The “Entertainment Insurance Market” 2023-2031 Research Report affords qualitative and quantitative insights into the principal drivers, constraints, opportunities, and challenges influencing world markets growth. The find out about offers complete statistical market records on the leading players, as nicely as income predictions. This market lookup additionally presents statistics on the income boom of numerous regional and country-level markets, as properly as the opposition panorama and unique organization analyses for the projected period. The Entertainment Insurance Market Report covers potential improvement drivers as properly as the modern-day kingdom of market share, penetration of a number of kinds, technologies, applications, and areas thru 2031.
The global entertainment insurance market size was US$ 3 billion in 2021. The global entertainment insurance market is projected to grow to US$ 7.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 9.9% during the study period from 2022 to 2030.
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Regional Analysis
Based on Region, North America is expected to maintain a strong foothold in the entertainment insurance market, owing to the rising adoption of entertainment equipment insurance in the entertainment corporations and acting institutions. Further, various insurers are conducting beneficial insurance programs to cater to the demands of the users, which is projected to upsurge the demand for comprehensive & custom-designed entertainment insurance. As a result, it will fuel the growth of the entertainment insurance market during the analysis period.
COVID-19 Impact Analysis
The COVID-19 pandemic hampered the entertainment insurance market growth as the entire entertainment segment witnessed significant challenges due to prolonged lockdown restrictions. Various events were cancelled as a result of the pandemic, and film shoots were put on hold. Another factor that negatively affected the entertainment insurance market is the cancellation of existing policyholders. Moreover, it affected the purchasing power of the users. Since entertainment insurance has a high premium cost, it significantly lowered the demand for the entertainment insurance market.
Factors Influencing the Market
The entertainment industry is evolving with time. The filmmakers are fast adapting to the evolving technological sector. However, the cost of equipment, such as cameras, is growing steeply. The high cost of setup and risk associated with the damage could be reduced through entertainment insurance. As a result, it will contribute to the growth of the global entertainment insurance market during the analysis period.
The rising number of movies, events, and festivals is increasing on a regular basis. As a result, it will drive the global entertainment insurance market forward during the analysis period. Moreover, the fact that movie directors, producers, and actors frequently face difficulties due to media outrage and controversies is expected to be opportunistic for the market. The high cost of legal courtroom trials results in huge losses. Sometimes third-party damage such as death on a movie set, fire, flood, etc., can further lead to huge losses. Therefore, it will bring opportunities for the entertainment insurance market.
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However, the high cost of premiums for entertainment insurance may limit the growth of the market during the analysis period.
Competitors in the Market
Allianz
Allen Financial Insurance Group
AXA XL
Chubb
Everest Re Group, Ltd.
Gallagher
Hub International
Higginbotham
Insurance Canopy
Marsh LLC
MFE INSURANCE BROKER
Next Insurance, Inc.
Ryan Specialty Group, LLC
The Hartford
Zensurance
Other Prominent Players
Market Segmentation
The global entertainment insurance market segmentation focuses on Insurance, Coverage, Distribution Channel, End User, and Region.
By Insurance Type
Production Insurance
Staging and Rigging Insurance
Special Event Insurance
Touring Insurance
By Coverages
Liability Coverage
Commercial Property Coverages
Other Coverages
By Distribution Channel
Brokers
Non-Brokers
By End User
Business
Individuals
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By Region
? North America
o The U.S.
o Canada
o Mexico
? Europe
? Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
? Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
? Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
? Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
? South America
o Brazil
o Argentina
o Rest of South America
Key questions answered in the Entertainment Insurance market report are:
- How does a global company acquire markets?
- What are its core strategies and policies?
- What factors will influence the Entertainment Insurance market over the forecast period?
- What are the factors driving and restraining the market for Entertainment Insurance?
- What are the leading competitors in the global market?
- Which region is growing at a higher pace in the global market?
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