What is Special Event Insurance Market Scope?
Special event insurance covers short-term private and public events against bodily injury and property damage claims. Many venues require event organizers to carry liability insurance to help pay for medical expenses if a guest is injured and protect venue property from damage, including the buildings and any equipment. However, the market is expected to witness some decline in growth for the next few years due to the current pandemic but it is again expected to rise at a healthy pace after the COVID-19 pandemic is over.
The Special Event Insurance market study is being classified, by Application (Private Events and Public Events) and major geographies with country level break-up.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.The Players having a strong hold in the market are Allianz SE, Allen Financial Insurance Group, Axa S.A., and Zurich Insurance Group. Research Analyst at AMA predicts that Players from European and United States will contribute to the maximum growth of Global Special Event Insurance market throughout the predicted period.
Allianz SE (Germany), Allen Financial Insurance Group (United States), Axa S.A. (France), Zurich Insurance Group (Switzerland), Assicurazioni Generali S.p.A. (Italy), MetLife, Inc. (United States), Aegon N.V. (Netherlands), Aviva plc (United Kingdom), Gerber Life Insurance (United States) and AIG (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Munich Re Group (Germany), Nippon Life Insurance (India), Sumitomo Life Insurance (Japan), China Life Insurance Company Limited (China) and Ping An Insurance (China).
Analyst at AMA have segmented the market study of Global Special Event Insurance market by Type, Application and Region.
On the basis of geography, the market of Special Event Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Influencers and their development strategies
In November 2019, Allianz Group announced that it has partnered with Microsoft to digitally transform the insurance industry wherein Microsoft will partner with Syncier, the B2B2X insurtech founded by Allianz, to offer customized insurance platform solutions and related services.
On 2oth February 2019, MFE insurance, a California entertainment insurance agency, released a blog educating readers on some common injuries at music festivals and how to prepare for them. Special event insurance can help cover festival-related issues resulting from injured staff and attendees. and In December 2019, Intact Financial Corporation announced that it has completed the acquisition of The Guarantee Company of North America (The Guarantee) and Frank Cowan Company Limited (Frank Cowan), having received all required regulatory approvals worth USD 1 billion.
Influencing Market Trend
- Rising Usage of Artificial Intelligence (AI) Sensor Technology & Cloud Technology in Event Insurance
- Increasing Music Concerts all over the World
- Growing Awareness of Benefits of Event Insurance
- Rising Demand form the Developing Nations like India, China, and Brazil
- High-Cost Associated with Special Event Insurance
- Lack of Awareness about Event Insurance
Key Target AudienceSpecial Event Insurance Providers, Potential Technology Investors, Regulatory & Government Bodies, Downstream Vendors, End Users and Other
Customization available in this Study:The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
To compete effectively, companies also require quantitative estimates of the future growth and qualitative nature of the market. AMA Research & Media features not just specific market sizing estimates, but also include significant value-added commentary on Technological Trends and Innovations, Regulatory Policies, Market Maturity Indicators, Market Share Movements, New Entrants into the Market & Entry/Exit Barriers, Consumer Demographics, Supporting Company Financial and Cash Flow Planning, Open Up New Markets , To Seize Powerful Market Opportunities, Key Decision in Planning and to Further Expand Market Share, Identify Key Business Segments, Market Proposition & Gap Analysis.