The entertainment insurance global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Entertainment Insurance Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The entertainment insurance market size has grown rapidly in recent years. It will grow from $3.50 billion in 2023 to $3.88 billion in 2024 at a compound annual growth rate (CAGR) of 11.0%. The growth in the historic period can be attributed to increased film and television production, a rise in live events and concerts, regulatory changes and compliance requirements, increased awareness of risk management, and natural disasters impacting 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 growth in the forecast period can be attributed to the growth of streaming services, ongoing pandemic-related uncertainties, globalization of entertainment content, an increasing focus on cybersecurity in media, and greater emphasis on sustainability in productions. Major trends in the forecast period include the adoption of blockchain for rights management, increased use of AI in risk assessment, a greater focus on diversity and inclusion in insurance policies, a rise in demand for cyber liability insurance, and the and the integration of telematics for live event safety.
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Scope Of Entertainment Insurance Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Entertainment Insurance Market Overview
Market Drivers –
The growing entertainment industry is expected to drive the expansion of the entertainment insurance market moving forward. The entertainment industry encompasses sectors such as film, television, music, theater, and live events, producing content and experiences for public consumption and enjoyment. The growth is driven by technological advancements, increased consumer demand for diverse content, and expanding digital platforms. Entertainment insurance mitigates financial risks, ensuring continuity and stability in productions and events, thereby supporting the entertainment industry’s growth. For instance, in March 2024, according to the statistics published by the Bureau of Economic Analysis (BEA), a US-based federal statistical agency, performing arts increased by 39.2% in 2022 from a 12.4% rise in 2021, museums increased by 6.9% in 2022, design services grew by 8.5% in 2022 from a 13.6% rise in 2021, fine arts education increased by 24.0% in 2022 from a 21.4% rise in 2021, and education services increased by 7.3% in 2022. Therefore, the growing of the entertainment industry is fueling the expansion of the entertainment insurance market.
Market Trends –
Major companies operating in the entertainment insurance market are focusing on innovative solutions, such as next-generation insurance solutions, to address the evolving risks and needs of the entertainment industry. Next-generation insurance solutions refer to advanced insurance products designed with innovative policies and technologies to enhance coverage, risk management, and customer satisfaction. For instance, in May 2024, Galway Holdings LP, a US-based financial services provider in insurance, tech, and consulting, launched GalwayPlus Sports + Entertainment. GalwayPlus aimed to establish a central hub within the Galway enterprise, linking businesses catering to clients in the sports, entertainment, and media sectors. This marks a notable advancement in the entertainment insurance sector, providing a holistic platform that combines wealth management, insurance, and financial services tailored specifically for the diverse needs of clients in sports and entertainment.
The entertainment insurance market covered in this report is segmented –
1) By Product: Personal Insurance, Property Insurance
2) By Coverage: General Liability, Errors And Omissions, Workers Compensation, Equipment Insurance
3) By Distribution : Brokers , Non-Brokers
4) By Application: Entertainment Industry, Media Industry, Sports Industry, Live Events Industry
5) By End-User: Business, Individuals
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Regional Insights –
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.
Key Companies –
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
Table of Contents
1. Executive Summary
2. Entertainment Insurance Market Report Structure
3. Entertainment Insurance Market Trends And Strategies
4. Entertainment Insurance Market – Macro Economic Scenario
5. Entertainment Insurance Market Size And Growth
…..
27. Entertainment Insurance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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