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Market Research Report

Global equipment breakdown insurance by type, by application market 2025

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Global equipment breakdown insurance by type, by application market 2025
Published: May 20, 2020 Content info: 115 Pages
Description

Global Equipment Breakdown Insurance market is estimated to grow at a CAGR of 8.16% from 2020-2026

The Global Equipment Breakdown Insurance market is estimated to reach USD 2,214.05 million in 2018 at a significant CAGR of 8.16% as it helps in total loss of in equipment. The sum insured in this scenario covers the actual value of items immediately before the occurrence, less the depreciation value applicable.

Global premium growth in equipment breakdown insurance improved slightly mainly driven by emerging-market investment products. Due to the low interest rates, which remained close to historic lows, profitability remained challenging, although recent rate revival creates opportunities along with challenges. Expediting cost coverage found in equipment breakdown, building risk, and some property policies are appropriately referred to as a cost-mitigating provision. Some policies apply to it as a cost-reduction measure or a sue and labor clause. Sometimes this coverage is automatically included in the form. In others, it needs to be selected at an additional cost. Sustained progress in developed markets, along with a greater share of emerging markets is expected to increase global growth in insurance breakdown equipment over the forecast period.

Type I segment in global Equipment Breakdown Insurance market estimated to have the fastest growth during the forecast horizon

Among the industry vertical, Type I holds the largest share in the global market of equipment breakdown insurance. As its coverage pays any costs necessary to reduce the loss of business income but only to the extent that the expenses incurred minimize the loss of business income. In addition, the first type is referred more appropriately to as the coverage of "loss reduction expenses" and is only available when the coverage of business income is not accompanied by additional coverage of expenses. Whereas, the second type of extra expense, which could be more appropriately referred to as ' pure extra expense insurance, ' shall cover the necessary expenses incurred by the insured named during the period of recovery (defined in the policy) which would not have incurred if there had no direct physical loss or damage to the property caused by the insured.

Reducing the frequency and severity of an incident

The physical inspection of the equipment will also help to identify dangerous conditions before any possible problems. Insurance company inspections of pressure vessels may also comply with national and local municipal inspection standards. The insurance company inspector looks not only at the state of the Breakdown in operation but also at factors such as the theory of plant management, training of staff, production flow, and vulnerability to business interruption. An inspector may offer suggestions that may help to reduce operating costs or extend the useful life of the equipment. For instance, the inspector shall supervise the testing of controls and safety devices, check the maintenance of equipment, and the "logs" of the operators. Most states and local municipalities require periodic inspection of boiler pressure vessels. If the Equipment Breakdown insurance policy also pays for such checks, the charge of site inspection costs in the majority of jurisdictions may not apply; the only expense is the certificate fee. As a result, Reduce the frequency and seriousness of an incident of an equipment is propelling the market across the globe.

Prevention from Machinery Breakdown loss exposures

Machinery Breakdown loss exposures for heavy industry and energy-intensive occupancies can be very significant. According to an independent study relating to losses in the Power Generation (Energy) sector, more than 75% of loss events and associated claims are machinery breakdown related. Though many breakdowns can be prevented. However, the preventable ones, which nevertheless occur, can nearly always be attributed to a human failure in one form or another. The safe operation always requires proper maintenance of equipment. Rising demand from business owners to fully understand their machinery Breakdown exposures and protect themselves against significant losses is surging the demand for equipment breakdown insurance market globally.

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North America is expected to grow at remarkable rate in Equipment Breakdown Insurance market during the anticipated period.

Geographically, the Global Equipment Breakdown Insurance market is bifurcated into North America, Asia Pacific, Europe, Middle East, Africa & Latin America. North America is leading the global equipment breakdown insurance market as the majority of companies are in North America, & as equipment breakdown insurance covers a wide range of disruptions, such as a business office complex with power failure, a web-based company whose servers are damaged etc. Therefore, North America has the largest share compared to other regions during the forecast period from 2020-2026.

