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
- This study presents an analytical depiction of the art insurance market forecast along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the market share.
- The current market is quantitatively analyzed to highlight the art insurance market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on the present and future competitive intensity of the market.
COVID-19 Scenario Analysis
- The art insurance market share has been severely affected during the COVID-19. Moreover, to curb the spread of the virus, several regions have imposed lockdown, which has resulted in massive lockdowns and shutdowns of businesses and has financially affected several industry verticals. Therefore, demand for art insurance has declined tremendously during the global health crisis.
Questions Answered in the Art Insurance Market Research Report
- Which are the leading players active in the art insurance market?
- What would be the detailed impact of COVID-19 on the art insurance market size?
- How the current art insurance market trends that would influence the industry in the next few years?
- What are the driving factors, restraints, and opportunities in the global market?
- What are the projections for the future that would help in taking further strategic steps?
Art Insurance Market Report Highlights
Key Market Players
Allianz, Future Generali, American International Group, HDFC ERGO General Insurance, China Life Insurance, Chubb, The Travelers Indemnity Company, Zurich, Hiscox, An Insurance