The rapid growth of the entertainment industry in recent years has made it more vulnerable to risks associated with it such as damage to movie sets, people's outrage on the movie actors & directors, fire, thefts and others. In addition, entertainment insurance provides coverage to the policy holder for various types of risk, which may include general liability, protection from hefty legal costs, damage to expensive cameras and equipment. Furthermore, entertainment insurance protects the policyholder from libel and copyright claims. Therefore, these are some of the factors propelling the market growth. However, as entertainment insurance is not specific to a fixed number of coverage, it could expand to offer coverage for the number of risk aspects. Therefore, the premium charged by this insurance policy is generally very high and therefore, small scale producers and directors cannot afford it. Hence, this is a major factor limiting the entertainment insurance market. On the contrary, as the entertainment industry is rapidly growing, it is adopting the state of art technology to offer the best experience to the viewers. These technologies are very expensive in nature and therefore, having insurance coverage for them is necessary. Therefore, as the entertainment industry advances with adoption of higher technology, the demand for entertainment insurance is expected to provide lucrative growth opportunities in the coming years.
The entertainment insurance market is segmented on the basis of insurance type, coverage, distribution channel, end user, and region. By insurance type, it is segmented into production insurance, staging & rigging insurance, special event insurance, and touring insurance. By coverage, it is bifurcated into liability coverage, commercial property coverage, and other coverage. The liability coverage is further divided into general liability, third-party property damage, and errors and omissions insurance. On the basis of distribution channel, it is segmented into brokers and non-brokers. By end user, the segment is divided into business and individuals. By region, it is analyzed across Asia-Pacific, Europe, North America, and LAMEA.
The report analyzes the profiles of key players operating in the entertainment insurance market such as Allianz, Allen Financial Insurance Group, Arthur J. Gallagher & Co., AXA SA, Chubb, Everest Re Group, Ltd., Hub International Limited, Higginbotham, Insurance Canopy, Marsh LLC, MFE INSURANCE BROKER,Next Insurance, Inc., Ryan Specialty Group, LLC, The Hartford, Zensurance, Markel Corporation, and Truman Van Dyke. These players have adopted various strategies to increase their market penetration and strengthen their position in the entertainment insurance industry.
Like all businesses, those that operate in the entertainment industry need insurance to protect them against financial losses. While they require many of the same coverage as other businesses, entertainment companies face some unique risks that require specialized insurance. Therefore, entertainment insurance typically covers property and casualty risks to productions and live events. It can include physical risks for cast, crew, wardrobe, sets, and equipment.
The rapid growth of the entertainment industry in recent years have made it more vulnerable to risk associated with it such as damage of movie sets, people outrage on the movie actors & directors, fire, thefts and others. In addition, entertainment insurance provides coverage to the policy holder for various types of risk, which may include general liability, protection from hefty legal cost, damage to expensive cameras and equipment. Furthermore, the entertainment insurance protects the policyholder from libel and copyright claims. Therefore, these are some of the factors propelling the market growth. However, as the entertainment insurance is not specific to a fixed number of coverage, it could expand to offer coverage for number of risk aspect. Therefore, the premium charged by this insurance policy is generally very high and therefore, small scale producers and directors cannot afford it. Hence, this is a major factor limiting the entertainment insurance market. On the contrary, as the entertainment industry is rapidly growing, it is adopting the state of art technology to offer the best experience to the viewers. These technologies are very expensive in nature and therefore, having a insurance coverage for them is necessary. Therefore, as the entertainment industry advances with adoption of higher technology, the demand for entertainment insurance is expected to provide lucrative growth opportunities in the coming years.
The entertainment insurance market is segmented on the basis of insurance type, coverage, distribution channel, end user, and region. By insurance type, it is segmented into production insurance, staging & rigging insurance, special event insurance, and touring insurance. By coverage, it is bifurcated into liability coverage, commercial property coverage, and other coverage. The liability coverage is further divided into general liability, third-party property damage, and errors and omissions insurance. On the basis of distribution channel, it is segmented into brokers and non-brokers. By end user, the segment is divided into businesses and individuals. By region, it is analyzed across Asia-Pacific, Europe, North America, and LAMEA.