Competitive Landscape

The major market players in the Equipment Breakdown Insurance market are AXA, AIG, Aviva, Zurich, Liberty Mutual, Erie Insurance, Japan Post Insurance Company, Ltd., Ping An Insurance (Group) Company of China Ltd., Anthem, Inc., Assicurazioni Generali S.p.A., Berkshire Hathaway Inc., Allstate, Safeco Insurance, Allied Insurance, Centene Corporation, MS&AD Insurance Group Holdings, Inc., Aetna Inc., Gulfstream Insurance, and Other Prominent Players are expanding their presence in the market by implementing various innovations and technology.

Table of Contents
Product Code: BWC20086

Table of Contents

1. Research Framework

  • 1.1. Research Objective
  • 1.2. Process Overview
  • 1.3. Market Segmentation

2. Research Methodology

  • 2.1. Qualitative Research
    • 2.1.1. Primary & Secondary Types
  • 2.2. Quantitative Research
    • 2.2.1. Primary & Secondary Types
  • 2.3. Breakdown of Primary Research Respondents, By Region
    • 2.3.1. Secondary Research
    • 2.3.2. Primary Research
  • 2.4. Breakdown of Primary Research Respondents
  • 2.5. Market Size Estimation
  • 2.6. Assumption For The Study
  • 2.7. Market Breakdown & Data Triangulation

3. Executive Summary

4. Global Equipment Breakdown Insurance Insights

  • 4.1. Industry Value Chain Analysis
  • 4.2. DROC Analysis
    • 4.2.1. Growth Drivers
    • 4.2.2. Restraints
    • 4.2.3. Opportunities
    • 4.2.4. Challenges
  • 4.3. Technological Landscape
  • 4.4. Regulatory Framework
  • 4.5. Company Market Share Analysis,2019
  • 4.6. Porter's Five forces analysis
    • 4.6.1. Bargaining Power of Suppliers
    • 4.6.2. Bargaining Power of Buyers
    • 4.6.3. Threat of New Entrants
    • 4.6.4. Threat of Substitutes
    • 4.6.5. Intensity of Rivalry

5. Global Equipment Breakdown Insurance Market Overview

  • 5.1. Market Size & Forecast, By Value, 2016-2026
    • 5.1.1. By Value (USD Million)
  • 5.2. Market Share & Forecast
    • 5.2.1. By Type
      • 5.2.1.1. Type I
      • 5.2.1.2. Type II
    • 5.2.2. By Application
      • 5.2.2.1. Business
      • 5.2.2.2. Manufacturing
    • 5.2.3. By Region
      • 5.2.3.1. North America
      • 5.2.3.2. Europe
      • 5.2.3.3. Asia Pacific
      • 5.2.3.4. Latin America
      • 5.2.3.5. Middle East & Africa

6. North America Equipment Breakdown Insurance Market

  • 6.1. Market Size & Forecast By Value, 2016-2026
    • 6.1.1. By Value (USD Million)
  • 6.2. Market Share & Forecast
    • 6.2.1. By Type
    • 6.2.2. By Application
    • 6.2.3. By Country
      • 6.2.3.1. U.S
      • 6.2.3.2. Canada

7. Europe Equipment Breakdown Insurance Market

  • 7.1. Market Size & Forecast By Value, 2016-2026
    • 7.1.1. By Value (USD Million)
  • 7.2. Market Share & Forecast
    • 7.2.1. By Type
    • 7.2.2. By Application
    • 7.2.3. By Country
      • 7.2.3.1. Germany
      • 7.2.3.2. U.K
      • 7.2.3.3. France
      • 7.2.3.4. Italy
      • 7.2.3.5. Spain
      • 7.2.3.6. Rest of Europe

8. Asia Pacific Equipment Breakdown Insurance Market

  • 8.1. Market Size & Forecast By Value, 2016-2026
    • 8.1.1. By Value (USD Million)
  • 8.2. Market Share & Forecast
    • 8.2.1. By Type
    • 8.2.2. By Application
    • 8.2.3. By Country
      • 8.2.3.1. China
      • 8.2.3.2. India
      • 8.2.3.3. Japan
      • 8.2.3.4. South Korea
      • 8.2.3.5. Rest of Asia Pacific

9. Latin America Equipment Breakdown Insurance Market

  • 9.1. Market Size & Forecast By Value, 2016-2026
    • 9.1.1. By Value (USD Million)
  • 9.2. Market Share & Forecast
    • 9.2.1. By Type
    • 9.2.2. By Application
    • 9.2.3. By Country
      • 9.2.3.1. Brazil
      • 9.2.3.2. Mexico
      • 9.2.3.3. Argentina
      • 9.2.3.4. Rest of Latin America

10. Middle East & Africa Equipment Breakdown Insurance Market

  • 10.1. Market Size & Forecast By Value, 2016-2026
    • 10.1.1. By Value (USD Million)
  • 10.2. Market Share & Forecast
    • 10.2.1. By Type
    • 10.2.2. By Application
    • 10.2.3. By Country
      • 10.2.3.1. Saudi Arabia
      • 10.2.3.2. UAE
      • 10.2.3.3. South Africa
      • 10.2.3.4. Rest of Middle East & Africa

11. Company Profile (Company Overview, Financial Matrix, Process landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook)

  • 11.1. AXA
  • 11.2. AIG
  • 11.3. Aviva
  • 11.4. Zurich
  • 11.5. Liberty Mutual
  • 11.6. Erie Insurance
  • 11.7. Japan Post Insurance Company, Ltd.
  • 11.8. Ping An Insurance (Group) Company of China Ltd.
  • 11.9. Anthem, Inc.
  • 11.10. Assicurazioni Generali S.p.A.
  • 11.11. Berkshire Hathaway Inc.
  • 11.12. Allstate
  • 11.13. Safeco Insurance
  • 11.14. Allied Insurance
  • 11.15. Centene Corporation
  • 11.16. MS&AD Insurance Group Holdings, Inc.
  • 11.17. Aetna Inc.
  • 11.18. Gulfstream Insurance
  • 11.19. Other Prominent Players

List of Figures

Fig: Global Equipment Breakdown Insurance Segmentation

Fig: Global Equipment Breakdown Insurance Market Value Chain Analysis

Fig: Company Market Share Analysis, 2019

Fig: Global Equipment Breakdown Insurance Market Size, By Value (USD Million), 2016-2026

Fig: Global Equipment Breakdown Insurance Market Share, By Type, By Value, 2016-2026

Fig: Global Equipment Breakdown Insurance Market Share, By Application, By Value, 2016-2026

Fig: Global Equipment Breakdown Insurance Market Share, By Region, By Value, 2016-2026

Fig: North America Equipment Breakdown Insurance Market Size, By Value (USD Million), 2016-2026

Fig: North America Equipment Breakdown Insurance Market Y-o-Y Growth, By Value, 2017-2026

Fig: North America Equipment Breakdown Insurance Market Share, By Type, By Value, 2016-2026

Fig: North America Equipment Breakdown Insurance Market Share, By Application, By Value, 2016-2026

Fig: North America Equipment Breakdown Insurance Market Share, By Country, By Value, 2016-2026

Fig: Europe Equipment Breakdown Insurance Market Size, By Value (USD Million), 2016-2026

Fig: Europe Equipment Breakdown Insurance Market Y-o-Y Growth, By Value, 2017-2026

Fig: Europe Equipment Breakdown Insurance Market Share, By Type, By Value, 2016-2026

Fig: Europe Equipment Breakdown Insurance Market Share, By Application, By Value, 2016-2026

Fig: Europe Equipment Breakdown Insurance Market Share, By Country, By Value, 2016-2026

Fig: Asia-Pacific Equipment Breakdown Insurance Market Size, By Value (USD Million), 2016-2026

Fig: Asia-Pacific Equipment Breakdown Insurance Market Y-o-Y Growth, By Value, 2017-2026

