What is Plant Insurance Market?
Plant insurance is designed to provide complete coverage for partial or total damage to plant machinery. The machineries include excavators, rollers, dumpers, earth moving equipment, cranes, and others. It has applications in various industries which is the factor responsible for the growth of the market. Also, there is increasing industrialization and urbanization in developing economies. These factors are fuelling the market of plant insurance.
The market study is being classified and major geographies with country level break-up.
PICC (China), Zurich (Switzerland), Chubb (United States), QBE (Australia), China United Property Insurance (China), American Financial Group (United States), Prudential (United States), Everest Re Group (Bermuda), Endurance Specialty (Bermuda), CUNA Mutual (United States) and Agriculture Insurance Company of India (India) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Tokio Marine (United States), CGB Diversified Services (United States), Farmers Mutual Hail (United States), Archer Daniels Midland (United States), New India Assurance (India) and ICICI Lombard (India).
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that China Players will contribute to the maximum growth of Global Plant Insurance market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Plant Insurance market by Type, Application and Region.
On the basis of geography, the market of Plant Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Rising Urbanization and Industrialization
- Increasing Awareness About plant and machinery insurance
- Costs Associated with the Plant Insurance
- Increasing Sales Through Online Channel
- Increasing Adoption of Plant Insurance
- Presence of Major Players is Leading to Stiff Competition
Key Target AudienceInsurance providers, Government associations, Research organizations and Others
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