Boiler Insurance Market Report 2026

The boiler insurance market size has grown rapidly in recent years. It will grow from $14 billion in 2025 to $16.08 billion in 2026 at a compound annual growth rate (CAGR) of 14.8%. The growth in the historic period can be attributed to growth of industrial manufacturing facilities, increased use of high-pressure boiler systems, rising awareness of machinery breakdown risks, expansion of safety compliance requirements, adoption of preventive maintenance practices.

The boiler insurance market size is expected to see rapid growth in the next few years. It will grow to $27.68 billion in 2030 at a compound annual growth rate (CAGR) of 14.5%. The growth in the forecast period can be attributed to expansion of data-driven underwriting models, increasing use of IoT-enabled boiler monitoring, rising demand for comprehensive industrial insurance solutions, growth of smart factory environments, advancements in digital claims processing. Major trends in the forecast period include increasing adoption of predictive maintenance insurance models, rising demand for customized boiler coverage plans, growing integration of digital risk assessment tools, expansion of preventive inspection-based policies, enhanced focus on industrial equipment safety.

The expansion of manufacturing industries is expected to support the growth of the boiler insurance market. Manufacturing industries include sectors that use technology or physical labor to produce goods from raw materials. As manufacturing activities increase and facilities scale up, the use of boilers also rises, which in turn elevates the need for boiler insurance to protect against potential damage, operational failures, and financial losses. For example, in March 2025, according to the National Institute of Standards and Technology (NIST), a US-based government agency, manufacturers contributed $2.93 trillion to the economy in the third quarter of 2024, compared with $2.91 trillion in the previous quarter. Therefore, the continued growth of manufacturing industries is supporting the expansion of the boiler insurance market.

Rising global energy demand is also expected to drive growth in the boiler insurance market. Energy demand refers to the overall requirement for electricity, heat, or fuel by individuals, industries, or countries over a given period. Increasing global energy demand influences the boiler insurance market by encouraging industrial expansion, greater reliance on energy-producing systems, and the adoption of advanced technologies, all of which heighten operational risks and the need for comprehensive insurance coverage. For instance, in March 2025, according to the International Energy Agency (IEA), a France-based intergovernmental organization, global electricity demand grew by 4.3% in 2024, representing a notable increase compared with the 2.5% growth recorded in 2023. Therefore, rising global energy demand is contributing to the growth of the boiler insurance market.

Major companies operating in the boiler insurance market are increasingly adopting strategic partnership models to strengthen risk assessment, enhance preventive and predictive maintenance, and deliver more comprehensive coverage solutions to industrial customers. Strategic collaborations support market growth by combining insurers’ underwriting and engineering expertise with equipment manufacturers’ monitoring and diagnostic technologies, helping reduce losses, improve operational reliability, and boost customer confidence. For example, in February 2024, Miura Co., Ltd., a Japan-based manufacturing company, partnered with Hartford Steam Boiler (HSB), a US-based inspection and insurance provider, to launch Miura Care, a comprehensive preventive and predictive maintenance program for industrial steam boilers. The program integrates IoT-enabled remote monitoring, routine inspections, water quality management, and proactive servicing to enhance boiler safety, efficiency, and reliability, supported by HSB’s engineering expertise and insurance-backed assurances.

Major companies operating in the boiler insurance market are Aviva plc, AXA S.A., Allianz SE, Zurich Insurance Group Ltd., Chubb Limited, American International Group Inc., The Travelers Companies Inc., Liberty Mutual Group Inc., Berkshire Hathaway Inc., Münchener Rückversicherungs-Gesellschaft, Swiss Re Ltd., Tokio Marine Holdings Inc., Sompo Holdings Inc., MS And AD Insurance Group Holdings Inc., QBE Insurance Group Limited, Fairfax Financial Holdings Limited, CNA Financial Corporation, RSA Insurance Group plc, Mapfre S.A., Generali Group.

North America was the largest region in the boiler insurance market in 2025. Asia-Pacific is expected to be the fastest-growing region in the boiler insurance market report during the forecast period. The regions covered in the boiler insurance market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the boiler insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The boiler insurance market includes revenues earned by entities by providing services such as insurance guidance, consulting, and claim settlement. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

This product will be delivered within 1-3 business days.