The art insurance market is expected to expand at a CAGR of 6.1% from 2025 to 2031. The increasing popularity of artworks is expected to be a key trend in the market.
Art Insurance Market Analysis
Art insurance rates are calculated using a variety of factors, including the piece's current market value and type of artwork, the level of risk, and the insurer's underwriting policies. Policies meant for collectors, dealers, and museums are issued on an annual basis, with premiums, terms, and exclusions specified. Art insurance is meant to cover the cost of repairing a damaged artwork as well as the financial loss incurred when the artwork is destroyed or lost.
Art Insurance Market Overview
Art insurance provides coverage for any type of artwork, such as paintings, sculptures, rare publications, and unusual antiques, among others. Art insurance protects collectors and institutions by providing coverage for their artwork against a variety of dangers, including environmental damage, mistreatment, vandalism, and theft. Art insurance coverage typically covers the loss or damage of artwork caused by fire, theft, water damage, vandalism, or natural catastrophes. They also cover theft and the expense of restoration after damage. Some plans include liability coverage for harm caused to third-party property or people when exhibiting or transporting a work of art.
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Art Insurance Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Art Insurance Market: Strategic Insights
Naveen
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Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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Art Insurance Market Driver and Opportunities
Advantages of Art Insurance to Favor Market Growth
Art insurance has grown in popularity as people become more conscious of the worth of art. Insurance has become an essential component of any art purchase as collections have grown and interest in art has increased over time. Insurance plays an important role in resolving potential hazards, providing recommendations, and raising awareness about proper maintenance, repairs, and restoration. Art insurance coverage may also cover market value appreciation, newly purchased pieces, foreign transit, and defective titles, among other things. All these advantages provided by art insurance policies are expected to boost the market growth during the forecast period.
Increasing Awareness about Art Insurance to Create Lucrative Market Opportunities
Art insurance is a more sophisticated segment of the insurance industry. This art insurance policy's consumers include museums, antique dealers, art exhibitors, curators, individual collectors, and art dealers, in addition to individuals who possess works of art. Art insurance compensates the policyholder in the event of physical loss or damage to these precious art artifacts. Art Insurance covers any unexpected and physical damage or loss to the insured asset. Damage owing to natural disasters such as earthquakes, floods, cyclones, and other severe weather conditions is also covered. Thus, increasing awareness among these end users about the advantages of art insurance is expected to create lucrative growth opportunities for the market players during the forecast period.
Art Insurance Market Report Segmentation Analysis
The key segments that contributed to the derivation of the art insurance market analysis are coverage type and applications.
- By type, the market is divided into property insurance and title insurance.
- For a long time, art collectors had few options for protecting themselves from ownership issues, relying primarily on their due research prior to making acquisitions. Nonetheless, as the art market has expanded globally, title insurance has grown in popularity as a means of protecting art ownership from potential theft claims.
- Based on application, the market is divided into personal and commercial.
Art Insurance Market Share Analysis By Geography
Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America.
North America held a significant share in 2023. This may be attributed to the increasing number of art exhibitions and fairs. Further, the increasing number of art collectors is also expected to boost the market growth. Asia Pacific region is expected to grow at a significant CAGR during the forecast period. This growth may be attributed to the increasing number of art galleries and museums.
Art Insurance Market Report Scope
Art Insurance Market News and Recent Developments
The art insurance market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Art Insurance market are listed below:
- Generali CEE Holding B.V. announced the launch of art insurance in Austria. Insurance cover is provided for destruction, damage and loss. These coverages, tailored to the needs of customers, are complemented by the high level of expertise and the dense network of ARTE Generali's art specialists. (Source: Miller, Press Release, April 2022)
Art Insurance Market Report Coverage & Deliverables
The Art insurance market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "Art Insurance Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-
- Art insurance market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Art insurance market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Art insurance market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the Art insurance market
- Detailed company profiles.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
Some of the customization options available based on the request are additional 3–5 company profiles and a country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
The report can be delivered in PDF/PPT format; we can also share an Excel dataset based on the request.
General CEE Holdings BVV, Hiscox, ERGO General Insurance, American International Group, Zurich, Probus Insurance, Chubb, Allianz, Travelers Indemnity Company, AXA XL, Helvetia, Gallagher, Huntington, Great American Insurance Company, Marsh LLC, AIG, Intact Insurance Specialty Solutions, HW International, Howden Insurance & Reinsurance Brokers (Phil.), Inc., Ecclesiastical Insurance are the major market players.
The increasing popularity of artworks is the major trend in the market.
The global art insurance market was estimated to grow at a CAGR of 6.1% during 2023 - 2031.
The increasing number of art exhibitions and the growing number of art collectors are the major factors that drive the global art insurance market.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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