The global event insurance market revenue was around US$ 819.21billion in 2023 and is estimated to reach US$ 2402.77 billion by 2032, growing at a compound annual growth rate (CAGR) of 12.7% during the forecast period from 2024 to 2032.
Event insurance provides compensation to the policyholder in case of direct physical loss caused by fire and associated risks, which include earthquake, burglary, and theft, during events like corporate conferences, seminars, live concerts, award ceremonies, school and college annual functions, wedding ceremonies, sports events, and others. The market is experiencing a growing demand for event insurance to protect policyholders from unexpected property damage and losses.
Factors Influencing Market Growth
- The event insurance market is driven by the increase in demand for event insurance, risk mitigation, and financial protection. In addition, increased awareness of risks fosters the growth of the market.
- Technological advancements and an increase in demand for comprehensive coverage are anticipated to provide high-income opportunities for the growth of the market.
- With an increasing focus on personalized premiums and usage-based coverage, insurers are leveraging the Internet of Things, advanced analytics, and machine learning to develop more granular individual risk profiles to drive the market growth globally.
- The cost of event insurance can be complex, as it depends on various factors such as event type, duration, and location. Pricing complexities may impact the affordability and adoption of insurance may further constrain the market's growth potential.
COVID-19 Impact Analysis on the Event Insurance Market
The COVID-19 pandemic has had a profound effect on the event insurance market. The extensive cancellations and disruptions of events as a result of lockdown measures and social distancing requirements have underscored the critical importance of event insurance coverage. The impact of COVID-19 has increased awareness among event organizers and participants regarding the necessity of comprehensive insurance coverage to safeguard against unforeseen circumstances.
Regional Analysis
In 2023, North America had the largest market share for event insurance. Technology-driven solutions are becoming more and more popular in North America's event insurance sector. Insurance companies are using cutting-edge technology to improve risk assessment, client experience, and operational efficiency. Examples of these technologies include data analytics, digital platforms, and automated underwriting procedures. In addition, insurance companies are modifying their products to meet the evolving events and provide thorough coverage for virtual and hybrid forms.
Leading Companies
- Chubb
- American International Group, Inc.
- The Hartford, MARSH LLC
- Aon plc
- Allstate Insurance Company
- GEICO
- Hiscox Ltd
- R.V. Nuccio & Associates Insurance Brokers, Inc.
Segmentation Outline
The event insurance market is segmented into Coverage, Type, and End User.
Segmentation based on Coverage
- Bodily Injury
- Property Damage
- Others
Segmentation Based on Type
- General Liability
- Professional Liability
- Others
Segmentation based on region
- North America?
o The U.S.
o Canada
- Europe?
o UK
o Germany
o France
o Italy
o Spain
o Netherlands
o Rest of Europe
- Asia-Pacific
o China
o Japan
o India
o Australia
o South Korea
o Singapore
o Rest Of Asia-Pacific
- LAMEA?
o Latin America
o Middle East
o Africa