Industry Background:
Boiler insurance is a plan that provides coverage for plumbing, new boiler installation, boiler repair & servicing, etc related expenses. The coverage plan also includes the damage other than fire, loss due to explosion, and damage to surrounding property. The premium amount can be paid on a monthly or yearly basis to avoid an inclusive burden at once. The insurance depends on the types of the boiler and can be distributed under the company's plan package.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | HDFC ERGO General Insurance Company (India), British Gas (United Kingdom), CORGI HomePlan Ltd (United Kingdom), Domestic & General Insurance PLC. (United Kingdom), Zurich Insurance Group Ltd. (Switzerland), Liberty Mutual Insurance Company (United States) and HomeServe (United Kingdom) |
This growth is primarily driven by Growing Number of Explosion and Related Damage of Boilers and Machinery in Industries and Need for Protecting Machinery Against the Huge Expenses at Once and Easing the Payments.
Globally, a noticeable market trend is evident Introduction of Various Types of Boiler Service Care Plan Major Players, such as HDFC ERGO General Insurance Company (India), British Gas (United Kingdom), CORGI HomePlan Ltd (United Kingdom), Domestic & General Insurance PLC. (United Kingdom), Zurich Insurance Group Ltd. (Switzerland), Liberty Mutual Insurance Company (United States) and HomeServe (United Kingdom), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Regulatory Insights:
"Many regions also require periodic inspections of industrial refrigeration systems, normally included with a boiler and machinery insurance contract. Yet, with today's all-risk, multilayered insurance programs, and other alternative risk transfers, these mandated services often are not a part of the package. Jurisdictional boiler and pressure vessel inspections ensure that boiler and pressure vessels are constructed, installed, and operated in a manner that meets established codes and regulations. These inspections seek to confirm that the equipment is safely operated and maintained."
Influencing Trend:
Introduction of Various Types of Boiler Service Care Plan
Market Growth Drivers:
Growing Number of Explosion and Related Damage of Boilers and Machinery in Industries and Need for Protecting Machinery Against the Huge Expenses at Once and Easing the Payments
Challenges:
Regulatory Compliances with the Boiler Insurance
Restraints:
Companies Offering a Large Amount of Premium Monthy for Boiler Insurance
Opportunities:
Increasing Number of Coverage Options in Boiler Insurance and Customizable Boiler Insurance Coverage Plan will also Boost the Boiler Insurance Market
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Boiler Insurance Market
- Analysis about New Entrants in Boiler Insurance Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Boiler Insurance Study Sheds Light on
The Boiler Insurance Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Boiler Insurance industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Boiler Insurance industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.