Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, the Global Engineering Insurance Market Size is Expected to Grow from USD 26.39 Billion in 2023 to USD 65.98 Billion by 2033, at a CAGR 9.60% during the forecast period 2023-2033.
Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Engineering Insurance Market Size, Share, and COVID-19 Impact Analysis, By Project Type (EPC Contracts, Plant Machinery, Erection All Risks, Construction All Risks, Delay in Start-up, and Advance Loss of Profit), By Coverage Level (First-party Insurance, Third-party Liability Insurance, and Combined First-party and Third-party Liability Insurance), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
Engineering insurance safeguards against risks associated with construction projects, equipment, and installation activities. It can cover the costs of loss or damage incurred during both the construction and operational phases. The engineering insurance market is influenced by various factors, including advancements in technology within the engineering and construction sectors, which have led to more complex projects and sophisticated machinery. This increased complexity necessitates tailored insurance solutions to mitigate risks effectively. Additionally, substantial investments by governments and private entities in large-scale construction projects create a demand for comprehensive insurance coverage. Project stakeholders often require specific insurance to comply with regulatory standards and contractual obligations. However, the engineering insurance market also faces several constraints that can hamper its growth, such as regulatory challenges, economic fluctuations, and the inherent complexity of insurance products. Stringent regulations and compliance requirements can pose barriers for insurance providers, resulting in higher operational costs and potentially complicating market entry.
The EPC contracts segment is predicted to hold the largest market share through the forecast period.
Based on the project type, the engineering insurance market is classified into EPC contracts, plant machinery, erection all risks, construction all risks, delay in start-up, and advance loss of profit. Among these, the EPC contracts segment is predicted to hold the largest market share through the forecast period. The growing demand for integrated project delivery models that streamline construction processes has led to an increase in the use of EPC (Engineering, Procurement, and Construction) contracts. These contracts provide a single point of responsibility, which reduces risks for project owners and ensures timely project completion within budget. This efficiency is especially appealing for large-scale infrastructure projects, where complexities can often lead to delays and cost overruns.
The first-party insurance segment is anticipated to hold the highest market share during the projected timeframe.
Based on the coverage level, the engineering insurance market is divided into first-party insurance, third-party liability insurance, and combined first-party and third-party liability insurance. Among these, the first-party insurance segment is anticipated to hold the highest market share during the projected timeframe. This is due to rising awareness of risk management among businesses and project owners, which is driving the need for first-party insurance. This type of insurance covers direct losses incurred by the insured party, making it particularly relevant in industries that are vulnerable to various operational hazards. The growth of construction and engineering projects, combined with an increasing need for financial protection against unforeseen events, enhances the appeal of first-party insurance. As organizations seek to safeguard their investments, this market segment is likely to experience substantial growth.
North America is estimated to hold the largest share of the engineering insurance market over the forecast period.
North America is estimated to hold the largest share of the engineering insurance market over the forecast period. This is due to its robust infrastructure development and well-established regulatory framework. The region’s advanced construction sector, characterized by high levels of investment and innovation, drives the demand for comprehensive engineering insurance solutions. Additionally, the presence of numerous key players and a competitive insurance landscape further bolster the region's dominance. As North American companies continue to engage in complex engineering projects, the necessity for specialized insurance products will solidify its market leadership.
Europe is expected to grow the fastest during the forecast period. The market is driven by increasing construction activities and investments in renewable energy projects. The region's focus on sustainability and infrastructure modernization has led to a rise in engineering projects that require tailored insurance solutions. Furthermore, regulatory changes and heightened safety standards are prompting companies to adopt more comprehensive insurance policies to mitigate risks. As European nations prioritize innovation and efficiency in their construction sectors, the engineering insurance market is poised for rapid expansion.
Competitive Analysis
Major key players in the engineering insurance market includes Jardine Lloyd Thompson Group, Zurich Insurance Group, Travelers Companies, Inc., Gallagher, Berkshire Hathaway Inc., Liberty Mutual Insurance Group, Allianz SE, Chubb Limited, AIG, Marsh McLennan Companies, AXA SA, Munich Re, Willis Towers Watson, Swiss Re, Hannover Re, and Others.
Key Target Audience
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the engineering insurance market based on the below-mentioned segments:
Global Engineering Insurance Market, By Project Type
Global Engineering Insurance Market, By Coverage Level
Global Engineering Insurance Market, By Regional Analysis
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