Insights on the Entertainment Insurance Global Market to 2031 - by Insurance Type, Coverages, Distribution Channel, End-user and Region - ResearchAndMarkets.com
The "Entertainment Insurance Market By Insurance Type, By Coverages, By Distribution Channel, By End User: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
According to this report the entertainment insurance market size was valued at $3.1 billion in 2021, and is estimated to reach $8 billion by 2031, growing at a CAGR of 10.1% from 2022 to 2031.
Like all businesses, those that operate in the entertainment industry need insurance to protect them against financial losses. While they require many of the same coverage as other businesses, entertainment companies face some unique risks that require specialized insurance. Therefore, entertainment insurance typically covers property and casualty risks to productions and live events. It can include physical risks for cast, crew, wardrobe, sets, and equipment.
The rapid growth of the entertainment industry in the recent years have made it more vulnerable to risk associated with it such as damage of movie sets, people outrage on the movie actors & directors, fire, thefts and others. In addition, entertainment insurance provides coverage to the policy holder for various types of risk, which may include general liability, protection from hefty legal cost, damage to expensive cameras and equipment. Furthermore, the entertainment insurance protects the policyholder from libel and copyright claims.
Therefore, these are some of the factors propelling the market growth. However, as the entertainment insurance is not specific to a fixed number of coverage, it could expand to offer coverage for number of risk aspect. Therefore, the premium charged by this insurance policy is generally very high and therefore, small scale producers and directorscannot afford it. Hence, this is a major factor limiting the entertainment insurance market.
On the contrary, as the entertainment industry is rapidly growing, it is adopting the state of art technology to offer the best experience to the viewers. These technologies are very expensive in nature and therefore, having a insurance coverage for them is necessary. Therefore, as the entertainment industry advances with adoption of higher technology, the demand for entertainment insurance is expected to provide lucrative growth opportunities in the coming years.
Key Market Segments
By Insurance Type
By Distribution Channel
By End User
Key Market Players
For more information about this report visit https://www.researchandmarkets.com/r/iw7lkn
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