Global Boiler Insurance Market Surges with a 14.3% CAGR, Major Players Integrate IoT Technology to Enhance Services

DUBLIN, July 24, 2023 /PRNewswire/ -- The "Boiler Insurance Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.

This report provides strategists, marketers, and senior management with critical information needed to assess the Boiler Insurance market. The market is projected to grow from $9.21 billion in 2022 to $10.61 billion in 2023, with a compound annual growth rate (CAGR) of 15.3%. Furthermore, the market is expected to reach $18.10 billion by 2027, with a CAGR of 14.3%.

Major players in the Boiler Insurance market include Aviva PLC., Axa S A, Bosch Thermotechnology Ltd., Centrica PLC., CORGI HomePlan Ltd., Domestic & General Group Limited, Future Generali India Insurance Co Ltd., HomeServe Membership Ltd., Tata AIG General Insurance Company Limited, The Hartford Steam Boiler Inspection and Insurance Company, Your Care Services, Zurich Insurance Group, Liberty Mutual Group, HDFC ERGO General Insurance Company, and The Travelers Indemnity Company.

Reasons to Purchase:

• Gain a comprehensive global perspective with detailed coverage of 50+ geographies.
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• Assess the direct and indirect effects of the Russia-Ukraine war on agriculture, energy, mineral commodity supply, and the market.
• Measure the influence of high global inflation on market growth.
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• Understand customer dynamics based on the latest market shares.
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Boiler insurance is a security plan that protects companies from financial losses faced due to boiler and machinery breakdown or failure. It is used to safeguard companies from financial losses.

The main types of boiler insurance include boiler repairs, boiler servicing, plumbing and drainage repairs, and others. Boiler repair insurance covers the cost of boiler repairs and is useful in the event of boiler breakdowns that can hamper firms' productivity. The major types of boilers covered in insurance are fire-tube and water-tube boilers, and policies such as gold, platinum, and others are commonly used by industries in chemicals, refineries, metal and mining, food and beverages, and others.

The adoption of advanced technologies is a key trend gaining popularity in the boiler insurance market. Major companies are integrating advanced technologies with their insurance services to sustain their market position.

For instance, in September 2022, The Hartford Steam Boiler Inspection and Insurance Company, a US-based company specializing in engineering and technical risk insurance, especially for boilers, introduced the Meshify Protect mobile application for sensor monitoring and alerts in industry operations.

The 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. The application also provides insurers and operators with predictive and preventive loss analyses that can be used to optimize industry operations and enable new business models, all supported by financial coverages.

In October 2022, Germany-based Munich Re and US-based HSB Group partnered with Schneider Electric SE to blend risk solutions, including uptime guarantees and unwarned failure warranties, with IoT technology to serve clients. Schneider Electric SE is a France-based digital automation and energy management company.

North America was the largest region in the boiler insurance market in 2022, while Asia-Pacific is expected to experience significant growth in the forecast period. The regions covered in the report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Key countries analyzed in the report include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The growing number of explosions and related damage in industries is driving the boiler insurance market. Boilers are closed vessels used to heat water and produce steam for industrial applications. Boilers operate at high temperatures and require careful operation. Sometimes, boilers explode due to the failure of safety precautions. These fires can be catastrophic and result in significant losses for companies.

Boiler insurance can save companies from financial losses in these conditions. For instance, in January 2022, data by ResilInc., a US-based supply chain risk management company, reported about 1,946 factory fire incidences in 2021, which was an increase of 129% from 2020. Additionally, according to Hans India, an India-based media company, over the previous 10 years, there have been 23,000 boiler accidents 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 boiler insurance market includes revenues earned by entities by providing services such as insurance guidance, consulting, and claim settlement. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

Key Topics Covered:

1. Executive Summary

2. Boiler Insurance Market Characteristics

3. Boiler Insurance Market Trends And Strategies

4. Boiler Insurance Market - Macro Economic Scenario
4.1. COVID-19 Impact On Boiler Insurance Market
4.2. Ukraine-Russia War Impact On Boiler Insurance Market
4.3. Impact Of High Inflation On Boiler Insurance Market

5. Boiler Insurance Market Size And Growth
5.1. Global Boiler Insurance Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Boiler Insurance Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Boiler Insurance Market Segmentation
6.1. Global Boiler Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Boiler Repairs
• Boiler Servicing
• Plumbing And Drainage Repairs
• Other Types

6.2. Global Boiler Insurance Market, Segmentation By Boiler Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Fire-Tube
• Water-Tube

6.3. Global Boiler Insurance Market, Segmentation By Plans, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Gold
• Platinum
• Other Plans

6.4. Global Boiler Insurance Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Chemicals
• Refineries
• Metal And Mining
• Food And Beverages
• Other End Users

7. Boiler Insurance Market Regional And Country Analysis
7.1. Global Boiler Insurance Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Boiler Insurance Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/xiv4fl

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