Boiler Insurance Market Anticipated to Reach $22.6 Billion by 2028: SMEs Driving Growth with Increased Demand for Third-Party Liability Coverage Solutions

Dublin, Jan. 31, 2024 (GLOBE NEWSWIRE) -- The "Boiler Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to's offering.

This study presents an in-depth analysis of its current state and projections for future growth, focusing on segments such as types of boilers, fuels used, coverage types, and diverse end-user industries. With a significant compound annual growth rate of 14% from 2022 to 2028, the market size is expected to nearly double from its 2022 valuation of $10.3 billion to an estimated $22.6 billion by the end of the forecast period.

Boiler Insurance Market Trends

The market is experiencing dynamic growth due to rapid digitization within the insurance sector and the increasing need to reduce the substantial costs associated with boiler maintenance and repairs. Small and medium-sized enterprises (SMEs), in particular, are contributing to market expansion as they seek reliable third-party liability coverage solutions to protect against operational risks and financial losses. This demand is further catalyzed by insurance providers who are developing innovative strategies and policies aimed at boosting revenue and enhancing customer satisfaction.

Furthermore, technological advancements such as the adoption of voice-enabled troubleshooting services and the integration of connected devices employing advanced artificial intelligence (AI) are fueling growth. These innovations enable consumers to connect directly with service providers for efficient and immediate issue resolution.

Key Market Segmentation:

  • Fire-Tube Boilers
  • Water-Tube Boilers
  • Natural Gas, Coal, Oil, and Other Fuels
  • Diverse Coverage Types, including Boiler Cover and Comprehensive Policies
  • End-User Industries like Chemicals, Refineries, Metal and Mining, Food and Beverages, and Others

The research also provides a thorough regional analysis, examining significant markets including North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa.

Driving Factors and Opportunities

Factors such as rapid industrialization across various sectors and the introduction of cost-effective premium rates for insurance policies are driving the boiler insurance market forward.

Competition in the Boiler Insurance Market

A competitive landscape analysis reveals the strategies and offerings of leading players in the market. The following companies are profiled in the study:

  • Aviva plc
  • Axa SA
  • 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
  • YourCare Services Ltd.

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