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Entertainment Insurance Market in 2023: Insights and Strategies | [2023-2032] | Allianz, Allen Financial Insurance Group, AXA XL, Chubb, Everest Re Group Ltd

11-27-2023 12:42 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Report Ocean

Entertainment Insurance Market in 2023: Insights

The global entertainment insurance market revenue was around US$ 3.5 billion in 2021 and is estimated to reach US$ 8.5 billion by 2031, growing at a compound annual growth rate (CAGR) of 10.1% during the forecast period from 2022 to 2031.

Entertainment insurance has access to a variety of coverage options for the policyholder that can be tailored to their needs. General liability, third-party injury, equipment loss or damage, and other similar items are all covered. Additionally, it shields the policyholder from libel and copyright claims, which are frequent in the insurance sector, involve high legal costs, and take years to resolve.

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Factors Influencing Market Growth

The growth of the entertainment industry in recent years drives the growth of the entertainment insurance market.

High premium rate connected with entertainment insurance may hampers the market growth.

With technological advancements and the use of high-tech equipment by the entertainment sector, they must be insured against all types of risk to deliver the greatest possible experience. Thus, this factor is likely to offer growth opportunities for the global entertainment insurance market.

Study of the COVID-19 Pandemic

The COVID-19 pandemic had a negative impact on the entertainment insurance market because all entertainment-related activities were halted during the lockdown, events were postponed, film shoots were halted, and other similar activities requiring risk protection were not necessary at that time. As a result, during the pandemic, there was a sharp decline in the demand for entertainment insurance. In addition, the current policyholders also discontinued their coverage because it was useless for them to pay a large premium for the policy even while nothing was happening.

Regional Insights

North America experienced the fastest growth. This is because entertainment equipment insurance has become a significant market trend and is widely used by entertainment companies, professional film producers, and acting schools across the U.S. The market has seen a tremendous rise in demand for both comprehensive & especially specialized entertainment insurance. In addition, insurance programs are run by insurers to satisfy the demands of entertainment company segments with specific risk profiles. As a result, this is increasing this region's market growth.

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Leading Competitors
The leading competitors in the global entertainment insurance market are:
Allianz
Allen Financial Insurance Group
AXA XL
Chubb
Everest Re Group Ltd
Gallagher
Hub International
Higginbotham
Insurance Canopy
Marsh LLC
MFE Insurance Brokerage
Next Insurance
Ryan Specialty Group
The Hartford
Zensurance
Others

Segmentation Analysis
The global entertainment insurance market segmentation focuses on Insurance Type, Coverages, Distribution Channel, End User, and Region.
Segmentation based on Insurance Type
Production Insurance
Staging and Rigging Insurance
Special Event Insurance
Touring Insurance
Segmentation based on Coverages
Liability Coverage
Commercial Property Coverages
Other Coverages
Segmentation based on Distribution Channel
Brokers
Non-Brokers
Segmentation based on End User
Business
Individuals

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Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific

Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA

South America
Brazil
Argentina
Rest of South America

Reasons to Buy This Report

(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.

(B) The report offers comprehensive analysis of Entertainment Insurance market revenues on a global, regional, and country level, projecting trends until 2031. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.

(C) The research includes segmentation of the Entertainment Insurance market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.

(D) Analysis of the Entertainment Insurance market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.

(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.

(F) The study helps evaluate Entertainment Insurance business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.

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About Report Ocean:

Report Ocean is a renowned provider of market research reports, offering high-quality insights to clients in various industries. Their goal is to assist clients in achieving their top line and bottom line objectives, thereby enhancing their market share in today's competitive environment. As a trusted source for innovative market research reports, Report Ocean serves as a comprehensive solution for individuals, organizations, and industries seeking valuable market intelligence.

Contact Information:

Email:sales@reportocean.com

Address: 500 N Michigan Ave, Suite 600, Chicago, Illinois 60611, United States

Telephone: +1 888 212 3539 (US - Toll-Free)

For more information and to explore their offerings, visit their website at:https://www.reportocean.com/

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