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

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

Fine art insurance covers a variety of art collections, including paintings, sculptures, rare books, historical artifacts, and scientific inventions.

Market Overview:

The latest research study on the global Fine Art Insurance market finds that the global Fine Art Insurance market reached a value of USD 2795.2 million in 2022. It’s expected that the market will achieve USD 3691.2 million by 2028, exhibiting a CAGR of 4.74% during the forecast period.
Influence of COVID-19 Outbreak on Fine Art Insurance Industry Development
Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost 100 countries around the globe with the World Health Organization declaring it a public health emergency. The COVID-19 epidemic is infected with a large number of people, and its spread and scope far exceed SARS.
COVID-19 is, first and foremost, a global humanitarian challenge. Thousands of health professionals are heroically battling the virus, putting their own lives at risk. Governments and industry are working together to understand and address the challenge, support victims and their families and communities, and search for treatments and a vaccine.
COVID-19 has seen a consistent case decline in countries that had experienced rapid case growth early (esp. China, South Korea). However, cases outside of Asia are growing dramatically, driven primarily by complexes in Europe, the United States, and the Middle East.
In addition to the direct damage it does to human health, COVID-19 is sure to have an enormous economic impact. At present, the number of confirmed cases in Worldwide has exceeded 52 million. It has begun to feel the global impact of coronavirus disease (COVID-19) in 2019 and affect the Fine Art Insurance market in 2020 in a certain way.
Different industries are affected differently by the epidemic situation. During the outbreak of COVID-19, the main operational impacts on Fine Art Insurance are business continuity planning, management of flexible work arrangements, management of employee communication, addressing employees' concerns about workplace policies, implementing preventive measures, reviewing current welfare policies, etc. Demand for home isolation, management efficiency of large and small companies has declined, commuting has been severely hindered, sales plans have been severely hindered, network expansion has been delayed, marketing has been delayed, brand adjustments have been forced, market sales have declined, and company and employee revenue have declined.
In addition, due to the global spread of COVID-19, in order to maintain a safe social distance and reduce the number of people gathered, many art exhibitions were canceled. The economic downturn has also affected the value of artworks. Under the impact of the epidemic, the art industry which has been adversely affected declined led to the demand for the art insurance industry decreased. The subsequent impact depends on the development of the epidemic situation and related anti-epidemic policies.

Strength

Over the past decade, the global art world has been growing, driving the increasing demand for professional art insurance.
Due to rising art prices, more and more art collection lovers, increasing fears of terrorist attacks and natural disasters, under the combined effect of these several factors, museums, companies or private collectors will seek fine art insurance players' help.
Because insurance companies have professional knowledge, they can provide appropriate risk management services to help customers eliminate the potential dangers of artworks, and have experience in repairing damaged collections and tracing back stolen collections. Now, art dealers, auction houses, collectors and institutions ship the art to all parts of the world. Due to the preciousness and uniqueness of artwork, huge risks are hidden behind its value, especially the uncertainties in the process of trading and exhibition pose a threat to its safety. Among them, the proportion of accidental damage during transportation is the largest. The risk transfer system built by enterprisers can help policyholders transfer financial risks and uncertain losses to insurance companies. Therefore, the demand for fine art insurance is increasing.

Region Overview:

Asia Pacific had the highest growth rate of all regions.

Company Overview:

AXA, Zurich Insurance Group, AIG, Chubb ,Progressive and Progressive are the five key players in the global Fine Art Insurance market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global Fine Art Insurance market in the past 5 years.

Axa S.A.is a French multinational insurance firm headquartered in the 8th arrondissement of Paris that engages in global insurance, investment management, and other financial services. The Axa Group operates primarily in Western Europe, North America, the India Pacific region, and the Middle East, with a presence also in Africa. Axa is a conglomerate of independently run businesses, operated according to the laws and regulations of many different countries.

Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. With about 54,000 employees, it provides a wide range of property and casualty, and life insurance products and services in more than 210 countries and territories. Zurich’s customers include individuals, small businesses, and mid-sized and large companies, as well as multinational corporations. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872.

Segmentation Overview:

Among different product types, Property Insurance segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Commercial segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Fine Art Insurance market covered in Chapter 3:

Zurich Insurance Group
AIG
Progressive
Aon plc
Ping An
Chubb
CPIC
AXA
Allianz

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

Property Insurance
Title Insurance

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

Private
Commercial

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)