Entertainment Insurance Market Report 2024

The entertainment insurance market size has grown rapidly in recent years. It will grow from $3.5 billion in 2023 to $3.88 billion in 2024 at a compound annual growth rate (CAGR) of 11%. The growth observed in the historical period can be attributed to several factors, an uptick in film and television production, a surge in live events and concerts, changes in regulations and compliance standards, heightened awareness of risk management practices, and the impact of natural disasters on events.

The entertainment insurance market size is expected to see rapid growth in the next few years. It will grow to $5.93 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The anticipated growth in the forecast period can be attributed to several key factors, the expansion of streaming services, persistent uncertainties related to the pandemic, the global reach of entertainment content, heightened attention to cybersecurity in media, and a growing emphasis on sustainability in productions. Major trends expected in this period include the adoption of blockchain for rights management, increased utilization of AI for risk assessment, a stronger emphasis on diversity and inclusion in insurance policies, rising demand for cyber liability insurance, and the integration of telematics for enhancing safety at live events.

The expansion of the entertainment insurance market is anticipated to be driven by the growth of the entertainment industry itself. This industry encompasses film, television, music, theater, and live events, generating content and experiences for public consumption and enjoyment. Technological advancements, increasing consumer demand for diverse content, and the proliferation of digital platforms are key factors propelling this growth. Entertainment insurance plays a crucial role in managing financial risks, ensuring stability and continuity in productions and events, thus supporting the overall expansion of the entertainment sector. For example, in March 2024, the Bureau of Economic Analysis reported significant growth across various segments such as performing arts, museums, design services, fine arts education, and education services in 2022, underscoring the industry's momentum and its impact on driving demand for entertainment insurance.

Leading companies in the entertainment insurance sector are focusing on innovative approaches, such as next-generation insurance solutions, to meet the evolving needs and risks of the entertainment industry. These advanced insurance products integrate innovative policies and technologies to enhance coverage, improve risk management, and enhance client satisfaction. For instance, in May 2024, Galway Holdings LP launched GalwayPlus Sports + Entertainment, a comprehensive platform designed to centralize services for clients in sports, entertainment, and media sectors within the Galway enterprise. This initiative represents a significant advancement in entertainment insurance, offering integrated wealth management, insurance, and financial services tailored to the specific requirements of sports and entertainment clients.

In February 2022, Inszone Insurance Services expanded its presence in the specialized entertainment insurance sector through the acquisition of Truman Van Dyke, a move aimed at enhancing its capabilities and client offerings in this dynamic industry. This strategic acquisition combines Truman Van Dyke's industry expertise and client base with Inszone's resources to deliver customized insurance solutions. This strategic initiative underscores Inszone's commitment to diversifying its portfolio and establishing a prominent role in serving the specialized needs of the entertainment industry.

Major companies operating in the entertainment insurance market are Allianz, AXA XL, Chubb, The Hartford, Marsh LLC (Marsh & McLennan Companies Inc.), Everest Group Ltd., Gallagher, HUB International, Tokio Marine HCC, Hiscox, Insurance Canopy, Ryan Specialty, Next Insurance Inc., Higginbotham, OneBeacon Insurance Group, Coaction Specialty Insurance Group Inc., Zensurance, Front Row Insurance Brokers Inc., Allen Financial Insurance Group Inc., MFE Insurance Broker, Integro Insurance Brokers Limited, Reel Media LLC.

North America was the largest region in the entertainment insurance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the entertainment insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the entertainment insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Entertainment insurance is a specialized liability insurance package aimed at shielding businesses operating within the entertainment industry from potential risks. This coverage provides financial protection to businesses and professional entertainers against incidents involving injury or damage to third parties or their property, as well as claims of professional negligence.

The primary types of entertainment insurance products are personal insurance and property insurance. Personal policies typically offer insurance coverage for individuals, while commercial policies typically cover businesses, non-profit organizations, and similar entities. This coverage can include disability, illness, or death. It encompasses general liability, errors and omissions, workers compensation, and equipment insurance, all designed to mitigate industry-specific risks. Distribution channels are categorized into brokers and non-brokers, serving the entertainment, media, sports, and live events industries by addressing specific needs within each sector. Both businesses and individuals are served as end-users of these insurance products.

The entertainment insurance market research report is one of a series of new reports that provides entertainment insurance market statistics, including entertainment insurance industry global market size, regional shares, competitors with a entertainment insurance market share, detailed entertainment insurance market segments, market trends and opportunities, and any further data you may need to thrive in the entertainment insurance industry. This entertainment insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The entertainment insurance market includes revenues earned by component sales, services, subscription models, partnerships, and alliances. 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.


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