NJ New Jersey, USA -- (SBWIRE) -- 12/07/2022 -- Advance Market Analytics published a new research publication on "Global Engineering Insurance Market Insights, to 2027" with 232 pages and enriched with self-explained Tables and charts in presentable format. In the Study you will find new evolving Trends, Drivers, Restraints, Opportunities generated by targeting market associated stakeholders. The growth of the Engineering Insurance market was mainly driven by the increasing R&D spending across the world.
Major players profiled in the study are:
Allianz (Germany), AXA (France), Nippon Life Insurance (Japan), American Intl. Group (United States), Aviva plc (United Kingdom), Assicurazioni Generali (Italy), Cardinal Health (United States), State Farm Insurance (United States), Dai-ichi Mutual Life Insurance (Japan), Munich Re Group (Germany), Zurich Financial Services (Switzerland), Prudential Financial (United States), Asahi Mutual Life Insurance (Japan), Sumitomo Life Insurance (Japan), MetLife (United States), Allstate (United States), Aegon (India), New York Life Insurance (United States), Meiji Life Insurance (Japan), Aetna (United States), CNP Assurances (France), PingAn (China)
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Scope of the Report of Engineering Insurance
Engineering insurance is meant to safeguard against unpredictable losses that may occurred during the construction activities of buildings and infrastructure as well as during plantâ€™s operation. Though, it represents only 3-4 % of total commercial insurance market but it has annual premiums of over USD 20 billion, and helps businesses in undertaking large construction projects which may be precarious otherwise. Currently, global engineering insurance market is witnessing surge owing to developments in commercial premium rates. United States witnessed rise in cost of insurance on construction related risk of late, and other countries including emerging ones are expected to witness the similar result during forecast duration, which in turn offer lucrative opportunity for engineering insurance providers to cash on.
Engineering insurance is witnessing significant changes in recent past. Since early 2000, London has been the hub for engineering insurance especially for high value projects. However, recently, various other destination such as Singapore, Miami and Dubai have emerged. Additionally, various engineering projects have adopted cutting-edge technologies which has given the birth of new risks such as cyber risk. Emergence of new risks demands a radical change in the way engineering insurance are offered today, preferably changing the current business model of engineering insurance would be viable and far-fetched solution.
The Global Engineering Insurance Market segments and Market Data Break Down are illuminated below:
by Type (Project Insurance (Erection All Risks Insurance, Contractors All Risks Insurance, Contractorâ€™s Plant and Machinery Insurance), Operational Machineries Insurance (Machinery Breakdown Insurance, Boiler And Pressure Plant Insurance, Electronic Equipment Insurance, Civil Engineering Completed Risks Insurance and Deterioration Of Stocks Insurance), Business Interruption Insurance), Application (Production and Processing Enterprises, Oil and Gas, Power and Utilities, Heavy Industries, Transportation Systems, Heavy Civil Engineering Projects, Others)
- Emergence of New Technologies in Engineering Practices Resulting in Rise in Number of Risks
- Need for Robust Collaboration Between Insured and Insurers to Streamline Engineering Insurance Services
- Growing Investment in Renewable Energy Sources Amid Increasing Need to Meet Climate Change Target
- Increasing Need to Absorb Unforeseen Losses During Construction and Operation of Plants
- Growing Construction and Operational Activities in Asia Pacific and Middle East Supported by Chinaâ€™s Belt & Road Initiative
- Increasing Risk Exposures in Engineering Projects
- Growing Demand for Tailor-made Engineering Insurance
- Increasing Share by Project Related Policies in Engineering Insurance Market
- Utilization of Non-damaged Parametric Products to Cover New Risks in Engineering Insurance
What can be explored with the Engineering Insurance Market Study?
- Gain Market Understanding
- Identify Growth Opportunities
- Analyze and Measure the Global Engineering Insurance Market by Identifying Investment across various Industry Verticals
- Understand the Trends that will drive Future Changes in Engineering Insurance
- Understand the Competitive Scenarios
- Track Right Markets
- Identify the Right Verticals
Region Included are: North America, Europe, Asia Pacific, Oceania, South America, Middle East & Africa
Country Level Break-Up: United States, Canada, Mexico, Brazil, Argentina, Colombia, Chile, South Africa, Nigeria, Tunisia, Morocco, Germany, United Kingdom (UK), the Netherlands, Spain, Italy, Belgium, Austria, Turkey, Russia, France, Poland, Israel, United Arab Emirates, Qatar, Saudi Arabia, China, Japan, Taiwan, South Korea, Singapore, India, Australia and New Zealand etc.
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Strategic Points Covered in Table of Content of Global Engineering Insurance Market:
Chapter 1: Introduction, market driving force product Objective of Study and Research Scope the Engineering Insurance market
Chapter 2: Exclusive Summary – the basic information of the Engineering Insurance Market.
Chapter 3: Displaying the Market Dynamics- Drivers, Trends and Challenges & Opportunities of the Engineering Insurance
Chapter 4: Presenting the Engineering Insurance Market Factor Analysis, Porters Five Forces, Supply/Value Chain, PESTEL analysis, Market Entropy, Patent/Trademark Analysis.
Chapter 5: Displaying the by Type, End User and Region/Country 2016-2021
Chapter 6: Evaluating the leading manufacturers of the Engineering Insurance market which consists of its Competitive Landscape, Peer Group Analysis, BCG Matrix & Company Profile
Chapter 7: To evaluate the market by segments, by countries and by Manufacturers/Company with revenue share and sales by key countries in these various regions (2022-2027)
Chapter 8 & 9: Displaying the Appendix, Methodology and Data Source
finally, Engineering Insurance Market is a valuable source of guidance for individuals and companies.
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