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Engineering Insurance Market to Reach $56.7 billion, Globally, by 2032 at 9.2% CAGR: Allied Market Research
One significant growth factor for the engineering insurance market is the escalating complexity and scale of construction projects worldwide. As infrastructures expand and technological advancements drive innovative designs, the potential risks and liabilities increase substantially. Engineering insurance becomes indispensable to mitigate these risks, offering coverage for unforeseen events, construction errors, and equipment failures. The demand for tailored insurance solutions that address these intricate project risks continues to surge, propelling the growth of the engineering insurance sector.
WILMINGTON, Del., Nov. 29, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Engineering Insurance Market by Type (Contractors All Risk (CAR) Insurance, Erection All Risk (EAR) Insurance, Contractor’s Plant and Machinery (CPM) Insurance, Machinery Breakdown Insurance, and Others), Distribution Channel (Banks, Insurance Companies, and Agents and Brokers), and Application (Construction Sector, Oil and Gas Sector, Manufacturing Sector, Transportation Sector, Energy and Utilities Sector, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032″. According to the report, the global engineering insurance market size was valued at $24.1 billion in 2022 and is projected to reach $56.7 billion by 2032, growing at a CAGR of 9.2% from 2023 to 2032.
(We are providing report as per your research requirement, including the Latest Industry Insight’s Evolution, Potential and COVID-19 Impact Analysis)
127 – Tables
62 – Charts
420 – Pages
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Engineering insurance, also known as construction insurance, is a specialized form of insurance designed to protect against the risks associated with construction projects, engineering works, and machinery operations. It provides coverage for a wide range of potential hazards, including construction site accidents, material damage, third-party liabilities, and machinery breakdowns. This type of insurance is crucial for contractors, engineers, project owners, and stakeholders involved in large-scale infrastructure projects, offering financial protection against unforeseen events that can cause delays, property damage, or bodily injury. Engineering insurance policies are tailored to the unique risks of each project, providing comprehensive coverage and peace of mind throughout the construction or engineering process.
Prime Determinants of Growth
The engineering insurance market is expected to witness notable growth owing to technological advancements, global infrastructure development and regulatory compliance. Moreover, emerging risks and cyber threats are expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, cost constraints and complex risk assessment limit the growth of the engineering insurance market.
Report Coverage & Details:
|
Report Coverage  |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$24.1 billion |
|
Market Size in 2032 |
$56.7 billion |
|
CAGR |
9.2 % |
|
No. of Pages in Report |
420 |
|
Segments Covered |
Type, Distribution Channel, Application, and Region. |
|
Drivers |
Technological advancements Global infrastructure development Regulatory compliance |
|
Opportunities |
Emerging risks and cyber threats |
|
Restraints |
Cost constraints Complex risk assessment |
The Contractors All Risk (CAR) insurance segment to maintain its leadership status throughout the forecast period
Based on the type, the Contractors All Risk (CAR) insurance segment held the highest market share in 2022, accounting for more than one-third of the global engineering insurance market revenue and is estimated to maintain its leadership status throughout the forecast period. This is because it offers comprehensive coverage for various risks during construction projects. CAR insurance typically protects against damages to the construction site, materials, and third-party liabilities, making it popular among stakeholders due to its wide-ranging protection. However, the machinery breakdown insurance segment is projected to manifest the highest CAGR of 12.8% from 2023 to 2032. This is primarily due to the increasing reliance on specialized and expensive machinery in construction and engineering projects. As technology advances, machinery becomes more intricate and crucial for project success. Machinery breakdown insurance specifically targets the risks associated with these complex machines, offering coverage for repair or replacement costs in case of breakdowns, ensuring minimal disruption to project timelines, and reducing financial losses.
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The insurance companies’ segment to maintain its leadership status throughout the forecast period
Based on the distribution channel, the insurance companies segment held the highest market share in 2022, accounting for nearly half of the global engineering insurance market revenue. This is due to its specialized expertise and tailored coverage offerings. Insurance companies have enhanced their understanding of engineering risks, crafting policies that cater to various project needs, ensuring comprehensive protection. However, the banks segment is projected to manifest the highest CAGR of 11.2% from 2022 to 2032. This is due to an increasing trend where banks are integrating insurance services into their offerings. Banks have a broad client base and are leveraging this advantage by bundling insurance with their financial products, making it more accessible to a wider audience. This approach attracts customers seeking convenience and a one-stop-shop for financial and insurance needs, fueling the anticipated rapid growth of the banks segment in engineering insurance.
