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Global Engineering Insurance Market Size Study, by Type (Contractor’s Plant and Machinery (CPM) Insurance, Machinery Breakdown Insurance, Contractors All Risk (CAR) Insurance, Erection All Risk (EAR) Insurance, Others), by Distribution Channel (Banks, Insurance Companies, Agents and Brokers), by Application (Construction Sector, Oil and Gas Sector, Manufacturing Sector, Transportation Sector, Energy and Utilities Sector, Others), and Regional Forecasts 2022-2032

August 2024 | 200 pages | ID: G3E1D3584282EN
Bizwit Research & Consulting LLP

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Global Engineering Insurance Market is valued at approximately USD 26.32 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 9.2% over the forecast period 2024-2032. Engineering insurance is a specialized insurance type designed to safeguard businesses and individuals engaged in construction, engineering, and infrastructure projects from potential risks and financial losses. This insurance encompasses a broad range of coverages tailored to the unique hazards inherent in these industries, such as machinery breakdown, construction risks, project delays, and liability arising from engineering activities. Engineering insurance typically provides financial protection for physical damage to machinery and equipment, cost overruns due to project delays, third-party liabilities, and other unforeseen events that could disrupt or impact engineering projects. It offers a critical safety net for complex and often high-value projects, ensuring continuity of operations amidst adversities.

The engineering insurance market is propelled by several factors, including the rapid technological advancements in engineering and construction, which have led to more sophisticated machinery and complex projects requiring tailored insurance coverage to mitigate associated risks. Furthermore, increasing investments in global infrastructure projects drive the demand for engineering insurance as governments and private entities embark on large-scale construction ventures, necessitating comprehensive insurance to safeguard against potential financial setbacks. Moreover, stringent regulations and contractual obligations often mandate project stakeholders to secure specific insurance coverage, thereby driving the demand for engineering insurance as businesses strive to adhere to legal requirements and mitigate potential liabilities.

However, the high premiums associated with engineering insurance, attributed to the high value of projects and equipment involved, can act as a restraint for smaller firms or projects with limited budgets, affecting their ability to afford comprehensive coverage. Additionally, the complex and often difficult-to-quantify risks associated with engineering projects pose challenges for insurers in accurately evaluating and pricing these risks, potentially leading to coverage gaps or limitations. Conversely, the increasing reliance on technology within engineering and construction sectors introduces new opportunities for insurance providers to offer specialized coverage against cyber threats and emerging risks, thereby driving innovation within the engineering insurance market.

Region-wise, North America attained the highest growth in 2023 due to its mature and well-established engineering and construction sectors. The region is home to numerous large-scale infrastructure projects, including advanced technological innovations and industrial developments. Robust regulatory frameworks and a high awareness of risk management practices drive the demand for comprehensive insurance coverage among businesses. The prevalence of stringent safety standards and contractual obligations further mandates insurance, contributing to North America's dominant market share in engineering insurance. On the other hand, the Asia-Pacific region is expected to be the fastest-growing segment in the engineering insurance market during the forecast period, driven by increasing economic activities and substantial investments in infrastructure. Rapid urbanization, industrial expansion, and government initiatives for massive infrastructure projects fuel this growth. As the region witnesses a surge in construction ventures, there is an increased recognition of the need for risk mitigation through insurance. Evolving regulatory environments and growing awareness of the benefits of insurance coverage also drive growth in Asia-Pacific's engineering insurance segment.

Major market players included in this report are:

Bank of China

Swiss Re

AXA XL

Bajaj Allianz Life Insurance Co. Ltd.

Progressive Casualty Insurance Company

SPA Insurance Brokers

RAKINSURANCE

The Travelers Indemnity Company

Insureon Solutions, LLC

Munich Reinsurance America, Inc.

