Event Insurance Market

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. To indemnify the policyholder from unforeseen property damage & losses, the demand for events insurance has risen tremendously in the market. Premium rates are determined by location as well as the duration of the event. Furthermore, to protect against unforeseen monetary losses or damage, the event insurance market size is expected to grow in the near future.

The global event insurance market share is segmented into type, coverage, end user, and region. Based on type, the market is further segmented into general liability, professional liability, inland marine, special event and others. In terms of coverage, the market is bodily injury, property damage, medical bills, and others. Based on end user, the market is segmented into individual and enterprises. Based on region, the global market is divided across North America (U.S. and Canada), Europe (Germany, UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM), and Middle East & Africa.

Key players of the event insurance market analyzed in the research include PURVES & ASSOCIATES INSURANCE AGENCY, iCAT, Mitchell & Mitchell Insurance,  Allianz, Chubb, ASSURANT, The J. Morey Company, Inc,  Fuller Insurance Agency, NHC Insurance Services, Zurich, and  DGFASLI. They have adopted various strategies including new product launches, collaborations, partnerships, mergers & acquisitions, joint ventures, agreements, and others to gain a stronghold and international presence across the world.

COVID-19 Scenario Analysis

• In the wake of the COVID-19, an increase in awareness of the benefits of insurance policies, as well as a high demand for customized event insurance coverage is expected to boost the growth of the market.
• Furthermore, the provision of security services and personalized coverage options have been expected to have a favorable impact on the market. Moreover, to curb the spread of the virus, several insurance companies have streamlined their processes for claim settlements and insurance services in the market. These factors, as a result promoting the event insurance market growth during the pandemic situation. 

Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, And Impact Analysis

The rapid advancement of technology and providing a better consumer experience are propelling the market growth. However, the high price of event insurance is expected to hamper the growth of the market. Contrarily, the rise in government support & initiatives towards event insurance can be seen as an opportunity for the market.

The event insurance market trends are as follows:

Rise in Government Support & Initiatives:

Several government agencies are advertising the benefits of event insurance policies. Furthermore, the government is implementing various provisions to assist the insurance industry in providing insurance policies to all segments of society.

As a result, these government initiatives are expected to provide lucrative opportunities for the market in the coming years.

Rapid Growth of Technology and Better Consumer Experience:

Artificial intelligence (AI) helps in automating insurance operations, which are repetitive, and, with the help of this technology, insurers collect the data of customers to analyze consumer needs and demands for the particular event insurance.

Furthermore, insurance companies use chatbot technology to interact with customers and provide personalized services, therefore driving market growth. As a result, increasing technological advancements providing a better consumer experience, which will foster the growth of the event insurance market revenue during the forecasted period.

Key Benefits of the Report:

• This study presents an analytical depiction of the event insurance market 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 event 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.

Questions Answered in the Event Insurance Market Research Report: 

• Which are the leading players active in the event insurance market?
• What would be the detailed impact of COVID-19 on the event insurance market growth?
• What are current trends that would influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the event insurance market?
• What are the projections for the future that would help in taking further strategic steps?

 Event Insurance Market Report Highlights