The construction sector segment to maintain its leadership status throughout the forecast period
Based on application, the construction sector segment held the highest market share in 2022, accounting for nearly one-fourth of the global engineering insurance market revenue. This is due to its extensive involvement in large-scale projects with high asset values and diverse risks. Construction projects encompass various stages, from planning to execution, involving heavy machinery, intricate operations, and numerous stakeholders. The sector faces risks such as machinery breakdowns, construction delays, and third-party liabilities. Consequently, insurance is integral to mitigating these risks, safeguarding investments, and ensuring project continuity. However, the energy and utility segment is projected to manifest the highest CAGR of 14.2% from 2022 to 2032. This surge can be attributed to an increasing trend in global commerce. This is due to escalating global energy demands and significant infrastructure developments. This sector encompasses diverse projects like power plants, renewable energy installations, and utility infrastructure, often involving high-value assets and complex technologies. The increasing focus on renewable energy and upgrading existing utility networks prompts substantial investments, thus driving the demand for insurance coverage.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share for more than one-third of the global engineering insurance market in terms of revenue in 2022. This is due to its mature and well-established engineering and construction sectors. The region houses 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. However, Asia-Pacific is expected to witness the fastest CAGR of 12.4% from 2023 to 2032. This is due to increasing economic activities and substantial investments in infrastructure. Rapid urbanization, industrial expansion, and government initiatives for massive infrastructure projects fuel this growth.
Leading Market Players: –
- AXA XL
- Bajaj Allianz Life Insurance
- Bank of China
- Insureon
- Munich Reinsurance America, Inc.
- Progressive Casualty Insurance Company
- RAKINSURANCE
- SPA Insurance Brokers
- Swiss Re
- The Travelers Indemnity Company
The report provides a detailed analysis of the key players in the global engineering insurance market. These players have adopted different strategies such as product launches and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Key Benefits for Stakeholders
- This engineering insurance market report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the engineering insurance market forecast from 2023 to 2032 to identify the prevailing engineering insurance market opportunity.
- Engineering insurance market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the engineering insurance market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global engineering insurance market.
- Engineering insurance market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The engineering insurance market report includes an analysis of the regional as well as global engineering insurance market trends, key players, market segments, application areas, and market growth strategies.
Engineering Insurance Market Report Highlights
Aspects Details Market
By Type
- Contractor’s Plant and Machinery (CPM) Insurance
- Machinery Breakdown Insurance
- Others
- Contractors All Risk (CAR) Insurance
- Erection All Risk (EAR) Insurance
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, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
Key Market Players : the Travelers Indemnity Company, Swiss Re, Bajaj Allianz Life Insurance, Co. Ltd., AXA XL., Insureon Solutions, LLC, SPA Insurance Brokers, Bank of China, Progressive Casualty Insurance Company, RAKINSURANCE, Munich Reinsurance America, Inc.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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Fintech PR
Strictly Money Launches Crowdcube Campaign, Inviting European Investors to Fuel its Growth Journey
LONDON, Dec. 27, 2024 /PRNewswire/ — Strictly Money Ltd, the London-based fintech, has launched a crowdfunding campaign on Crowdcube to invite European investors to fuel its next phase of growth. Crowdcube, Europe’s largest private market investment platform, has powered success stories like Revolut, Qonto, and Monzo. Regulated by the UK’s Financial Conduct Authority (FCA), Crowdcube provides a trusted and innovative platform for investors to participate in transformative ventures.
Strictly Money’s primary objective with this campaign is to accelerate its growth, fuel product development, and expand its shareholder base. The funding will enable Strictly Money to launch its payment card and banking app in early 2025 and to strengthen its market presence in Scandinavia, the UK, and Ireland. The company plans to introduce hedge fund returns products, broadening investment options for consumers by the end of 2025.
Discover how you can be part of Strictly Money’s growth journey by visiting our Crowdcube campaign at https://crowdcube.getstrictlymoney.com.
Will Povey, CEO and Co-Founder of Strictly Money, said: “At Strictly Money, our vision is to empower everyday investors with access to wealth-building tools and opportunities that were previously reserved for high-net-worth individuals. With this crowdfunding campaign, we aim to bring together a diverse community of investors who share our passion for financial innovation and inclusivity. This funding will not only help us launch our innovative debit card and app but also drive the development of new products that deliver real value to our users.”
About Strictly Money:
Strictly Money is a UK-based financial technology company set to launch a debit card and a cutting-edge banking app in early 2025. The company aims to democratize access to high-performing hedge fund returns, providing innovative investment strategies and financial solutions tailored to investors, savers, and entrepreneurs. Strictly Money’s mission is to open up premium investment opportunities traditionally limited to high-net-worth individuals (HNWIs). For more information, visit https://strictly-money.com.
For media inquiries contact:
Mary Prendergast
Email: [email protected]
Important Notice:
Investing in startups and early-stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Crowdcube is targeted exclusively at investors who are sufficiently sophisticated to understand these risks and make their own investment decisions. Please read the full Risk Warning on Crowdcube’s website before deciding to invest.