The detailed segments and sub-segment of the market are explained below:

By Type:
  • Contractor’s Plant and Machinery (CPM) Insurance
  • Machinery Breakdown Insurance
  • Contractors All Risk (CAR) Insurance
  • Erection All Risk (EAR) Insurance
  • Others
By Distribution Channel:
  • Banks
  • Insurance Companies
  • Agents and Brokers
By Application:
  • Construction Sector
  • Oil and Gas Sector
  • Manufacturing Sector
  • Transportation Sector
  • Energy and Utilities Sector
  • Others
By Region:
  • North America
  • U.S.
  • Canada
  • Europe
  • UK
  • Germany
  • France
  • Spain
  • Italy
  • ROE
  • Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • RoAPAC
  • Latin America
  • Brazil
  • Mexico
  • RoLA
  • Middle East & Africa
  • Saudi Arabia
  • South Africa
  • RoMEA
Years considered for the study are as follows:
  • Historical year – 2022
  • Base year – 2023
  • Forecast period – 2024 to 2032
Key Takeaways:
  • Market Estimates & Forecast for 10 years from 2022 to 2032.
  • Annualized revenues and regional level analysis for each market segment.
  • Detailed analysis of geographical landscape with Country level analysis of major regions.
  • Competitive landscape with information on major players in the market.
  • Analysis of key business strategies and recommendations on future market approach.
  • Analysis of competitive structure of the market.
  • Demand side and supply side analysis of the market.
CHAPTER 1. GLOBAL ENGINEERING INSURANCE MARKET EXECUTIVE SUMMARY

1.1. Global Engineering Insurance Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
  1.3.1. By Type
  1.3.2. By Distribution Channel
  1.3.3. By Application
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendation & Conclusion

CHAPTER 2. GLOBAL ENGINEERING INSURANCE MARKET DEFINITION AND RESEARCH ASSUMPTIONS

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
  2.3.1. Inclusion & Exclusion
  2.3.2. Limitations
  2.3.3. Supply Side Analysis
    2.3.3.1. Availability
    2.3.3.2. Infrastructure
    2.3.3.3. Regulatory Environment
    2.3.3.4. Market Competition
    2.3.3.5. Economic Viability (Consumer’s Perspective)
  2.3.4. Demand Side Analysis
    2.3.4.1. Regulatory frameworks
    2.3.4.2. Technological Advancements
    2.3.4.3. Environmental Considerations
    2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

CHAPTER 3. GLOBAL ENGINEERING INSURANCE MARKET DYNAMICS

3.1. Market Drivers
  3.1.1. Technological Advancements
  3.1.2. Increasing Investments in Infrastructure Projects
  3.1.3. Stringent Regulations and Contractual Obligations
3.2. Market Challenges
  3.2.1. High Premium Costs
  3.2.2. Complex Risk Assessment
3.3. Market Opportunities
  3.3.1. Emerging Risks and Cyber Threats
  3.3.2. Rising Adoption in Developing Economies
  3.3.3. Innovations in Insurance Products

CHAPTER 4. GLOBAL ENGINEERING INSURANCE MARKET INDUSTRY ANALYSIS

4.1. Porter’s 5 Force Model
  4.1.1. Bargaining Power of Suppliers
  4.1.2. Bargaining Power of Buyers
  4.1.3. Threat of New Entrants
  4.1.4. Threat of Substitutes
  4.1.5. Competitive Rivalry
  4.1.6. Futuristic Approach to Porter’s 5 Force Model
  4.1.7. Porter’s 5 Force Impact Analysis
4.2. PESTEL Analysis
  4.2.1. Political
  4.2.2. Economical
  4.2.3. Social
  4.2.4. Technological
  4.2.5. Environmental
  4.2.6. Legal
4.3. Top investment opportunity
4.4. Top winning strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendation & Conclusion

CHAPTER 5. GLOBAL ENGINEERING INSURANCE MARKET SIZE & FORECASTS BY TYPE 2022-2032

5.1. Segment Dashboard
5.2. Global Engineering Insurance Market: Type Revenue Trend Analysis, 2022 & 2032 (USD Billion)
  5.2.1. Contractor’s Plant and Machinery (CPM) Insurance
  5.2.2. Machinery Breakdown Insurance
  5.2.3. Contractors All Risk (CAR) Insurance
  5.2.4. Erection All Risk (EAR) Insurance
  5.2.5. Others