Fig: Asia-Pacific Equipment Breakdown Insurance Market Share, By Type, By Value, 2016-2026

Fig: Asia-Pacific Equipment Breakdown Insurance Market Share, By Application, By Value, 2016-2026

Fig: Asia-Pacific Equipment Breakdown Insurance Market Share, By Country, By Value, 2016-2026

Fig: Latin America Equipment Breakdown Insurance Market Size, By Value (USD Million), 2016-2026

Fig: Latin America Equipment Breakdown Insurance Market Y-o-Y Growth, By Value, 2017-2026

Fig: Latin America Equipment Breakdown Insurance Market Share, By Type, By Value, 2016-2026

Fig: Latin America Equipment Breakdown Insurance Market Share, By Application, By Value, 2016-2026

Fig: Latin America Equipment Breakdown Insurance Market Share, By Country, By Value, 2016-2026

Fig: Middle-East & Africa Equipment Breakdown Insurance Market Size, By Value (USD Million), 2016-2026

Fig: Middle-East & Africa Equipment Breakdown Insurance Market Y-o-Y Growth, By Value, 2017-2026

Fig: Middle-East & Africa Equipment Breakdown Insurance Market Share, By Type, By Value, 2016-2026

Fig: Middle-East & Africa Equipment Breakdown Insurance Market Share, By Application, By Value, 2016-2026

Fig: Middle East & Africa Equipment Breakdown Insurance Market Share, By Country, By Value, 2016-2026

List of Tables:

Table: Global Equipment Breakdown Insurance Market Size, By Type, By Value, 2016-2026

Table: Global Equipment Breakdown Insurance Market Size, By Application, By Value, 2016-2026

Table: Global Equipment Breakdown Insurance Market Size, By Region, By Value, 2016-2026

Table: North America Equipment Breakdown Insurance Market Size, By Type, By Value, 2016-2026

Table: North America Equipment Breakdown Insurance Market Size, By Application, By Value, 2016-2026

Table: North America Equipment Breakdown Insurance Market Size, By Country, By Value, 2016-2026

Table: Europe Equipment Breakdown Insurance Market Size, By Type, By Value, 2016-2026

Table: Europe Equipment Breakdown Insurance Market Size, By Application, By Value, 2016-2026

Table: Europe Equipment Breakdown Insurance Market Size, By Country, By Value, 2016-2026

Table: Asia-Pacific Equipment Breakdown Insurance Market Size, By Type, By Value, 2016-2026

Table: Asia-Pacific Equipment Breakdown Insurance Market Size, By Application, By Value, 2016-2026

Table: Asia-Pacific Equipment Breakdown Insurance Market Size, By Country, By Value, 2016-2026

Table: Latin America Equipment Breakdown Insurance Market Size, By Type, By Value, 2016-2026

Table: Latin America Equipment Breakdown Insurance Market Size, By Application, By Value, 2016-2026

Table: Latin America Equipment Breakdown Insurance Market Size, By Country, By Value, 2016-2026

Table: Middle-East & Africa Equipment Breakdown Insurance Market Size, By Type, By Value, 2016-2026

Table: Middle-East & Africa Equipment Breakdown Insurance Market Size, By Application, By Value, 2016-2026

Table: Middle East & Africa Equipment Breakdown Insurance Market Size, By Country, By Value, 2016-2026

Table: AXA Holdings Financial Analysis

Table: AIG Financial Analysis

Table: Aviva Financial Analysis

Table: Zurich Financial Analysis

Table: Liberty Mutual Financial Analysis

Table: Erie Insurance Financial Analysis

Table: Japan Post Insurance Company Financial Analysis

Table: Ping An Insurance (Group) Company of China Ltd Financial Analysis

Table: Anthem, Inc Financial Analysis

Table: Assicurazioni Generali S.p.A Financial Analysis

  • Financial details in case of unlisted companies will be available as per data availability
  • *The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable
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