Kathmandu. The Asia Pacific region’s contribution to the global engineering insurance market continues to grow. <\/p>\n
According to Allied Market Research, the Asia Pacific region is playing a leading role in the global engineering insurance market after 2022. The engineering insurance market in the Asia Pacific region is projected to grow at an average of 12.4% year-on-year from 2022 to 2032. This growth will be due to rapid urbanization, industrial expansion and government-backed infrastructure development. <\/p>\n
According to the report, Asia-Pacific will be the fastest growing region. North America led the global engineering insurance market in 2022. It accounted for more than a third of global revenue. <\/p>\n
North America’s dominance was due to the mature construction sector, large infrastructure projects, and strong risk management practices. <\/p>\n
The global engineering insurance market is projected to grow from $24.1 billion in 2022 to $56.7 billion by 2032. Globally, the market is expected to expand with an average annual growth of 9.2 per cent during the forecast period. <\/p>\n
Contractor All Risk (CAR) insurance had the largest market share in 2022. Which accounted for more than one-third of the total income. <\/p>\n
Car insurance will remain the leading sector until 2032 due to its wide coverage of construction-related risks, the report said. <\/p>\n
Meanwhile, machinery breakdown insurance is projected to grow the most from 2023 to 2032 with an annual average growth rate of 12.8 per cent. The increasing reliance on complex and high-value machinery in engineering projects is fuelling the demand for insurance to cover maintenance and replacement costs in the event of equipment breakdown.<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. The Asia Pacific region’s contribution to the global engineering insurance market continues to grow. According to Allied Market Research, the Asia Pacific region is playing a leading role in the global engineering insurance market after 2022. The engineering insurance market in the Asia Pacific region is projected to grow at an average of 12.4% […]<\/p>\n","protected":false},"author":16,"featured_media":262551,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45031,45044,45159],"tags":[],"class_list":["post-262553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner-news-en","category-international-news-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/262553","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=262553"}],"version-history":[{"count":0,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/262553\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/262551"}],"wp:attachment":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=262553"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=262553"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=262553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}