The global entertainment insurance market revenue was around US$ 3.7 billion in 2023 and is estimated to reach US$ 8.7 billion by 2032, growing at a compound annual growth rate (CAGR) of 10.1% during the forecast period from 2024 to 2032.
The term "entertainment insurance" essentially describes the coverage provided to films or any other type of media, including infomercials, web series, documentaries, broadcasts, music videos, and infomercials. The insurance is provided for any unusual event that when happened, can cause postponement in the task or may lead to possible economic loss.
Market Driving Factors
The surge of the entertainment industry is estimated to drive the market growth. The entertainment industry is one of the fastest-increasing industries in the world and offers employment to an enormous number of individuals. Additionally, the number of events, movies, and festivals is rising day by day. Furthermore, with such a high growth extent, the hazard element has also surged. Movie producers, directors, and actors often have to face problems of media outrage, controversies, and legal courtroom trials which cause them massive losses of cash and time. As a result, shows, music events, and theatres often are targeted by regional mobs during public anger and they are burnt, damaged, and individuals are killed. Thus, entertainment insurance brokers take into account all such kinds of threats involved in the entertainment industry offer coverage to the policyholder, and assist them financially.
The adoption of costly equipment by the entertainment industry is expected to boost the market. As the entertainment industry is immediately increasing, movie producers and directors seek to provide the best possible cinematic experience to their audiences. Nowadays, movies are created with a lot of special effects and VFX which price them massive amounts of finances and involve the use of advanced technology for creating such movies. Additionally, the usage of cameras for shooting music videos, and movies has developed and with time, the quality of the movies is enhanced based on the kind of camera utilized, technology is implemented for special effects and VFX to further improve the experience.
The expensive premium for entertainment insurance is a significant element hindering market growth.
Regional Analysis
In 2023. North America dominated the market in terms of the highest growth rate. This can be majorly attributed to the fact that entertainment equipment insurance is mostly adopted by professional filmmakers, entertainment corporations, and acting institutions across the United States. Furthermore, insurance programs are conducted by insurers to fulfil the requirements of entertainment business segments with special threat profiles, and the market has experienced an immediate surge in demand for both custom & comprehensive designed entertainment insurance in the region.
Segmentation Insights
Insurance Type Insight
In 2023, the production insurance segment dominated the market in terms of the largest shares and is estimated to maintain its dominance. This can be mainly attributed to the production insurance having a broad components variety including travel accident coverage, general liability coverage, cyber liability coverage, errors and omissions coverage, and others which can be useful for the policyholder against varied hazard elements. Additionally, production insurance ensures that legal prices, equipment harm, and lawsuits do not affect the production process of the movie or any entertainment.
Coverage Insight
The liability coverage segment dominates the market in terms of shares. This is owing to the liability insurance is valuable for the entertainment industry as a huge number of individuals are interested in concerts, shows, shooting of a movie, and others. Furthermore, in case of an accident, if anyone is harmed, then the liability insurance takes care of the lawful aspect and offers compensation to the injured.
Prominent Companies
Segmentation Outline
The global entertainment insurance market segmentation focuses on the Insurance Type, Coverage, Distribution Channel, End User, and Region.
By Insurance Type
By Coverage
By Distribution Channel
By End User
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL ENTERTAINMENT INSURANCE MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: ENTERTAINMENT INSURANCE MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL ENTERTAINMENT INSURANCE MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL ENTERTAINMENT INSURANCE MARKET, BY INSURANCE TYPE
