Event insurance is a type of insurance coverage designed to protect individuals, organizations, or businesses hosting or organizing events against potential financial losses or liabilities. It provides coverage for various types of events, such as weddings, parties, concerts, conferences, trade shows, festivals, and sporting events. This coverage protects the event organizer or host against claims or lawsuits arising from bodily injury or property damage caused to third parties during the event. Moreover, this coverage provides financial protection if the event needs to be canceled, postponed, or rescheduled due to unforeseen circumstances beyond the organizer's control. These circumstances may Include severe weather conditions, natural disasters, venue unavailability, illness or injury of key individuals, or other specified events.
The Increasing demand for event insurance is a key driver for the growth of event insurance market. There is an Increasing need for all Inclusive insurance coverage that takes a wide variety of risks into account as events continue to expand in size and complexity. The possibility exists for insurance companies to create and supply specialized coverage choices that are tailored to particular event types, risk profiles, and coverage requirements. In addition, the growing awareness of potential risks associated with events and the risk mitigation and financial protection provided by event insurance are the major driving factors for the market. However, the high cost of event insurance policies is a major factor hampering the growth of the market. Event insurance can be expensive, especially for large-scale events or events with high-risk factors. In addition, premiums can vary based on the size, location, type, and risk profile of the event. Further, event insurance policies can be complex and involve various terms, conditions, and exclusions. Understanding the coverage options and tailoring them to specific event requirements can be challenging for customers. Contrarily, the Increasing demand for comprehensive coverage presents a significant opportunity for the event insurance market. International events, such as conferences, sporting events, and music festivals, have Increased as a result of the event industry's globalization. This offers chances for insurance companies to provide coverage for cross-border occurrences, assuring adherence to local laws and managing the particular risks connected with foreign occurrences. The event insurance market is segmented on the basis of component, operating system, enterprise size, industry vertical, and region. On the basis of component, it is categorized into solution and service. By operating system, it is bifurcated into android, iOS, and windows. On the basis of enterprise size, it is categorized into large enterprise and small and medium-size enterprise. By industry vertical, it is bifurcated into BFSI, IT & telecom, retail, healthcare, government, education, and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the event insurance market such as Aon plc, Allstate Insurance Company, American International Group, Inc., Chubb, Hiscox Ltd, GEICO, InEvexco, MARSH LLC, R.V. Nuccio & Associates Insurance Brokers, Inc., and The Hartford. These players have adopted various strategies to increase their market penetration and strengthen their position in the event insurance market.
Key Benefits for Stakeholders
- The study provides in-depth analysis of the global event insurance market along with the current & future trends to illustrate the imminent investment pockets.
- Information about key drivers, restraints, & opportunities and their impact analysis on the global event insurance market size are provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global event insurance market from 2022 to 2032 is provided to determine the market potential.
Key Market Segments
By Coverage
- Bodily Injury
- Property Damage
- Others
By Type
- General Liability
- Professional Liability
- Others
By End User
- Individual
- Enterprises
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Allstate Insurance Company
- American International Group, Inc.
- Aon plc
- Chubb
- GEICO
- Hiscox Ltd
- InEvexCo. Ltd.
- MARSH LLC
- R.V. Nuccio & Associates Insurance Brokers, Inc.
- The Hartford
Table of Contents
Executive Summary
According to a new report, titled, 'Event Insurance Market,' The event insurance market was valued at $726.94 million in 2022, and is estimated to reach $2.3 billion by 2032, growing at a CAGR of 12.7% from 2023 to 2032.The Event Insurance Market is likely to experience a significant growth rate of 12.7% from 2022-2032 owing to increasing market demand for general liability insurance.
Event insurance is a type of insurance that compensates the policyholder in the event of direct physical loss due to fire & allied perils, including earthquake, burglary, and theft, occurring during events such as corporate conferences, seminars, live concerts, award ceremonies, school & college annual functions, wedding ceremonies, sports events, and others. There is an increase in the demand for events insurance in the market to cover the policyholder from unforeseen property damage & losses. This coverage protects the event organizer or host against claims or lawsuits arising from bodily injury or property damage caused to third parties during the event.
