Portland, OR, July 28, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global entertainment insurance market garnered $3.1 billion in 2021, and is projected to reach $8.0 billion by 2031, growing at a CAGR of 10.1% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $3.1 billion |
| Market Size in 2031 | $8.0 billion |
| CAGR | 10.1% |
| No. of Pages in Report | 369 |
| Segments covered | Insurance Type, Coverage, Distribution Channel, End User, and Region. |
| Drivers | Entertainment insurance provides a range of coverage to the policyholder such as general liability, third party damage, equipment loss or damage and other such coverage. The growth of entertainment industry |
| Opportunities | Advances in technology and adoption of high-tech equipment by the entertainment industry |
| Restraints | High premium rate associated with entertainment insurance compels consumers to avoid taking this policy |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global entertainment insurance market, owing to implementation of global lockdown.
- As entertainment business was totally shut down during the pandemic, insurance providers faced few market challenges such as, policy holders were not able to pay the total premium which they opted for as their businesses were totally shut down.
- In addition, as the events were cancelled, parks were closed, and other such instances occurred for the entertainment industry resulted in a decrease in demand for entertainment insurance.
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The research provides detailed segmentation of the global entertainment insurance market based on insurance type, coverage, distribution channel, end user, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on insurance type, the production insurance segment held the highest share in 2021, accounting for nearly one-third of the global entertainment insurance market. However, the special event insurance segment is expected to register the highest CAGR of 11.9% from 2022 to 2031.
Based on coverage, the liability coverage segment accounted for the highest share in 2021, contributing to more than half of the global entertainment insurance market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the others segment is expected to manifest the highest CAGR of 13.5% from 2022 to 2031.
Based on distribution channel, the offline segment accounted for the highest share in 2021, holding more than four-fifths of the global entertainment insurance market, and is expected to continue its leadership status during the forecast period. However, the online segment is estimated to grow at the highest CAGR of 6.7% during the forecast period.
Based on region, North America held the largest share in 2021, contributing to nearly half of the global entertainment insurance market share. In addition, the LAMEA region is expected to manifest the fastest CAGR of 16.0% during the forecast period.
Leading market players of the global entertainment insurance market analyzed in the research include Marsh LLC, Allen Financial Insurance Group, MFE INSURANCE BROKER, Gallagher, AXA XL, Hub International, Ryan Specialty Group, LLC, Zensurance, Chubb, The Hartford, Everest Re Group, Ltd., Next Insurance, Inc., Higginbotham, Insurance Canopy, Allianz.
The report provides a detailed analysis of these key players of the global entertainment 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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Entertainment Insurance Market Key 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
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