What is Equipment Breakdown Insurance Market?
Equipment breakdown insurance is the form of commercial insurance. This insurance provides funds to repair or replace the damaged equipment that has suffered a mechanical or electrical failure. It includes losses such as short circuits, loss of air pressure, or power surge which commercial property insurance excludes. It protects equipment such as computers, telephone, mechanical system, manufacturing equipment, refrigeration devices, elevators and escalators, security systems, and others. This type of coverage does not require that the equipment breakdown resulted from a covered event.
The market study is being classified, by Application (Business and Manufacturing) and major geographies with country level break-up.
AXA (France), AIG (United States), Aviva (United Kingdom), Zurich (Switzerland), Liberty Mutual (United States), Erie Insurance (United States), Japan Post Insurance Company, Ltd. (Japan), Ping an Insurance (Group) Company of China Ltd. (China), Anthem, Inc. (United States), Assicurazioni Generali S.p.A. (Italy), Berkshire Hathaway Inc. (United States), Allstate (United States), Safeco Insurance (United States) and Allied Insurance (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Centene Corporation (United States), MS&AD Insurance Group Holdings, Inc. (Japan), Aetna Inc. (United States) and Gulfstream Insurance (United States).
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 United States Players will contribute to the maximum growth of Global Equipment Breakdown Insurance market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Equipment Breakdown Insurance market by Type, Application and Region.
On the basis of geography, the market of Equipment Breakdown 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.
- Emerging Market Investment Products is Fuelling the Growth
- Increasing Adoption of Equipment Breakdown Insurance
- High Costs Associated with Equipment Breakdown Insurance
- Growing Industrialization is Boosting the Market Growth
- Lack of Awareness about the Equipment Breakdown Insurance
- Stiff Competition Among the Major Players
Key Target AudienceInsurance providers, Manufacturing companies, Government associations, Research organizations and Others
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