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Fintech PR
Bybit Web3 Wallet Integrates Tonstakers: The First of Its TON Staking Offerings to Expand DeFi Opportunities
DUBAI, UAE, Dec. 27, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange,is excited to announce the integration of Tonstakers, the leading liquid staking protocol on the TON blockchain, into its Web3 Wallet. This marks the first of Bybit Web3’s TON staking offerings, reinforcing its commitment to expanding decentralized finance (DeFi) opportunities for its users.
With this integration, Bybit Web3 Wallet users can now seamlessly stake Toncoin ($TON) and receive $tsTON (Tonstakers LST) in return. The value of $tsTON increases relative to $TON every 26 hours, ensuring competitive rewards while contributing to the growth and success of the TON ecosystem. The integration also opens the door for 130 million users in the TON ecosystem to access TON staking directly within the Bybit Web3 Wallet.
Bybit is dedicated to simplifying DeFi adoption by providing intuitive and user-friendly staking experiences. This milestone partnership with Tonstakers enables users to unlock annual returns estimated between 3% and 5% APY, with rewards automatically compounded, further cementing Bybit’s role as a leader in DeFi accessibility.
Why Tonstakers Matters: The First of Its Kind
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“Bybit Web3 is proud to deepen our integration with the TON blockchain, a crucial step in our mission to foster a thriving and interconnected Web3 ecosystem,” said Emily Bao, Head of Bybit Web3. “This integration empowers our users with seamless and trusted access to TON liquid staking pools and unlocks valuable earning opportunities. As a strong believer in DeFi adoption, Bybit Web3 is committed to bridging the gap between Web2 and Web3, creating simple, easy, and accessible solutions that bring the benefits of decentralized finance to a wider audience. We believe this integration will significantly contribute to the growth and success of the TON ecosystem.”
Start Staking Today To begin staking your $TON and earning with $tsTON, visit https://www.bybit.com/en/web3/staking and discover the power of Bybit Web3 Wallet’s integration with Tonstakers. Bybit Web3 Wallet currently supports a wide range of staking services beyond TON tokens, including ETH, USDT, USDC, bbSOL, SUI, and more.
#Bybit / #TheCryptoArk / #BybitWeb3
About Bybit Web3
Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. We are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over 130 million wallet addresses across over 30 major ecosystem partners, and counting.
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Join the revolution now and open the door to your Web3 future with Bybit.
For more details about Bybit Web3, please visit Bybit Web3.
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
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LAS VEGAS, Dec. 27, 2024 /PRNewswire/ — Yaber reported a remarkable 100% year-over-year sales surge during Black Friday. The T2 outdoor projector, featuring a built-in battery and handle-to-stand design, ranked among Amazon’s Top 3 “Most Wished For” list. Meanwhile, the L2s projectors, available in exclusive Pantone colors, sold out shortly after launch.
Yaber T2 projector is currently available at Christmas sale on Amazon and the official Yaber website. Meanwhile, pre-orders for the L2s projectors in exclusive Pantone colors will reopen in mid-January 2025.
This year, Yaber further expanded its global retail presence, debuting at the iconic Selfridges in the UK and securing placements in MediaMarkt across EMEA, Canada’s London Drugs, Saudi Arabia’s EXTRA, Belgium’s FNAC, Greece’s PUBLIC, Czech Republic’s Datart, Japan’s Bic Camera and Yodobaxi, and Malaysia’s premier IOI City Mall and Plaza Low Yat.
Looking ahead, Yaber is set to unveil its first ultra-short-throw laser projector and a new Keith Haring-inspired entry-level model at CES 2025. The launch event will take place at 4:00 PM PST, January 6, 2025 at Caesars Palace, Las Vegas. Visit Yaber’s booth in South Hall 1-30808 at Las Vegas Convention and World Trade Center (LVCC) from January 7-10 to discover more.
About Yaber
Founded in 2018, Yaber redefined home entertainment by introducing the world’s first entertainment projector, pioneering a new category in the industry. Today, its innovative projectors have delivered immersive experiences to users in over 120 countries, making Yaber a trusted name in global home entertainment.
The letter “Y” in Yaber embodies the youthful vigor and innovative spirit of Generation Y. It’s not just a symbol, but a unique representation of youth identity and attitude towards life, infusing the brand with rich cultural connotations of youthfulness within simplicity.
Committed to excellence, Yaber has been pushing the boundaries of audiovisual innovation, crafting projectors that inspire richer, more vibrant lifestyles. Its achievements are recognised with prestigious accolades, including the Red Dot, IDEA, VGP, and CES Innovation Awards.
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