Report Code: A14988 | Pages: NA | Mar 2023 | 1357 Views | ||
Author(s) : NA | Tables: NA | Charts: NA |
|
Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Engineering Insurance Market
Request Now !Engineering insurance is a type of insurance that protects against the financial risks posed by ongoing construction projects, installation projects, project machines and equipment. Engineering insurance is a type of insurance policy that covers a wide range of engineering-related risks. Furthermore, it is a comprehensive insurance policy that covers all risks associated with the resting, erection, and operation of any plant, machinery, or equipment. As the engineering industry involves creating and designing, as well as construction & building, there are more chances of construction-related accidents and hazards. An engineering industry policy, to put it another way, caters to various types of uncertainties that are associated with on-site construction, such as plants and machinery. Therefore, the surge in the demand for engineering insurance is expected to boost the market growth in the upcoming period.
The global engineering insurance market is segmented on the basis of insurance type, application and region. Based on insurance  type, the market is divided into Project Insurance, operational machineries insurance, business interruption insurance . The Project Insurance segment is further divided into erection all risks insurance, contractors all risks insurance, contractor's plant and machinery insurance. The operational machineries insurance segment is further divided into machinery breakdown insurance, boiler & pressure plant insurance, electronic equipment insurance, civil engineering completed risks insurance and deterioration of stocks insurance. In terms of application, the market is categorized into production and processing enterprises, oil and gas, power and utilities, heavy industries, transportation systems, heavy civil engineering projects, others.
Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Market Scope and Structure Analysis
Report Metric | Details |
 Market Size Available for Years |  2020–2030 |
 Base Year Considered |  2020 |
 Forecast Period |  2021–2030 |
 Forecast Unit |  Value (USD) |
 Segments Covered |  Insurance Type, Application and Region |
Â
COVID-19 Impact Analysis
Top Impacting Factors
An increase in demand for tailor-made engineering insurance and growing preference for costly electronic equipment & the need to insure them are driving the growth of the market. In addition, the increasing need to absorb unforeseen losses during the construction and operation of plants helps propel the growth of the market. However, the economic slowdown in emerging countries might hamper the growth of the market. Contrarily, the emergence of new technologies in engineering practices is said to provide lucrative opportunities.
Increase in Demand for Tailor-Made Engineering Insurance
The rise in demand for engineering insurance is being witnessed as the contractors are also covered by insurance, wherein it provides financial protection against loss or damage incurred during the construction of projects.
Furthermore, engineering insurance mostly revolves around the company's mention of construction-related uncertainties on-site. It is required for civil engineering projects such as flyovers, buildings, and airports, among others. The insurance also protects in the event of a fire that occurs while working on a project. This is, however, largely covered by a separate policy known as fire insurance. Therefore, the rise in demand for engineering insurance is expected to drive the growth of the market during the forecasted period.
Growing Preference of Costly Electronic Equipment & the Need to Insure Them
Most of the time, for construction, different electronic machineries are used which are bound to be a bit costly. Therefore, the demand for the electronic equipment policy rose significantly over the years as it will be too hard to replace once the machinery gets damaged. Furthermore, this policy covers devices and systems that are susceptible to low power & voltage. As a result, electronic equipment such as UPSs, computers, and stabilizers, as well as medical equipment such as x-ray machines & ultrasound machines, are covered. The insurers will be responsible for the cost of repairs and replacements required to restore the device and equipment to its previous state under this policy. Therefore, the increased preference for getting the electronic equipment insured is driving the growth of the engineering insurance market during the forecasted period.
Key Benefits of the Report
Questions Answered in the Engineering Insurance Market Research Report
Engineering Insurance Market Report Highlights
Aspects | Details |
---|---|
By Insurance Type |
|
By Application |
|
By Region |
|
Key Market Players | Cardinal Health, Prudential Financial Inc., Allstate Insurance Company, RSA, Aetna Inc., Ping An Insurance (Group) Company of China Ltd, Swiss Re, State Farm Mutual Automobile Insurance Company, MetLife Services, Solutions LLC, Allianz |
Loading Table Of Content...
Start reading.
This Report and over 19,666+ more Reports, Available with Avenue Library. T&C*.
Enterprise
License/PDF
Library
Membership
*Taxes/Fees, if applicable will be added during checkout. All prices in USD
To ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
Get insights on topics that are crucial for your business. Stay abreast of your interest areas.
Get Industry Data AlertsTo ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers