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Factory and Warehouse Insurance Market to Reach $84.3 Billion, Globally, by 2032 at 11.2% CAGR: Allied Market Research
Increase in property damage incidents, growing risk of theft and burglary, and business interruption risks drive the growth of the factory and warehouse insurance market.
PORTLAND, Ore., Dec. 13, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Factory and Warehouse Insurance Market by Coverage Type (Floating Policy, Valued Policy, Specific Policy, and Replacement and Reinstatement Policy), Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises), and Industry Vertical (Manufacturing, Retail and E-commerce, Transportation and Logistics, Automotive, Pharmaceuticals, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032″. According to the report, the global factory and warehouse insurance industry generated $29.7 billion in 2022, and is anticipated to generate $84.3 billion by 2032, witnessing a CAGR of 11.2% from 2023 to 2032.
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- 124 – Tables
- 58 – Charts
- 275 – Pages
Prime determinants of growth
The factory and warehouse insurance market is expected to witness notable growth owing to an increase in property damage incidents, growing risk of theft and burglary, and business interruption risks. Moreover, the adoption of technology for risk management is expected to provide a lucrative opportunity for the growth of the market during the forecast period. On the contrary, the high cost of insurance premiums and complex underwriting process limits the growth of the factory and warehouse insurance market.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2022–2032  |
|
Base Year |
2022 |
|
Market Size in 2022 |
$29.68 billion |
|
Market Size in 2032 |
$84.25 billion |
|
CAGR |
11.2 % |
|
No. of Pages in Report |
275 |
|
Segments Covered |
Coverage Type, Enterprise Size, Industry Vertical, and Region. |
|
Drivers |
Increase in property damage incidents Growing risk of theft and burglary Business interruption risks |
|
Opportunities |
Adoption of technology for risk management |
|
Restraints |
High cost of insurance premiums Complex underwriting process |
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The floating policy segment to maintain its leadership status throughout the forecast period
Based on coverage type, the floating policy segment held the highest market share in 2022, accounting for more than half of the global factory and warehouse insurance market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the flexibility and adaptability of floating policies. These policies offer comprehensive coverage for movable assets, accommodating the dynamic nature of industrial environments where equipment and inventory often shift. However, the replacement and reinstatement policy segment is projected to manifest the highest CAGR of 14.7% from 2023 to 2032. The growth of replacement and reinstatement policies in the factory and warehouse insurance market is fueled by their emphasis on restoring normal operations after a loss.
The large enterprises segment to maintain its leadership status throughout the forecast period
Based on enterprise size, the large enterprises segment held the highest market share in 2022, accounting for nearly two-thirds of the global factory and warehouse insurance market revenue, and is estimated to maintain its leadership status throughout the forecast period. The growth of factory and warehouse insurance in large enterprises is fueled by the increasing complexity of industrial operations and the valuable equipment involved makes protection against potential risks crucial. Furthermore, the rise in global supply chain interconnectivity has heightened the exposure to various perils, including natural disasters and supply chain disruptions. However, the small and medium-sized enterprises segment is projected to manifest the highest CAGR of 13.0% from 2023 to 2032. This is attributed to the fact that as SMEs form a vital part of various industries, they face similar risks as larger enterprises but with potentially limited resources to recover from setbacks. This realization has prompted a heightened awareness among SMEs about the necessity of insurance to protect against unforeseen events such as equipment failures, accidents, or disruptions in the supply chain.
The manufacturing segment to maintain its leadership status throughout the forecast period
Based on industry vertical, the manufacturing segment held the highest market share in 2022, accounting for more than one-third of the global factory and warehouse insurance market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the increasing complexity of manufacturing processes and the value of equipment makes these facilities more susceptible to various risks, such as machinery breakdowns or natural disasters. However, the pharmaceuticals segment is projected to manifest the highest CAGR of 16.8% from 2023 to 2032, owing to the fact that pharmaceutical manufacturing involves highly specialized equipment and delicate processes, making facilities susceptible to disruptions from equipment failures, contamination risks, and regulatory challenges.
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North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global factory and warehouse insurance market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to the increased awareness of potential threats, including natural disasters and supply chain disruption in the region. However, Asia-Pacific is expected to witness the fastest CAGR of 15.5% from 2023 to 2032. This is attributed to the increase in demand for comprehensive insurance solutions among businesses. Insurance providers in the region offer policies that cover a wide array of risks, including property damage, business interruption, and liability, tailored to the unique challenges faced by factories and warehouses.
Leading Market Players: –
- AXA SA
- Zurich Insurance Company Ltd
- HII Insurance Broking Services Pvt. Ltd. (PlanCover)
- GeneralLiabilityInsure.com
- Simply Business
- The Hartford
- SecureNow Insurance Broker Pvt. Ltd.
- GreenLife Insurance Broking Pvt. Ltd.
- Policywings Insurance Broker Pvt. Ltd.
- Insuranks.com
The report provides a detailed analysis of these key players of the global factory and warehouse insurance market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others 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 report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the factory and warehouse insurance market analysis from 2022 to 2032 to identify the prevailing factory and warehouse insurance market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- The 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 factory and warehouse insurance market segmentation assists to determine the prevailing factory and warehouse insurance market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as factory and warehouse insurance market trends, key players, market segments, application areas, and market growth strategies.
Factory and Warehouse Insurance Market Report Highlights
By Coverage Type
- Floating Policy
- Valued Policy
- Specific Policy
- Replacement and Reinstatement Policy
By Enterprise Size
- Large Enterprises
- Small and Medium-sized Enterprises
By Industry Vertical
- Others
- Manufacturing
- Retail and E-commerce
- Transportation and Logistics
- Automotive
- Pharmaceuticals
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)
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About Us:
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.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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President Emmerson Mnangagwa met this week with Zambia’s former Vice President and Special Envoy Enoch Kavindele to discuss SADC’s candidate for the AfDB
President Mnangagwa, who is SADC Chairperson, reaffirmed his own country’s and SADC’s enthusiastic support for Zambian candidate Sam Maimbo
LUSAKA, Zambia, Dec. 20, 2024 /PRNewswire/ — Special Envoy Kavindele released the following statement following the meeting:
“I am elated to witness the growing success and momentum of Sam Maimbo’s candidacy to become the next President of the African Development Bank. I am filled with gratitude to our friends across both SADC and COMESA for their continued support and good wishes.
Sam has garnered such wide consensus due to his being uniquely qualified to deliver the transformative change and empowerment our continent needs. Sam’s 30 years in development work is defined by driving outcomes, improving processes, and investing in people. The AfDB needs a hands-on leader who is laser focused on delivering results and who is unafraid of making tough decisions in order to best serve our continent. Sam is that leader. Sam has the track record and experience to drastically enhance the pace, scale, and impact of the Bank’s work in service of the people and governments of Africa.
Our region has a proud history of supporting fellow Southern Africans. For example, we all recall Lusaka’s role in hosting the African National Congress’ headquarters during the dark days of Apartheid oppression.
It therefore gives me no pleasure to observe my South African brothers, who have themselves leant on Zambia’s steadfast friendship over many decades, fail to rally behind both SADC and COMESA’s chosen candidate for the AfDB. Africa’s urgent economic development challenges demand transformational leadership at the AfDB, it is all of our responsibility to put forward the best candidate for the job. This is not the time or place for a government to act with narrow self-interest, we all must act in the continent’s and AfDB’s best interest.
I thank Sam Maimbo for his lifelong service to our entire continent, and I am eager to witness his enormous impact as President of the AfDB.”
LONDON, Dec. 20, 2024 /PRNewswire/ — Heimdal Security shares a practical holiday cybersecurity checklist, offering expert insights to help businesses safeguard against cyber threats this festive season.
With reduced staffing, remote work setups, and a surge in online shopping creating heightened vulnerabilities, this guide offers actionable tips to enhance business security.
Going beyond basic advice, the checklist also highlights the most common holiday scams and features videos showcasing real-life examples of Christmas-themed cyber scams and effective prevention strategies.
Key Tips to Protect Businesses This Holiday Season:
- Strengthen endpoints: Ensure devices are updated with antivirus and endpoint protection software; consider Endpoint Detection and Response (EDR) and application whitelisting.
- Prepare for phishing spikes: Train staff to identify suspicious emails, enforce robust email filters, and establish protocols for reporting unusual activity.
- Secure remote access: Mandate VPN usage, monitor unusual logins, and deactivate inactive accounts temporarily.
- Segment and shield networks: Isolate sensitive areas, deploy DNS security and advanced firewalls, and maintain full visibility over network traffic.
- Apply timely patches: Regularly update all systems and test patches in a controlled environment to minimize disruptions.
- Mitigate supply chain risks: Assess vendors thoroughly and limit their access to essential systems.
- Have a response plan ready: Tailor incident protocols for the holidays, create an on-call rotation for the IT team, and enable rapid action against suspicious activity.
“ Cybercriminals thrive on holiday distractions, but with proactive measures like phishing training, secure endpoints, and network segmentation, businesses can stay ahead of potential threats,” said Alex Panait, System Administrator at Heimdal Security.
Common Holiday Scams That Businesses Should Watch For:
Cybercriminals often tailor their tactics to exploit the festive season. The most common scams include:
- Spear phishing: Emails disguised as holiday bonuses or event invitations that steal credentials or spread malware.
- Malicious holiday E-Cards: Festive greetings that contain links deploying ransomware or spyware.
- Fake E-Commerce sites: Fraudulent websites offering discounts to steal payment information.
- Insider threats: Distracted or disgruntled employees mishandling or exploiting sensitive data.
- Corporate travel scams: Fake booking platforms targeting business travelers.
- Business email compromise (BEC): Fraudulent requests for urgent wire transfers during year-end financial rushes.
For more, read the full article here or watch the video on YouTube to see how these threats unfold and learn actionable prevention strategies.
About Heimdal:
Established in Copenhagen in 2014, Heimdal® empowers CISOs, security teams, and IT administrators to improve their security operations, reduce alert fatigue, and implement proactive measures through a unified command and control platform.
Heimdal’s award-winning cybersecurity solutions span the entire IT estate, addressing challenges from endpoint to network levels, including vulnerability management, privileged access, Zero Trust implementation, and ransomware prevention.
For further press information:
Madalina Popovici
Media Relations Manager
[email protected]
View original content:https://www.prnewswire.co.uk/news-releases/stay-cyber-safe-this-holiday-season-heimdals-checklist-for-business-security-302337465.html
Fintech PR
According to Tickmill survey, 3 in 10 Britons in economic difficulty: Purchasing power down 41% since 2004
The people who have the most problems are women (30%) and are between 35 and 49 years old (39%)
ROME, Dec. 20, 2024 /PRNewswire/ — The purchasing power in the UK has dropped by 41% over the last 20 years. Today, £100,000 left in a bank account since 2004 without being invested would now be worth £59,021.
This figure is one of the findings from a study conducted by Tickmill, an international online trading broker that compared the economic situation in the UK and the European Union through the infographic “Purchasing Power and Cost of Living: UK vs EU”.
The analysis reveals a slight decline of 0.4% in the UK’s purchasing power, which currently stands at £41,573. In contrast, the European Union has seen a modest rise of 0.1%, reaching £40,874.
Why is purchasing power declining in the UK? One key factor is the cost of living. If the UK were still part of the European Union, it would rank as the fifth most expensive country, behind Ireland, Luxembourg, Denmark, and the Netherlands.
Unsurprisingly, 3 in 10 Britons are struggling with the cost of living. Women (3 in 10, compared to 25% of men), those aged between 35 and 49 (4 in 10), households earning less than £15,000 (6 in 10), and single parents (1 in 2) are among the most affected groups.
Among UK nations, Northern Ireland is the hardest hit, with 34% of its population facing financial difficulties, followed by Wales (31%), England (28%), and Scotland (22%). In England, the North East has the highest percentage of people struggling, with 4 in 10 residents affected. Even in London, the high costs impact 1 in 4 adults.
In response to these challenges, Britons are making significant adjustments:
- 53% have cut back or delayed spending on smaller items like eating out, entertainment, subscriptions, clothing, toys, books, etc.;
- 52% have reduced household energy consumption;
- 48% have decreased their grocery spending;
- 41% have scaled back or postponed major expenditures, such as holidays, cars, and weddings;
- 26% are working longer hours, taking on overtime, or pursuing additional jobs to earn extra income.
The British also made changes on the financial side. One in four adults has been forced to dip into their savings or investments to cover daily expenses. Moreover, 44% have stopped saving or investing entirely or have reduced their savings and investments—a 4% increase compared to 2023.
The lack of investment is another critical factor contributing to the decline in purchasing power. It is estimated that 13 million UK residents hold £430 billion in cash deposits but do not invest. The reasons? Seventy-four percent say they cannot compare investment products effectively, and 43% are afraid of losing their money.
A lack of knowledge and fear are preventing many savers from taking advantage of an important opportunity: preserving or increasing their purchasing power in the long term.
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Fintech PR1 day agoAccording to Tickmill survey, 3 in 10 Britons in economic difficulty: Purchasing power down 41% since 2004