India Entertainment Insurance Market Size More Than Doubles at Robust CAGR of 16.13% to Reach USD 336 Million by 2029

Published | 23 May 2023

India entertainment insurance market is rapidly growing due to the thriving entertainment industry, increasing production budgets, rising demand for comprehensive coverage against potential risks and liabilities, and the growing awareness among production companies about the benefits of insurance in safeguarding their projects.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated India entertainment insurance market size at USD 118.51 billion in 2022. During the forecast period between 2023 and 2029. India entertainment insurance market size to grow at a robust CAGR of 16.13% reaching a value of USD 335.77 million by 2029. The India entertainment insurance market refers to the insurance business segment that focuses on providing coverage and risk management solutions to the Indian entertainment industry. The market serves a wide range of the entertainment industry segments, including film production, television, live events, music concerts, theaters, and others. In India, entertainment insurance coverage usually covers risks including production delays, equipment damage, public responsibility, and personal accidents. The market has grown in recent years, owing to the rise of India's entertainment industry and growing awareness among stakeholders about the significance of insurance coverage. Insurance firms provide specialized coverage to manage the unique risks that the entertainment industry faces, assuring its long-term growth and protection against unforeseen catastrophes.

India Entertainment Insurance Market – Overview

A specialized form of insurance coverage known as "entertainment insurance" is created to shield those working in the entertainment sector from a variety of risks and obligations. Events, productions, performances, and other entertainment-related activities are financially protected. Various possible hazards, including property damage, equipment loss or theft, production delays, liability claims, and even cancellation due to unanticipated events are often covered by entertainment insurance. Producers, performers, event planners, and other professionals working in the entertainment business should feel secure knowing that this sort of insurance is specifically designed to address the special requirements and challenges of the sector.

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Impact of COVID-19 on India Entertainment Insurance Market

The COVID-19 pandemic adversely affected the entertainment industry. Consequently, it also negatively impacted causing significant disruption and uncertainty within the industry. With the enforced lockdowns, social distancing measures, and the suspension of film, television, and live event productions, the demand for entertainment insurance plummeted. Production delays and cancellations left insurers grappling with mounting claims, leading to heightened caution and stricter underwriting practices. Insurers also revised policy terms and premiums, reflecting the increased risk associated with pandemic-related disruptions. As the industry gradually recovers and adapts to the new normal, the long-term effects of the pandemic on the entertainment insurance market in India remain uncertain, requiring the industry to navigate uncharted waters.

India Entertainment Insurance Market – By Distribution Channel

On the basis of distribution channels, India entertainment insurance market is split into Brokers and Non-Brokers segments. These segments play a crucial role in providing insurance solutions to the entertainment industry. The brokers segment refers to insurance intermediaries or agents who act as intermediaries between entertainment companies and insurance providers. They assist in analyzing risks, negotiating policies, and securing suitable insurance coverage for their clients. On the other hand, the non-brokers segment encompasses entertainment companies or organizations that directly engage with insurance providers without the involvement of intermediaries. While both segments contribute to the overall growth of the entertainment insurance market in India, the brokers segment is generally larger in scale and serves as a primary channel for insurance transactions and advisory services in the industry.

Competitive Landscape

India entertainment insurance market is fiercely competitive. Major companies in the market include Allianz, Allen Financial Insurance Group, AXA XL Chubb, Everest Re Group, Ltd, Gallagher, Hub International, Insurance Canopy, Marsh LLC, MFE INSURANCE BROKER, and Next Insurance, Inc. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in India entertainment insurance market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of India Entertainment Insurance Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India Entertainment Insurance Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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