CHAPTER 6. GLOBAL ENGINEERING INSURANCE MARKET SIZE & FORECASTS BY DISTRIBUTION CHANNEL 2022-2032

6.1. Segment Dashboard
6.2. Global Engineering Insurance Market: Distribution Channel Revenue Trend Analysis, 2022 & 2032 (USD Billion)
  6.2.1. Banks
  6.2.2. Insurance Companies
  6.2.3. Agents and Brokers

CHAPTER 7. GLOBAL ENGINEERING INSURANCE MARKET SIZE & FORECASTS BY APPLICATION 2022-2032

7.1. Segment Dashboard
7.2. Global Engineering Insurance Market: Application Revenue Trend Analysis, 2022 & 2032 (USD Billion)
  7.2.1. Construction Sector
  7.2.2. Oil and Gas Sector
  7.2.3. Manufacturing Sector
  7.2.4. Transportation Sector
  7.2.5. Energy and Utilities Sector
  7.2.6. Others

CHAPTER 8. GLOBAL ENGINEERING INSURANCE MARKET SIZE & FORECASTS BY REGION 2022-2032

8.1. North America Engineering Insurance Market
  8.1.1. U.S. Engineering Insurance Market
    8.1.1.1. Type breakdown size & forecasts, 2022-2032
    8.1.1.2. Distribution Channel breakdown size & forecasts, 2022-2032
    8.1.1.3. Application breakdown size & forecasts, 2022-2032
  8.1.2. Canada Engineering Insurance Market
8.2. Europe Engineering Insurance Market
  8.2.1. UK Engineering Insurance Market
  8.2.2. Germany Engineering Insurance Market
  8.2.3. France Engineering Insurance Market
  8.2.4. Spain Engineering Insurance Market
  8.2.5. Italy Engineering Insurance Market
  8.2.6. Rest of Europe Engineering Insurance Market
8.3. Asia-Pacific Engineering Insurance Market
  8.3.1. China Engineering Insurance Market
  8.3.2. India Engineering Insurance Market
  8.3.3. Japan Engineering Insurance Market
  8.3.4. Australia Engineering Insurance Market
  8.3.5. South Korea Engineering Insurance Market
  8.3.6. Rest of Asia Pacific Engineering Insurance Market
8.4. Latin America Engineering Insurance Market
  8.4.1. Brazil Engineering Insurance Market
  8.4.2. Mexico Engineering Insurance Market
  8.4.3. Rest of Latin America Engineering Insurance Market
8.5. Middle East & Africa Engineering Insurance Market
  8.5.1. Saudi Arabia Engineering Insurance Market
  8.5.2. South Africa Engineering Insurance Market
  8.5.3. Rest of Middle East & Africa Engineering Insurance Market

CHAPTER 9. COMPETITIVE INTELLIGENCE

9.1. Key Company SWOT Analysis
  9.1.1. Company
  9.1.2. Company
  9.1.3. Company
9.2. Top Market Strategies
9.3. Company Profiles
  9.3.1. Bank of China
    9.3.1.1. Key Information
    9.3.1.2. Overview
    9.3.1.3. Financial (Subject to Data Availability)
    9.3.1.4. Product Summary
    9.3.1.5. Market Strategies
  9.3.2. Swiss Re
  9.3.3. AXA XL
  9.3.4. Bajaj Allianz Life Insurance Co. Ltd.
  9.3.5. Progressive Casualty Insurance Company
  9.3.6. SPA Insurance Brokers
  9.3.7. RAKINSURANCE
  9.3.8. The Travelers Indemnity Company
  9.3.9. Insureon Solutions, LLC
  9.3.10. Munich Reinsurance America, Inc.

