How Has the Boiler Insurance Market Evolved Historically and What is its Current Size?
The boiler insurance market has seen considerable growth due to a variety of factors.
• The market size of boiler insurance has seen a fast-paced expansion in the recent past. The size of this market is expected to rise from $12.18 billion in 2024 to $14.06 billion in 2025, corresponding to a Compound Annual Growth Rate (CAGR) of 15.4%. Key contributors to the growth during this historical period include industrial expansion, risk management, concerns over boiler safety, globalization of various industries, increase in boiler installation, preventive upkeep, and changes in the energy domain.
What is the Forecasted Market Size and CAGR for the Boiler Insurance Market Size In The Coming Years?
The Boiler Insurance market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipated to witness a swift expansion in the forthcoming years, the boiler insurance market is poised to inflate to $24.4 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 14.8%.
This promising progression in the projected period can be credited to factors such as the growing adoption of renewable energy sources, improvement in boiler efficiency, global energy transition, customized insurance policies, and problems related to cyber security. Key developments forecasted for this period encompass remote monitoring, boiler retrofitting, incorporation of IoT and sensors, digitizing of claims handling, enhanced underwriting through data analytics, and market proliferation into emerging areas.
What Key Factors and Trends Are Driving The Growth Boiler Insurance Market?
The escalating incidences of explosions and associated harm in industries are propelling the boiler insurance market. Boilers, which are sealed containers utilized to heat water and generate steam for industrial uses, operate at elevated temperatures and necessitate careful handling. In certain cases, a failure to follow safety measures can result in boiler explosions. These terrifying events can lead to severe financial burdens for businesses, a situation alleviated by boiler insurance. Citing a report from Hans India, an Indian media company, in January 2022, an alarming figure of 23,000 boiler accidents occurred worldwide in the last decade, with 34% of fatality cases from India alone. As such, the surge in explosions and associated damage is boosting the boiler insurance market.
What Are The Market Segments In The Boiler Insurance Market?
The boiler insurance market covered in this report is segmented –
1) By Type: Boiler Repairs, Boiler Servicing, Plumbing And Drainage Repairs, Other Types
2) By Boiler Type: Fire-Tube, Water-Tube
3) By Plans: Gold, Platinum, Other Plans
4) By End User: Chemicals, Refineries, Metal And Mining, Food And Beverages, Other End Users
Subsegments:
1) By Boiler Repairs: Emergency Repairs, Routine Repairs
2) By Boiler Servicing: Annual Maintenance, Safety Inspections
3) By Plumbing And Drainage Repairs: Pipe Repairs, Drain Cleaning Services
4) By Other Types: Installation Coverage, Parts Replacement
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What Trends Are Shaping The Boiler Insurance Market?
The increasing use of cutting-edge technologies is becoming a significant trend in the boiler insurance market. Major players in this sector are incorporating these innovative technologies into their insurance offerings to maintain their competitive advantage. For instance, in September 2022, the US-based Hartford Steam Boiler Inspection and Insurance Company, renowned for its specialization in engineering and technical risk insurance, specifically for boilers, launched Meshify Protect, an application for sensor monitoring and alerts in industrial operations. The Meshify Protect app simplifies sensor activation, oversees location conditions, and promptly alerts about water leakage, frozen pipes, drastic temperature changes, equipment breakdown, and other potentially damaging circumstances utilizing IoT technology. What's more, this app provides insurers and operators with assistance for predictive and preventive loss evaluations that can aid in fine-tuning industrial operations and facilitating novel business models, all under the umbrella of financial protection.
Who Are the Key Players In The Boiler Insurance Market?
Major companies operating in the boiler insurance market include:
• Aviva plc
• Axa S.A.
• Centrica plc
• CORGI HomePlan Ltd.
• Domestic & General Group Limited
• Future Generali India Insurance Co. Ltd.
• HDFC ERGO General Insurance Company Limited
• HomeServe Membership Ltd.
• Liberty Mutual Group Inc.
• Tata AIG General Insurance Company Limited
• The Travelers Indemnity Company
• Zurich Insurance Group Ltd.
• British Gas Services Ltd.
• Allianz SE
• Chubb Limited
• American International Group Inc.
• Münchener Rückversicherungs-Gesellschaft
• Swinton Insurance Ltd.
• Admiral Insurance Co.
• Churchill Insurance Company Limited
• Legal & General Group plc
• Hartford Steam Boiler Inspection and Insurance Company
• Factory Mutual Insurance Company
• Allianz Global Corporate & Specialty SE
• Berkshire Hathaway Specialty Insurance Co.
• AXA XL
• Travelers Companies Inc.
What Are The Regional Insights Into The Boiler Insurance Market?
North America was the largest region in the boiler insurance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the boiler insurance market report during the forecast period. The regions covered in the boiler insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
