The Entertainment Insurance Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Entertainment Insurance Global Market Report 2024, 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.
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.
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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
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 report table of contents includes:
1. Executive Summary
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32. Global Entertainment Insurance Market Competitive Benchmarking
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