The increase in demand for event insurance is a key driver for the growth of event insurance market. There is a surge in need for all-inclusive insurance coverage that takes a wide variety of risks into account as events continue to expand in size and complexity. The possibility exists for insurance companies to create and supply specialized coverage choices that are tailored to particular event types, risk profiles, and coverage requirements. All these features are driving the growth of event insurance market. In addition, the growing awareness of potential risks associated with events helps to fuel the growth of the event insurance market. Furthermore, the increase in occurrence of event cancellations or postponements due to unforeseen circumstances, such as public health emergencies, extreme weather events, or travel disruptions, has highlighted the importance of event insurance, which escalates the growth of the market. However, the high cost of event insurance policies is a major factor hampering the growth of the market. Event insurance can be expensive, especially for large-scale events or events with high-risk factors. In addition, premiums can vary based on the size, location, type, and risk profile of the event. Further, event insurance policies can be complex and involve various terms, conditions, and exclusions. Understanding the coverage options and tailoring them to specific event requirements can be challenging for customers.
The market also offers growth opportunities to the key players in the market. The increasing demand for comprehensive coverage presents a significant opportunity for the event insurance industry. International events, such as conferences, sporting events, and music festivals, have increased as a result of the event industry's globalization. This offers chances for insurance companies to provide coverage for cross-border occurrences, assuring adherence to local laws and managing the particular risks connected with foreign occurrences. Therefore, the growing career paths in blockchain technology presents a significant opportunity for the expansion of the global event insurance market during the forecast period.
The event insurance market is segmented on the basis of type, coverage, end user, and region. On the basis of type, it is categorized into general liability, professional liability, and others. By coverage, it is divided into bodily injury, property damage, and others. On the basis of end user, it is bifurcated into individual and enterprises. Region wise, it is analyzed across North America (the U.S., and Canada), Europe (UK, Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key players profiled in the study are Aon plc, Allstate Insurance Company, American International Group, Inc., Chubb, Hiscox Ltd, GEICO, InEvexco, MARSH LLC, R.V. Nuccio & Associates Insurance Brokers, Inc., and The Hartford. The players in the market have been actively engaged in the adoption various strategies such as collaboration, product launch, and partnership to remain competitive and gain advantage over the competitors in the market. For instance, in For instance, in June 2023, Instant Risk Coverage Inc., Diplomat Consulting Inc. and WMB Specialty announced the launch of a brand new and innovative leading-edge cannabis event insurance product, a first in Canada. This new offering is designed to provide comprehensive coverage and peace of mind to event organizers, exhibitors, and participants of cannabis-related events across the country, ensuring these events can operate safely and fully insured. Therefore, such strategies helped to support the growth of the event insurance market.
Key Market Insights
- By type, the general liability segment was the highest revenue contributor to the market, and is estimated to reach $1360.04 million by 2032, with a CAGR of 11.4%. However, the professional liability segment is estimated to be the fastest growing segment with the CAGR of 15.4% during the forecast period.
- By coverage, the bodily injury segment dominated the global market, and is estimated to reach $1177.87 million by 2032, with a CAGR of 11.2%. However, the property damage segment is expected to be the fastest growing segment with the CAGR of 14.8% during the forecast period.
- By end user, the enterprises segment dominated the global market, and is estimated to reach $1736.26 million by 2032, with a CAGR of 11.5%. However, the individual segment is expected to be the fastest growing segment with the CAGR of 17.1% during the forecast period.
- Based on region, North America was the highest revenue contributor, accounting for $297.61 million in 2022, and is estimated to reach $775.62 million by 2032, with a CAGR of 10.3%.
Companies Mentioned
- Allstate Insurance Company
- American International Group, Inc.
- Aon plc
- Chubb
- GEICO
- Hiscox Ltd
- InEvexco Ltd.
- MARSH LLC
- R.V. Nuccio & Associates Insurance Brokers, Inc.
- The Hartford
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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