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

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

Sports insurance, sometimes known as event insurance, is a special type of coverage offered by insurance providers. It offers financial coverage for accidents, lawsuits and damages caused by or during a sporting event. Because a sports league may be a legal or business entity, it requires its own insurance plan and is unlikely to be covered by the personal insurance policies of the individuals involved. Besides, a solid and effective sports insurance policy should include General Liability, Accident Insurance, Directors & Officers Liability, Equipment Insurance, and Crime Insurance. In some cases, sports organization or league will also need to carry a Commercial Auto Insurance, Property Insurance or other policies. In addition, sports insurance is not just for professional athletes. It is a type of insurance policy that can be taken out by individuals who participate in amateur sporting events, by parents of children who play on sports teams, or by places such as park districts, who offer sports activities. It is also available for people who are intending on engaging in sports related activities on a vacation or honeymoon.

Market Overview:

The latest research study on the global Sports Insurance market finds that the global Sports Insurance market reached a value of USD 3359.16 million in 2022. It’s expected that the market will achieve USD 4773.66 million by 2028, exhibiting a CAGR of 6.03% during the forecast period.

Region Overview:

In 2022, the share of the Sports Insurance market in North America stood at 42.78%.

Company Overview:

AXA is one of the major players operating in the Sports Insurance market, holding a share of 5.96% in 2023.

Segmentation Overview:

By type, Accident Insurance segment accounted for the largest share of market in 2022.

Accident Insurance

Accident Insurance is also known as Excess Accident Insurance, Participant Accident Insurance, or Medical Expense Insurance in the sports insurance industry. It pays medical bills on behalf of injured participants, usually on an excess basis, subject to the policy terms and conditions.

General Liability Insurance

General Liability insurance is perhaps the most important insurance policy carried by sports & recreation organizations because it covers lawsuits arising from the most common mishaps – spectator injury and participant injury.

Directors and Officers Liability Insurance

Directors & Officers Liability insurance protects sports organizations and their members from claims arising out of wrongful acts or errors and omissions. Coverage under this insurance is provided to any member of the organization while acting in an official capacity on behalf of the team/league and is not limited just to the directors and officers of your association.

Application Overview:

The market's largest segment by application is the segment Amateur Sports Teams, with a market share of 42.71% in 2022.

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

Aflac
AIG
China Pacific Life Insurance
MetLife
China Ping An Life Insurance
Allianz
Generali
AXA
Prudential Financial
Allstate
China Life Insurance
Travelers
Zurich Insurance
Aviva
Chubb
Munich Re

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

Accident Insurance
General Liability Insurance
Directors and Officers Liability Insurance
Others

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

Children and Students Below 19 Years
Professional Sportsperson/Team
Amateur Sports Teams
Junior School Sports Team
Senior School Sports Team
Others

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)