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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