Boiler Insurance Market Report by Boiler Type (Fire-Tube, Water-Tube), Boiler Fuel (Natural Gas, Coal, Oil, and Others), Coverage Type (Boiler Cover, Boiler and Central Heating Cover, Boiler, Central Heating, Plumbing and Wiring Cover), End User (Chemicals, Refineries, Metal and Mining, Food and Beverages, and Others), and Region 2024-2032

Boiler Insurance Market Report by Boiler Type (Fire-Tube, Water-Tube), Boiler Fuel (Natural Gas, Coal, Oil, and Others), Coverage Type (Boiler Cover, Boiler and Central Heating Cover, Boiler, Central Heating, Plumbing and Wiring Cover), End User (Chemicals, Refineries, Metal and Mining, Food and Beverages, and Others), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A3903
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Market Overview:

The global boiler insurance market size reached US$ 11.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 32.4 Billion by 2032, exhibiting a growth rate (CAGR) of 11.6% during 2024-2032.

Report Attribute
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023 US$ 11.7 Billion
Market Forecast in 2032 US$ 32.4 Billion
Market Growth Rate (2024-2032) 11.6%


Boiler insurance refers to a type of insurance designed to cover the damages and losses caused by explosions inside or outside the boiler. A boiler is a steel pressure vessel in which fluids are heated at extremely high temperatures to generate steam or vapor. The vapors exit the boiler for use in various processes or heating applications, including water heating, central heating, boiler-based power generation, cooking and sanitation. The insurance provides coverage for the physical damages and financial loss incurred by repairing or replacing the damaged equipment after the breakdown. The insurance also covers the cost of replacing perishable goods, which are spoiled due to the failed equipment.

Global Boiler Insurance Market Report

Boiler Insurance Market Trends:

Rapid digitization in the insurance sector, along with increasing requirement for reducing the maintenance and repairing costs associated with boilers and other equipment, is one of the key factors driving the growth of the market. Moreover, small and medium-sized enterprises are expanding their businesses and relying more on third-party liability coverage solutions to mitigate their risks and losses, which is providing a thrust to the market growth. Insurance providers are introducing novel strategies and policies to increase revenue and enhance the overall customer experience. Additionally, various technological advancements, such as the integration of connected devices with voice-enabled troubleshooting services, are acting as other growth-inducing factors. These novel solutions enable the consumers to use advanced artificial intelligence (AI)-based services to connect directly with the organization and seek redressal in real-time. Other factors, including rapid industrialization, along with the advent of insurance policies with cost-effective premium rates, are acting as other growth-inducing factors.

 

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global boiler insurance market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on boiler type, boiler fuel, coverage type and end user.

Breakup by Boiler Type:

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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  • Fire-Tube 
  • Water-Tube
     

Breakup by Boiler Fuel:

  • Natural Gas
  • Coal
  • Oil 
  • Others
     

Breakup by Coverage Type:

  • Boiler Cover
  • Boiler and Central Heating Cover 
  • Boiler, Central Heating, Plumbing and Wiring Cover
     

Breakup by End User:

  • Chemicals
  • Refineries
  • Metal and Mining
  • Food and Beverages 
  • Others
     

Breakup by Region:

 

 
 

 

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  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Aviva plc, Axa S.A., Bosch Thermotechnology Ltd. (Robert Bosch GmbH), British Gas (Centrica PLC), CORGI HomePlan Ltd (OVO Group Ltd), Domestic & General Group Limited, Future Generali India Insurance Co. Ltd., HomeServe Membership Ltd., Tata AIG General Insurance Company Limited (Tata Sons Private Limited), The Hartford Steam Boiler Inspection and Insurance Company and YourCare Services Ltd.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Boiler Type, Boiler Fuel, Coverage Type, End User, Region
Region Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Aviva plc, Axa S.A., Bosch Thermotechnology Ltd. (Robert Bosch GmbH), British Gas (Centrica PLC), CORGI HomePlan Ltd (OVO Group Ltd), Domestic & General Group Limited, Future Generali India Insurance Co. Ltd., HomeServe Membership Ltd., Tata AIG General Insurance Company Limited (Tata Sons Private Limited), The Hartford Steam Boiler Inspection and Insurance Company and YourCare Services Ltd.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report

The global boiler insurance market was valued at US$ 11.7 Billion in 2023.

We expect the global boiler insurance market to exhibit a CAGR of 11.6% during 2024-2032.

The rising integration of Artificial Intelligence (AI)-based services with boiler insurance to connect directly with the organization and seek redressal in real-time is primarily driving the global boiler insurance market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous end-use industries for boilers, thereby negatively impacting the global market for boiler insurance.

Based on the boiler type, the global boiler insurance market has been divided into fire-tube and water-tube, where water-tube currently exhibits a clear dominance in the market.

Based on the boiler fuel, the global boiler insurance market can be categorized into natural gas, coal, oil, and others. Currently, natural gas accounts for the majority of the global market share.

Based on the coverage type, the global boiler insurance market has been segregated into boiler cover, boiler and central heating cover, and boiler, central heating, plumbing and wiring cover. Among these, boiler and central heating cover currently exhibits a clear dominance in the market.

Based on the end user, the global boiler insurance market can be bifurcated into chemicals, refineries, metal and mining, food and beverages, and others. Currently, chemicals hold the largest market share.

On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.

Some of the major players in the global boiler insurance market include Aviva plc, Axa S.A., Bosch Thermotechnology Ltd. (Robert Bosch GmbH), British Gas (Centrica PLC), CORGI HomePlan Ltd (OVO Group Ltd), Domestic & General Group Limited, Future Generali India Insurance Co. Ltd., HomeServe Membership Ltd., Tata AIG General Insurance Company Limited (Tata Sons Private Limited), The Hartford Steam Boiler Inspection and Insurance Company, and YourCare Services Ltd.

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Boiler Insurance Market Report by Boiler Type (Fire-Tube, Water-Tube), Boiler Fuel (Natural Gas, Coal, Oil, and Others), Coverage Type (Boiler Cover, Boiler and Central Heating Cover, Boiler, Central Heating, Plumbing and Wiring Cover), End User (Chemicals, Refineries, Metal and Mining, Food and Beverages, and Others), and Region 2024-2032
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