiler Insurance Market 2024 Key Insights:
• The boiler insurance market will grow to $21.22 billion in 2028 at a compound annual growth rate (CAGR) of 14.8%.
• Growing Number Of Explosions And Related Damage In Industries Drives The Market
• Adoption Of Advanced Technologies
• North America was the largest region in the boiler insurance market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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