What Is The Definition Of The Global Entertainment Insurance Market?
Entertainment insurance is a liability insurance policy package designed to protect the risks of businesses within the entertainment industry. Businesses and professional entertainers can be financially covered against incidents of injury or damage to a third party or their property and accusations of professional neglect.
Entertainment Insurance Global Market Report 2024 provides data on the global entertainment insurance market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The entertainment insurance market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Entertainment Insurance Market Size Expected To Change, And What Are The Growth Rate Projections?
The entertainment insurance market has experienced rapid growth, expanding from $3.50 billion in 2023 to $3.88 billion in 2024 at a CAGR of 11.0%. Historical growth was fueled by increased film and television production, live events, regulatory changes, and a growing focus on risk management. By 2028, the market is projected to reach $5.93 billion at a CAGR of 11.2%, driven by the growth of streaming services, globalization of content, and an emphasis on cybersecurity. Trends include blockchain for rights management, AI in risk assessment, demand for cyber liability insurance, and the integration of telematics for event safety.
Which Drivers Are Accelerating Growth In The Entertainment Insurance Market?
The expanding entertainment industry is expected to drive the growth of the entertainment insurance market. Technological advancements, increased consumer demand for diverse content, and the rise of digital platforms are fueling the industry's growth. Entertainment insurance helps mitigate financial risks and ensures continuity in productions and events. For instance, in 2022, performing arts grew by 39.2% compared to the previous year. The expansion of the entertainment sector will continue to support the growth of entertainment insurance.
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What Are The Core Segments Of The Global 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
Which Emerging Trends Are Reshaping The Entertainment Insurance Market Size?
Prominent players in the entertainment insurance sector are innovating to meet the evolving risks of the industry by offering advanced insurance solutions. These next-generation products improve coverage, risk management, and customer experience. For example, in May 2024, US-based Galway Holdings LP launched GalwayPlus Sports + Entertainment, a centralized platform catering to clients in sports, media, and entertainment. The platform combines insurance, wealth management, and financial services to address diverse client needs in these sectors.
What Is The Largest Region In The Entertainment Insurance Market?
North America was the largest region in the entertainment insurance market in 2023. 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.