The report analyzes the profiles of key players operating in the entertainment insurance market such as Allianz, Allen Financial Insurance Group, Arthur J. Gallagher & Co., AXA SA, Chubb, Everest Re Group, Ltd., Hub International Limited, Higginbotham, Insurance Canopy, Marsh LLC, MFE INSURANCE BROKER, Next Insurance, Inc., Ryan Specialty Group, LLC, The Hartford, Zensurance, Markel Corporation, and Truman Van Dyke. These players have adopted various strategies to increase their market penetration and strengthen their position in the entertainment insurance industry.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the entertainment insurance market analysis from 2021 to 2031 to identify the prevailing entertainment insurance market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- 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.
- An in-depth analysis of the entertainment insurance market segmentation assists in determining the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes an analysis of the regional as well as global entertainment insurance market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Insurance Type
- Production Insurance
- Staging and Rigging Insurance
- Special Event Insurance
- Touring Insurance
By Coverages
- Liability Coverage
- Commercial Property Coverages
- Other Coverages
By Distribution Channel
- Brokers
- Non-Brokers
By End User
- Business
- Individuals
By Region
- North America
- U.S.
- Canada
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- Singapore
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Allianz
- Allen Financial Insurance Group
- AXA XL
- Chubb
- Everest Re Group, Ltd.
- Gallagher
- Hub International
- Higginbotham
- Insurance Canopy
- Marsh LLC
- MFE INSURANCE BROKER
- Next Insurance, Inc.
- Ryan Specialty Group, LLC
- The Hartford
- Zensurance
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Table of Contents
Executive Summary
According to the report, titled, “Entertainment Insurance Market," the entertainment insurance market size was valued at $3.1 billion in 2021, and is estimated to reach $8 billion by 2031, growing at a CAGR of 10.1% from 2022 to 2031.Furthermore, market players are undertaking various strategies to further enhance the entertainment insurance market. For instance, Integro Insurance Brokers Holdings Ltd announced its acquisition of London-based Entertainment Insurance Partners Limited (“EIP”), parent company of Robertson Taylor Insurance Brokers Ltd. EIP, an insurance broker specializing in entertainment and sports, has offices in London, New York, Los Angeles, Atlanta and Nashville. Furthermore, the strategy is to continue expanding their global entertainment and sport insurance, employing the skills of both the combined businesses to add new products and services for clients in all geographies. Therefore, these strategies is expected to provide major lucrative opportunities for the entertainment insurance market growth in the upcoming years.
On the basis of coverage, the liability coverage segment is the highest growing segment. This is attributed to the fact that liability insurance is helpful for the entertainment industry as large number of people are involved in shows, concerts, shooting of a movie and others. In case of an accident, if anyone is injured, then the liability insurance takes care of the legal aspect as well as provide compensation to the injured. The policyholder does not have to give money out of their pocket since they are insured under the liability insurance.
Based on region, North America attained the highest growth in 2021. This is attributed to the fact that entertainment equipment insurance brokers are largely adopted by entertainment corporations, professional film makes, and acting institutions across the U.S., which has become a major trend in the market. Moreover, insurance programs are conducted by insurers to meet the needs of entertainment business segments with unique risk profiles, and the market has experienced rapid increase in demand for both comprehensive & custom designed entertainment insurance. This, as a result, is accelerating the market growth in this region.
The COVID-19 pandemic negatively impacted the entertainment industry which had a simultaneous impact on the entertainment insurance industry since there was no activity carried on during the pandemic and all the production houses were closed due to the lockdown, due to which the demand for entertainment insurance market trends drastically reduced.
Key Findings of the Study
- By insurance type, the production insurance segment led the entertainment insurance market in terms of revenue in 2021.
- By distribution channel, the brokers segment accounted for the highest entertainment insurance market share in 2021.
- By end user, the business segment accounted for the highest entertainment insurance market share in 2021
- By region, North America generated the highest revenue in 2021.
- The key players profiled in the entertainment insurance market analysis are Allianz, Allen Financial Insurance Group, Arthur J. Gallagher & Co., AXA SA, Chubb, Everest Re Group, Ltd., Hub International Limited, Higginbotham, Insurance Canopy, Marsh LLC, MFE INSURANCE BROKER, Next Insurance, Inc., Ryan Specialty Group, LLC, The Hartford, Zensurance, Markel Corporation, and Truman Van Dyke. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Companies Mentioned
- Allen Financial Insurance Group
- Allianz
- Axa Xl
- Chubb
- Everest Re Group, Ltd.
- Gallagher
- Higginbotham
- Hub International
- Insurance Canopy
- Markel Corporation
- Marsh LLC
- Mfe Insurance Broker
- Next Insurance, Inc.
- Ryan Specialty Group, LLC
- The Hartford
- Truman Van Dyke
- Zensurance
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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