A Crisp Glance on the Recent Trends Driving the Event Insurance Market

Event planning has always been a challenging task, and in today’s world, where uncertainty can happen anytime, it is becoming even more complex. Many event organizers are constantly seeking ways to protect themselves from unforeseen circumstances that could disrupt their plans. Event insurance is a financial safety that has been evolving to meet the changing needs of event professionals globally. This blog talks about the latest trends, product launches, and strategic mergers and acquisitions in the industry.

Trends shaping the market:

In the present era, events do not stick to marriages or family functions only, now events include corporate conferences, live concerts, seminars, school & college annual functions, sports events, and many others which hold a lot more risks and responsibilities. This has enhanced the need for all-inclusive insurance coverage and has increased the demand for event insurance among event organizers worldwide. The outbreak of the Covid-19 pandemic forced many event cancellations and reschedulings. This has highlighted the importance of pandemic coverage in event insurance. Nowadays, as many events are becoming larger and more complex, the cost of cancellations can skyrocket. To combat such issues, event insurance is now more customizable, allowing organizers to tailor policies according to their specific needs. For instance, the Association of Event Organisers (AEO) has partnered with InEvexco, an American independent investment management company to provide insurance coverage for event cancellations and protect the visitors at the event.

Moreover, with the growing prevalence of hybrid and virtual events, insurance providers are aiming to provide coverage for technical glitches, cyberattacks, or other virtual event-specific risks.  Additionally, in an increasingly uncertain world, terrorism and security concerns have gained prominence. Today, event insurance providers offer coverage for these risks, providing peace of mind to organizers and attendees alike.

As per a new report published by Allied Market Research, the event insurance market is projected to rise at an alluring CAGR of 12.7% from 2023 to 2032.

New product launches:

Owing to the growing awareness of the potential risks associated with events and the rising need for financial protection, many leading market players are proactively launching innovative event insurance products. For instance, Thimble, a quick-thinking insurance for fast-moving businesses launched its new event liability insurance offering to help small businesses or event planners bounce back from the financial losses of the pandemic.

Similarly, in June 2023, Instant Risk Coverage Inc. and WMB Specialty launched their brand-new leading-edge cannabis event insurance product that is designed to offer panoramic coverage and peace of mind to organizers, participants, and exhibitors of cannabis-related events across Canada.

Strategic mergers and acquisitions of the event insurance market

Apart from introducing innovative product offerings by leading players in the market, strategic alliances between them also play a vital role in the exponential growth of the event insurance market. For instance, in July 2023, AssuredPartner, a leading U.S.-based insurance broker announced its acquisitions with InEvexco Limited., a Kent-based event specialist to provide optimized solutions to event organizers and exhibitors to scale up the businesses of leading organizations. Additionally, in July 2023, Duuo, launched its first embedded insurance API for Canadian businesses to enhance their customer experience journey by enabling them to purchase insurance directly from the website, app, or platform.

To conclude, the event insurance market is expected to witness prominent growth in the coming years owing to the growing demand for comprehensive coverage across several event management organizations. Moreover, the continuous offering of promising and innovative solutions by leading market players will drive the industry’s growth to another level.

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