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Entertainment Insurance Market Analysis, Trends, Growth, Research And Forecast 2033
Entertainment Insurance Market Analysis
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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
Entertainment Insurance Market 2024 Key Insights:
• 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%.
• Entertainment Industry Growth Fuels Expansion Of Entertainment Insurance Market
• Entertainment Insurers Innovate With Next-Gen Solutions For Tailored Coverage Options
• North America was the largest region in the entertainment insurance market in 2023
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