About Construction Insurance
Construction insurance is designed to protect assets and liabilities arising during the way of construction. The policy is implemented under two cover sections including it protects construction work like material, tools, plant, and equipment from loss and damages that occurs during construction time. Construction insurance helps in times of difficulty for the contractors. Increasing government spending on such policies drive the global construction insurance market growth.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Global Construction Insurance is a fragmented market due to the presence of various players. The players are focusing on investing more in New Services. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
UnitedHealth Group Incorporated (United States), AXA S.A. (France), China Life Insurance (Group) Company (China), Ping an Insurance (Group) Company of China Ltd. (China), Allianz SE (Germany), Anthem, Inc. (United States), Kaiser Foundation Group of Health Plans (United States), Assicurazioni Generali S.p.A. (Italy), State Farm Group (United States) and Berkshire Hathaway Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Munich Reinsurance Company (Germany), Aetna Inc. (United States), Humana Inc. (United States) and Nippon Life Insurance Company (Japan).
Segmentation Overview
AMA Research has segmented the market of Global Construction Insurance market by Type (Builders Risk Insurance, Commercial & Contractor General Liability Insurance, Errors & Omissions Insurance or Professional Liability Insurance and Commercial Auto/Truck Insurance), Application (Builders, Contractors and Others) and Region.
On the basis of geography, the market of Construction Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Sales Channels, the sub-segment i.e. Agency will boost the Construction Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Project Size, the sub-segment i.e. Less than 1 Million will boost the Construction Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Risks on the Construction Sites for the Labours
Market Growth Drivers:
Increasing Number of Construction Projects across the Globe and Rising Demand for Construction Insurance from Builders and Contractors
Challenges:
Stringent Regulatory Standards on the Insurance Policies Providers
Restraints:
Lack of Information about New Policies and Insurance
Opportunities:
Surging Construction Insurance demand from Developing Countries to cover costs and Damages can create Opportunities for Market Growth.
On 27th May 2020, AXA XL the North American construction insurance business launched a first-of-its-kind Construction Ecosystem an integrated digital platform that provides contractors unique insights and benchmarks into job site and operational risks.
Key Target Audience
Construction Insurance Providers, Construction Insurance Developers, Regulatory Bodies, Potential Investors, Research and Development Institutes and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.