CHAPTER 10. RESEARCH PROCESS

10.1. Research Process
  10.1.1. Data Mining
  10.1.2. Analysis
  10.1.3. Market Estimation
  10.1.4. Validation
  10.1.5. Publishing
10.2. Research Attributes

LIST OF TABLES

TABLE 1. Global Engineering Insurance market, report scope
TABLE 2. Global Engineering Insurance market estimates & forecasts by Region 2022-2032 (USD Billion)
TABLE 3. Global Engineering Insurance market estimates & forecasts by Type 2022-2032 (USD Billion)
TABLE 4. Global Engineering Insurance market estimates & forecasts by Distribution Channel 2022-2032 (USD Billion)
TABLE 5. Global Engineering Insurance market estimates & forecasts by Application 2022-2032 (USD Billion)
TABLE 6. Global Engineering Insurance market by segment, estimates & forecasts, 2022-2032 (USD Billion)
TABLE 7. Global Engineering Insurance market by region, estimates & forecasts, 2022-2032 (USD Billion)
TABLE 8. Global Engineering Insurance market by segment, estimates & forecasts, 2022-2032 (USD Billion)
TABLE 9. Global Engineering Insurance market by region, estimates & forecasts, 2022-2032 (USD Billion)
TABLE 10. Global Engineering Insurance market by segment, estimates & forecasts, 2022-2032 (USD Billion)
TABLE 11. Global Engineering Insurance market by region, estimates & forecasts, 2022-2032 (USD Billion)
TABLE 12. Global Engineering Insurance market by segment, estimates & forecasts, 2022-2032 (USD Billion)
TABLE 13. Global Engineering Insurance market by region, estimates & forecasts, 2022-2032 (USD Billion)
TABLE 14. U.S. Engineering Insurance market estimates & forecasts, 2022-2032 (USD Billion)
TABLE 15. U.S. Engineering Insurance market estimates & forecasts by segment 2022-2032 (USD Billion)
TABLE 16. U.S. Engineering Insurance market estimates & forecasts by segment 2022-2032 (USD Billion)
TABLE 17. Canada Engineering Insurance market estimates & forecasts, 2022-2032 (USD Billion)
TABLE 18. Canada Engineering Insurance market estimates & forecasts by segment 2022-2032 (USD Billion)
TABLE 19. Canada Engineering Insurance market estimates & forecasts by segment 2022-2032 (USD Billion)
…..
This list is not complete, final report does contain more than 100 tables. The list may be updated in the final deliverable.

LIST OF FIGURES

FIG 1. Global Engineering Insurance market, research methodology
FIG 2. Global Engineering Insurance market, market estimation techniques
FIG 3. Global market size estimates & forecast methods.
FIG 4. Global Engineering Insurance market, key trends 2023
FIG 5. Global Engineering Insurance market, growth prospects 2022-2032
FIG 6. Global Engineering Insurance market, porters 5 force model
FIG 7. Global Engineering Insurance market, PESTEL analysis
FIG 8. Global Engineering Insurance market, value chain analysis
FIG 9. Global Engineering Insurance market by segment, 2022 & 2032 (USD Billion)
FIG 10. Global Engineering Insurance market by segment, 2022 & 2032 (USD Billion)
FIG 11. Global Engineering Insurance market by segment, 2022 & 2032 (USD Billion)
FIG 12. Global Engineering Insurance market by segment, 2022 & 2032 (USD Billion)
FIG 13. Global Engineering Insurance market by segment, 2022 & 2032 (USD Billion)
FIG 14. Global Engineering Insurance market, regional snapshot 2022 & 2032
FIG 15. North America Engineering Insurance market 2022 & 2032 (USD Billion)
FIG 16. Europe Engineering Insurance market 2022 & 2032 (USD Billion)
FIG 17. Asia Pacific Engineering Insurance market 2022 & 2032 (USD Billion)
FIG 18. Latin America Engineering Insurance market 2022 & 2032 (USD Billion)
FIG 19. Middle East & Africa Engineering Insurance market 2022 & 2032 (USD Billion)
FIG 20. Global Engineering Insurance market, company market share analysis (2023)
…..
This list is not complete, final report does contain more than 50 figures. The list may be updated in the final deliverable.


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