5.1 OVERVIEW
5.2 PRODUCTION INSURANCE
5.3 STAGING AND RIGGING INSURANCE
5.4 SPECIAL EVENT INSURANCE
5.5 TOURING INSURANCE
6 GLOBAL ENTERTAINMENT INSURANCE MARKET, BY COVERAGE
6.1 OVERVIEW
6.2 LIABILITY COVERAGE
6.3 COMMERCIAL PROPERTY COVERAGES
6.4 OTHERS
7 GLOBAL ENTERTAINMENT INSURANCE MARKET, BY DISTRIBUTION CHANNEL
7.1 OVERVIEW
7.2 BROKERS
7.3 NON-BROKERS
8 GLOBAL ENTERTAINMENT INSURANCE MARKET, BY END USER
8.1 OVERVIEW
8.2 BUSINESS
8.3 INDIVIDUALS
9 GLOBAL ENTERTAINMENT INSURANCE MARKET, BY GEOGRAPHY
9.1 OVERVIEW
9.2 NORTH AMERICA
9.2.1 NORTH AMERICA MARKET SNAPSHOT
9.2.2 U.S.
9.2.3 CANADA
9.2.4 MEXICO
9.3 EUROPE
9.3.1 EUROPE MARKET SNAPSHOT
9.3.2 WESTERN EUROPE
9.3.2.1 THE UK
9.3.2.2 GERMANY
9.3.2.3 FRANCE
9.3.2.4 ITALY
9.3.2.5 SPAIN
9.3.2.6 REST OF WESTERN EUROPE
9.3.3 EASTERN EUROPE
9.3.3.1 POLAND
9.3.3.2 RUSSIA
9.3.3.3 REST OF EASTERN EUROPE
9.4 ASIA PACIFIC
9.4.1 ASIA PACIFIC MARKET SNAPSHOT
9.4.2 CHINA
9.4.3 JAPAN
9.4.4 INDIA
9.4.5 AUSTRALIA & NEW ZEALAND
9.4.6 ASEAN
9.4.7 REST OF ASIA PACIFIC
9.5 MIDDLE EAST & AFRICA
9.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
9.5.2 UAE
9.5.3 SAUDI ARABIA
9.5.4 SOUTH AFRICA
9.5.5 REST OF MEA
9.6 SOUTH AMERICA
9.6.1 SOUTH AMERICA MARKET SNAPSHOT
9.6.2 BRAZIL
9.6.3 ARGENTINA
9.6.4 REST OF SOUTH AMERICA
10 GLOBAL ENTERTAINMENT INSURANCE MARKET COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 COMPANY MARKET RANKING
10.3 KEY DEVELOPMENT STRATEGIES
10.4 COMPETITIVE DASHBOARD
10.5 PRODUCT MAPPING
10.6 TOP PLAYER POSITIONING, 2022
10.7 COMPETITIVE HEATMAP
10.8 TOP WINNING STRATEGIES
11 COMPANY PROFILES
11.1 ALLEN FINANCIAL INSURANCE GROUP
11.1.1 OVERVIEW
11.1.2 FINANCIAL PERFORMANCE
11.1.3 PRODUCT OUTLOOK
11.1.4 KEY DEVELOPMENTS
11.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.2 MARSH LLC
11.2.1 OVERVIEW
11.2.2 FINANCIAL PERFORMANCE
11.2.3 PRODUCT OUTLOOK
11.2.4 KEY DEVELOPMENTS
11.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.3 INSURANCE CANOPY
11.3.1 OVERVIEW
11.3.2 FINANCIAL PERFORMANCE
11.3.3 PRODUCT OUTLOOK
11.3.4 KEY DEVELOPMENTS
11.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.4 MFE INSURANCE BROKER
11.4.1 OVERVIEW
11.4.2 FINANCIAL PERFORMANCE
11.4.3 PRODUCT OUTLOOK
11.4.4 KEY DEVELOPMENTS
11.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.5 HIGGINBOTHAM
11.5.1 OVERVIEW
11.5.2 FINANCIAL PERFORMANCE
11.5.3 PRODUCT OUTLOOK
11.5.4 KEY DEVELOPMENTS
11.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.6 THE HARTFORD
11.6.1 OVERVIEW
11.6.2 FINANCIAL PERFORMANCE
11.6.3 PRODUCT OUTLOOK
11.6.4 KEY DEVELOPMENTS
11.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.7 AXA XL
11.7.1 OVERVIEW
11.7.2 FINANCIAL PERFORMANCE
11.7.3 PRODUCT OUTLOOK
11.7.4 KEY DEVELOPMENTS
11.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.8 HUB INTERNATIONAL
11.8.1 OVERVIEW
11.8.2 FINANCIAL PERFORMANCE
11.8.3 PRODUCT OUTLOOK
11.8.4 KEY DEVELOPMENTS
11.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.9 GALLAGHER
11.9.1 OVERVIEW
11.9.2 FINANCIAL PERFORMANCE
11.9.3 PRODUCT OUTLOOK
11.9.4 KEY DEVELOPMENTS
11.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.10 ALLIANZ
11.10.1 OVERVIEW
11.10.2 FINANCIAL PERFORMANCE
11.10.3 PRODUCT OUTLOOK
11.10.4 KEY DEVELOPMENTS
11.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.11 ZENSURANCE
11.11.1 OVERVIEW
11.11.2 FINANCIAL PERFORMANCE
11.11.3 PRODUCT OUTLOOK
11.11.4 KEY DEVELOPMENTS
11.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.12 RYAN SPECIALTY GROUP LLC
11.12.1 OVERVIEW
11.12.2 FINANCIAL PERFORMANCE
11.12.3 PRODUCT OUTLOOK
11.12.4 KEY DEVELOPMENTS
11.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.13 NEXT INSURANCE INC.
11.13.1 OVERVIEW
11.13.2 FINANCIAL PERFORMANCE
11.13.3 PRODUCT OUTLOOK
11.13.4 KEY DEVELOPMENTS
11.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.14 EVEREST RE GROUP LTD.
11.14.1 OVERVIEW
11.14.2 FINANCIAL PERFORMANCE
11.14.3 PRODUCT OUTLOOK
11.14.4 KEY DEVELOPMENTS
11.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.15 CHUBB
11.15.1 OVERVIEW
11.15.2 FINANCIAL PERFORMANCE
11.15.3 PRODUCT OUTLOOK
11.15.4 KEY DEVELOPMENTS
11.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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