Global Entertainment Insurance Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Entertainment Insurance Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Entertainment insurance provides insurance coverage to companies and people involved in producing a film, television show or live performance. Typical insurance policies are designed to protect staff, equipment, rentals and locations from loss, injury or damage.

Market Overview:

The latest research study on the global Entertainment Insurance market finds that the global Entertainment Insurance market reached a value of USD 2798.56 million in 2022. It’s expected that the market will achieve USD 4230.6 million by 2028, exhibiting a CAGR of 7.13% during the forecast period.

The outbreak of covid -19 affected the normal operation of the industry

The raging COVID-19 has plunged the global economic environment into depression. The influence of COVID-19 on Entertainment Insurance industry will involve all major links and entities in the industrial chain. The company's management efficiency declined, employees' commuting was blocked, services were limited, and the company's development strategy and marketing methods were forced to adjust. In addition, during the COVID-19 period, the government's policy of keeping social distance and isolation restricted the company's business to some extent, and the production of related enterprises in the hardest hit areas was greatly affected.

Epidemic situation affects the development of entertainment industry

The coronavirus pandemic and the resulting blockade have had a significant impact on commercial and professional insurance types, both in terms of the number of claims and financial impact. The continued influence of COVID-19 pandemic continues to restrain the entertainment industry. Since the start of the pandemic, carriers insuring live events have been busy altering policy language and adding communicable disease exclusions. in addition, most insurance rates in the entertainment industry have risen sharply, some of which are 50% to 100% higher than 15 months ago.

Insurtech promotes the development of the industry

Globally, the opportunities provided by innovation and technological progress are driving unprecedented changes. The insurance industry is no exception. By using data analysis and AI technology, Insurtech can make the pricing of products more competitive. Insurtech is exploring avenues that large insurance firms have less incentive to exploit, such as offering ultra-customized policies, and using new streams of data from Internet-enabled devices to dynamically price premiums according to observed behavior.

Each country has strict supervision over the insurance industry

Because of its particularity, the insurance industry has strict supervision. The clients of insurance industry include all sectors and strata of the whole society. Therefore, if an insurance company fails to operate properly, it will cause serious damage to the interests of the insured. In addition, insurance pricing also needs government supervision, because its pricing is a professional technology, which is difficult for general policyholders to master. Therefore, all regions have strict control over the solvency, market behavior and insurance pricing of insurance companies.

Region Overview:

In 2021, the share of the Entertainment Insurance market in North America stood at 50.71%.

Company Overview

Allianz is one of the major players operating in the Entertainment Insurance market, holding a share of 20.46% in 2021.

Allianz

The Allianz Group is one of the world leading insurers and asset managers with 120 million private and corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world largest investors, managing around 802 billion euros on behalf of its insurance customers.

Chubb

Chubb is the world largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, Chubb assess, assume and manage risk with insight and discipline. Chubb service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally.

Segmentation Overview:

By type, Property Insurance segment accounted for the largest share of market in 2021.

Application Overview:

The market's largest segment by application is the segment Commercial, with a market share of 92.17% in 2021.

Key Companies in the global Entertainment Insurance market covered in Chapter 3:

BeazleyAXIS CapitalAXAChubbZurich Insurance GroupIntact Financial CorporationAllianzThe HartfordHUB InternationalHiscoxMarkel Corporation

In Chapter 4 and Chapter 14.2, on the basis of types, the Entertainment Insurance market from 2018 to 2029 is primarily split into:

Personal InsuranceProperty Insurance

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Entertainment Insurance market from 2018 to 2029 covers:

PersonalCommercial

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)Latin America (Brazil, Mexico, Argentina)Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)