About Equipment Breakdown Insurance
Equipment breakdown insurance is the form of commercial insurance. This insurance provides funds to repair or replace the damaged equipment that has suffered a mechanical or electrical failure. It includes losses such as short circuits, loss of air pressure, or power surge which commercial property insurance excludes. It protects equipment such as computers, telephone, mechanical system, manufacturing equipment, refrigeration devices, elevators and escalators, security systems, and others. This type of coverage does not require that the equipment breakdown resulted from a covered event.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Equipment Breakdown Insurance market throughout the forecasted period. 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.
AXA (France), AIG (United States), Aviva (United Kingdom), Zurich (Switzerland), Liberty Mutual (United States), Erie Insurance (United States), Japan Post Insurance Company, Ltd. (Japan), Ping an Insurance (Group) Company of China Ltd. (China), Anthem, Inc. (United States), Assicurazioni Generali S.p.A. (Italy), Berkshire Hathaway Inc. (United States), Allstate (United States), Safeco Insurance (United States) and Allied Insurance (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 Centene Corporation (United States), MS&AD Insurance Group Holdings, Inc. (Japan), Aetna Inc. (United States) and Gulfstream Insurance (United States).
Segmentation Overview
AMA Research has segmented the market of Global Equipment Breakdown Insurance market by , Application (Business and Manufacturing) and Region.
On the basis of geography, the market of Equipment Breakdown 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 Loss type, the sub-segment i.e. Partial loss will boost the Equipment Breakdown Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Equipment type, the sub-segment i.e. Computers will boost the Equipment Breakdown Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Coverage, the sub-segment i.e. Cost to repair will boost the Equipment Breakdown Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Adoption of Equipment Breakdown Insurance
Market Growth Drivers:
Emerging Market Investment Products is Fuelling the Growth
Challenges:
Lack of Awareness about the Equipment Breakdown Insurance and Stiff Competition Among the Major Players
Restraints:
High Costs Associated with Equipment Breakdown Insurance
Opportunities:
Growing Industrialization is Boosting the Market Growth
In May 2023, Proper Insurance, the leading short-term rental insurance provider in the U.S., has recently announced its new endorsement for equipment breakdown coverage. This is good news for Airbnb and Vrbo property owners who are exposed to equipment failure risks that can lead to costly repairs and loss of income.Proper Insurance's endorsement covers a wide range of equipment, including HVAC, boilers, electrical panels, appliances, hot water heaters, air conditioning units, breaker boxes, solar panels, pool, hot tub, and spa equipment, as well as smart home systems at vacation rentals.
Key Target Audience
Insurance providers, Manufacturing companies, Government associations, Research organizations 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.