About Fine Art Insurance
Many insurance companies insure works of art, but the choice of insurance depends on the size and value of the art collection, as well as the type of coverage that is required. Fine arts is the art that was primarily developed for aesthetics or beauty and is different from decorative or applied arts, which must also fulfill a practical function, such as ceramics or most metalwork. In the aesthetic theories developed in the Italian Renaissance, the supreme art was that which allowed the full expression and display of the artist's imagination without being limited by any practical considerations, such as those involved in the manufacture and decoration of a teapot play a role. Even within the visual arts, there was a hierarchy of genres based on the amount of creative imagination, with history painting being ranked higher than still life. Anyone who has an “insurable interest” in the specified work of art can insure this. The United Kingdom Fine Art Insurance market was valued at USD 378.54 Million in 2020 and is expected to reach USD 627.01 Million by 2026, growing at a CAGR of 6.51% during 2021-2026.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 7.89% |
There are various companies that are performing in the market, those companies are new geographic regions by adopting major strategic initiatives such as mergers & acquisitions, expansions, investments, new service launches, and many others. There are various key players are entering this market to capture market growth opportunities. Analyst at AMA Research estimates that European Players will contribute the maximum growth to Global Fine Art Insurance market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Progressive Corporation (United States), CPIC (China), Chubb Limited (United States), Allianz SE (Germany), Ping An Insurance (China), Assicurazioni Generali (Italy), AXA (France), AIG (United States), Aon plc (United Kingdom) and Zurich Insurance Group (Switzerland) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Fine Art Insurance market by Type (Property Insurance and Title Insurance), Application (Private and Commercial) and Region.
On the basis of geography, the market of Fine Art 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). If we see Market by Damage Covered, the sub-segment i.e. Loss of Art will boost the Fine Art Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Artwork Type, the sub-segment i.e. Drawing will boost the Fine Art Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End-User, the sub-segment i.e. Private Collectors will boost the Fine Art Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing Awareness About the Fine Art Insurance
Market Growth Drivers:
Growing Interest in Art Works Such as Sculptures, Photographs, and Paintings and Rising Emphasis on Art Development
Challenges:
Stiff Competition Among the Major Players
Restraints:
Short Term Restraint for the Market Due to Shutting Down of Operations & Process of Different Companies Across Different Parts of the World Due to COVID-19 Pandemic
Opportunities:
Increasing Number of Investors in Fine Art and Emerging Talents in Art Works
Market Leaders and their expansionary development strategies
October 2021, Tokio Marine Highland, the Chicago-based property and casualty underwriting agency, announced it has launched fine art insurance for personal and commercial risks, which further enhances its suite of specialty risk management solutions. and June 2021, Former AXA XL Executive Jonathan Beck and Underwriter Richard Spurrier are set to launch a new Specialty Insurance Cell focused on land-based and maritime Kidnap and Ransom, Fine Art, Jewellery, and Classic Car risks.
May 2021, Aspen Insurance Holdings Limited has announced the launch of its new global brand identity. The company said its new brand emphasised its mission to bring “clarity from complexity,” and represents a milestone in the company’s ongoing transformation to become a leading specialty reinsurer.
Analyst View
During pandemic, Global fine art industry gone through huge loss owing to shut down and public restrictions. Art museums owners, and private collectors, art galleries, exhibition handlers witnessed higher loss in monetary terms during pandemic period. Hence, buying antique fine art pieces and sculptures was on least preference during these period. Whereas, threat to digital arts forgery was on high stake during pandemic hence, concern regarding security of antique art cultures was on priority. In addition, several art galleries were shifted towards contactless and digital ticketing which made more physical modifications in indoor spaces which further allowing social distancing. These factor impacted in on the market slightly in better manner.
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Commercial Health Insurance Providers, Government Regulatory and Research Organizations and End-Use Industries
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.