Boiler Insurance Market Overview, Industry Demand, Key Leaders

Boiler insurance market

According to IMARC Group’s latest report, titled “Boiler Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027”, the global boiler insurance market size reached US$9.0 billion in 2021. IMARC Group expects the market to reach US$21.5 billion by 2027, growing at a growth rate (CAGR) of 15.57% during of the period 2022-2027. Boiler insurance is a type of insurance policy designed to cover loss and damage caused by explosions outside or inside a boiler. In terms of cover type, it can be segmented into Boiler Cover, Boiler & Central Heating Cover, Boiler, Central Heating, Plumbing & Wiring Cover, etc. These boiler insurance options help recover financial losses incurred while repairing and replacing damaged equipment. after the breakdown and even covers the cost of replacing perishable goods, which have deteriorated due to the breakdown of the boiler. Therefore, they are widely used in many industries, such as chemical, food and beverage (F&B), metals and mining, refineries, etc.

As the novel coronavirus (COVID-19) crisis grips the world, we are continuously monitoring changes in markets, as well as consumer buying behaviors around the world – our estimates on the latest market trends and values planned after taking into account the impact of this pandemic.

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Global Boiler Insurance Market Trends:

Expanding small and medium enterprises that rely more on liability coverage solutions are primarily driving the boiler insurance market. Additionally, the growing focus of insurers on introducing new strategies and policies to increase revenue and improve the overall customer experience is acting as another important growth driver. Additionally, the increasing digitization in the insurance industry and the development of voice-enabled troubleshooting services and advanced artificial intelligence (AI)-based solutions that allow users to connect directly to the organization and seek redress in real time also positively influence the world. market. Additionally, the introduction of beneficial insurance plans with favorable premium rates is expected to boost the boiler insurance market in the coming years.

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Analysis and segmentation of the global boiler insurance market 2022-2027:

Competitive landscape with key players:

• Aviva plc
• Axa SA
• Bosch Thermotechnology AG (Robert Bosch GmbH)
• British Gas (Centrica PLC)
• CORGI HomePlan Ltd (OVO Ltd group)
• Limited domestic and general group
• Future Generali India Insurance Co. Ltd.
• Membership HomeServe Ltd.
• Tata AIG General Insurance Company Limited (Tata Sons Private Limited)
• Hartford Steam Boiler Inspection
• Insurance Company and YourCare Services Ltd.

Breakdown by type of boiler:

• Fire tube
• Water pipe

Rupture by boiler fuel:

• Natural gas
• Coal
• Oil
• Others

Breakdown by type of cover:

• Boiler cover
• Boiler and central heating cover
• Boiler, central heating, plumbing and wiring coverage

Breakdown by end user:

• Chemical products
• Refineries
• Metallurgy and mining
• Food and drinks
• Others

Breakdown by region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia-Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, others)

Main highlights of the report:

• Market performance (2016-2021)
• Market Outlook (2022-2027)
• Porter’s five forces analysis
• Market drivers and success factors
• SWOT analysis
• Value chain
• Complete mapping of the competitive landscape

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The IMARC Group is a leading market research firm providing management strategies and market research worldwide. We partner with clients across all industries and geographies to identify their most important opportunities, address their most critical challenges and transform their businesses.

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