Report Code: A15344 | Pages: NA | Mar 2023 | 1214 Views | ||
Author(s) : NA | Tables: NA | Charts: NA |
|
Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Art Insurance Market
Request Now !In art insurance, the policyholder is compensated for comprehensive protection of valuables such as paintings, sculptures, and other collectibles against uncertainties, physical damage due to theft, accidents, and other causes. It protects these priceless works of art from physical loss or damage. Individuals having antique furniture, fine art, musical instruments, statues, and sculptures are increasingly availing of art insurance to protect valuable collectibles from unforeseen damage and loss.
The global art insurance market is segmented on the basis of type, application, and region. Based on type, the market is bifurcated into property insurance and title insurance. In terms of application, the market is categorized into personal and commercial. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Top Impacting Factors
Increased disposable income of consumers, promotional activities by insurance players, and a rise in consumer awareness towards art insurance in developing countries are driving the growth of the market. However, competitive rates & less understanding of insurance are expected to hamper the market growth. Contrarily, increased investments, new service launches, and collaborations in the art industry are expected to create immense opportunities for the market in the upcoming years.
Rise in Consumer Awareness About Art Insurance in Developing Countries
As suppliers have become more concerned about the safety and security of their finished goods, art insurance has grown in popularity in developing countries. Furthermore, with the rise in security concerns, various small business owners have gained awareness of art insurance. Individuals are also protected by insurance for reintegration costs incurred as a result of the supply of quality products. As a result, consumer awareness of art insurance is a major driver of this market and is expected to grow faster during the forecast period.
Competitive Rates and Less Understanding Toward Insurance
Misconceptions and a lack of awareness about art insurance hamper the market growth. Competitive rates based on coverage, the need for an entirely new policy to cover art & craft, and lower awareness about agent commissions are common misconceptions in the art insurance market analysis. Furthermore, market restraints include competitive rates & less understanding of insurance are expected to limit the growth of the market.
Key Benefits of the Report
COVID-19 Scenario Analysis
Questions Answered in the Art Insurance Market Research Report
Art Insurance Market Report Highlights
Aspects | Details |
---|---|
BY Type |
|
BY Application |
|
By Region |
|
Key Market Players | Allianz, Chubb, Zurich, China Life Insurance, The Travelers Indemnity Company, HDFC ERGO General Insurance, American International Group, An Insurance, Hiscox, Future Generali |
Loading Table Of Content...
Start reading.
This Report and over 19,649+ more Reports, Available with Avenue Library. T&C*.
Enterprise
License/PDF
Library
Membership
*Taxes/Fees, if applicable will be added during checkout. All prices in USD
To ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
Get insights on topics that are crucial for your business. Stay abreast of your interest areas.
Get Industry Data AlertsTo ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers