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Transformative Trends Impacting the Entertainment Insurance Market Landscape: Entertainment Insurers Innovate With Next-Gen Solutions For Tailored Coverage Options
Entertainment Insurance Market
How Large Will the Entertainment Insurance Market Size By 2025?
The size of the entertainment insurance market has expanded significantly in the last few years. It is slated for an ascent from $3.88 billion in 2024 to $4.33 billion in 2025, representing a compound annual growth rate (CAGR) of 11.4%. The notable growth observed during the historic period is a consequence of factors such as the surge in film and television production, escalation in live events and concerts, modifications in regulatory norms and compliance prerequisites, enhanced awareness about risk management, and the effect of natural calamities on occasions.
How Big Is the Entertainment Insurance Market Size Expected to Grow by 2029?
The market size of entertainment insurance is projected to experience accelerated growth in the forthcoming years, expanding to $6.59 billion in 2029 with an 11.1% CAGR. The predicted rise during the forecast period can be associated with the expanding popularity of streaming services, continuous pandemic-induced uncertainties, the global spread of entertainment content, increased attention to cybersecurity in media, and heightened focus on sustainability in productions. Notable trends during the forecast period comprise the embrace of blockchain for rights management, more frequent utilization of AI for risk assessment, heightened focus on diversity and inclusion within insurance policies, surge in demand for cyber liability insurance, and the assimilation of telematics for the safety of live events.
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Which Key Market Drivers Powering Entertainment Insurance Market Expansion and Growth?
The expected growth of the entertainment industry is believed to be a driving factor behind the expansion of the entertainment insurance market. Encompassing areas such as film, television, music, theatre, and live events, the entertainment industry generates content for the public's consumption and enjoyment. Technological advancements, an increasing consumer desire for varied content, and the development of digital platforms are some factors leading the growth. Entertainment insurance plays a vital part by reducing financial risks and ensuring steady and reliable production and events, contributing to the rise of the entertainment industry. For example, the Bureau of Economic Analysis (BEA), a US federal statistical agency, reported that the performing arts sector saw a growth of 39.2% in 2022, up from 12.4% in 2021, museum growth was 6.9% in 2022, design services marked a growth of 8.5% in 2022, up from 13.6% in 2021. There was an increase of 24.0% in fine arts education in 2022, up from 21.4% in 2021, and education services observed a 7.3% growth in 2022. Consequently, the growth of the entertainment industry is driving the entertainment insurance market.
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Which Fast-Growing Trends Are Poised to Disrupt the Entertainment Insurance Market?
Prominent entities in the entertainment insurance market are concentrating on pioneering solutions, such as state-of-the-art insurance methodologies, to tackle the shifting perils and requisites of the entertainment sector. Cutting-edge insurance strategies refer to avant-garde insurance commodities devised with fresh policies and advanced technology to boost coverage, risk regulation, and client contentment. For example, in May 2024, Galway Holdings LP, a financial services firm from the US specializing in insurance, technology, and consultation, introduced GalwayPlus Sports + Entertainment. GalwayPlus aspires to create an integral hub within the Galway organization, connecting enterprises serving clients in the sports, entertainment, and media industries. This signifies a significant progression in the entertainment insurance industry, offering an all-encompassing platform amalgamating wealth management, insurance, and financial services customized explicitly for the multifaceted requirements of clients in sports and entertainment.
What Are the Emerging Segments in the Entertainment Insurance Market?
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
Subsegments:
1) By Personal Insurance: Accident Insurance, Health Insurance, Liability Insurance, Disability Insurance, Travel Insurance
2) By Property Insurance: Event Cancellation Insurance, Equipment Insurance, Commercial Property Insurance, Theft And Damage Insurance, Film Production Insurance
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Who Are the Global Leaders in the Entertainment Insurance Market?
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
Which are the Top Profitable Regional Markets for the Entertainment Insurance Industry?
North America was the largest region in the entertainment insurance market in 2024. 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.
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