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The Event Insurance Market to Reach $2.3 Billion, Globally, by 2032 at 12.7%% CAGR: Allied Market Research
The event insurance market is driven by the increase in demand for event insurance, risk mitigation, and financial protection.
PORTLAND, Ore., June 28, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Event Insurance Market by Type (General Liability, Professional Liability, and Others) Coverage (Bodily Injury, Property Damage, and Others) and End User (Individual, and Enterprises): Global Opportunity Analysis and Industry Forecast, 2022-2032″. According to the report, the global event insurance industry generated $726.9 million in 2022, and is anticipated to generate $2.3 billion by 2032, witnessing a CAGR of 12.7% from 2023 to 2032.
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Prime determinants of growth
The event insurance market is driven by the increase in demand for event insurance, risk mitigation, and financial protection. In addition, increased awareness of risks fosters the growth of the market. However, the high cost of event insurance hampers the market growth. On the contrary, technological advancements and increase in demand for comprehensive coverage are anticipated to provide lucrative opportunities for the growth of the market.
Report coverage & details:
Report Coverage |
Details |
Forecast Period |
2023–2032 |
Base Year |
2022 |
Market Size in 2022 |
$726.9 million |
Market Size in 2032 |
$2.3 billion |
CAGR |
12.7 % |
No. of Pages in Report |
248 |
Segments covered |
Type, Coverage, End User, and Region. |
Drivers |
Surge in need for isk mitigation and financial protection Increase in demand for event insurance Increased awareness of financial risks |
Opportunities |
Technological advancements Rse in demand for comprehensive coverage |
Restraints |
High cost of event insurance policies and lack of awareness about the same |
Covid-19 Scenario
- The COVID-19 had a negative impact on the event insurance market. The pandemic resulted in increased claims and payouts as it resulted in the cancellation of conferences, concerts, trade shows, and sports events. In addition, insurers had to deal with numerous claims and pay substantial amount of money to event organizers to make up for the financial losses.
- Overall, COVID-19 decreased the demand for event insurance and forced event organizers to seek alternative risk management strategies and opt for comprehensive coverage including specific pandemic-related coverage. Hence, COVID-19 had a negative impact on the market altogether.
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The general liability segment to maintain its leadership status throughout the forecast period
Based on type, the general liability segment held the highest market share in 2022, accounting for nearly two-thirds of the global event insurance market revenue, and is estimated to maintain its leadership status throughout the forecast period, as ample insurance coverage is required for events of all kinds and sorts, from weddings and trade fairs to conferences and music festivals, to be protected against any liabilities. Further, event organizers are seeking flexible and tailored insurance solutions to meet their specific needs. However, the professional liability segment is projected to manifest the highest CAGR of 15.4% from 2023 to 2032. The demand for professional liability insurance in the event industry has been growing as event organizers and professionals recognize the importance of protecting themselves against claims of negligence or errors in their professional services. The complexity and scale of events have increased, leading to a greater emphasis on professional expertise and the need for appropriate insurance coverage.
The bodily injury segment to maintain its leadership status throughout the forecast period
Based on coverage, the bodily injury segment held the highest market share in 2022, accounting for nearly three-fifths of the global event insurance market revenue. This is because event organizers are seeking more customized bodily injury coverage options that align with the specific needs of their events. Insurance providers are offering flexible policies that can be tailored to the size, nature, and risks associated with different types of events. This allows event organizers to select coverage limits, deductibles, and additional endorsements based on their unique circumstances. However, the property damage segment is projected to manifest the highest CAGR of 14.8% from 2023 to 2032, technologies such as event management software, real-time monitoring systems, and advanced security technologies are also used to enhance property protection and mitigate risks. Insurance providers are increasingly incorporating technology-driven risk management solutions and offer coverage options that align with these advancements.
The enterprises segment to maintain its leadership status throughout the forecast period
Based on end user, the enterprises segment held the highest market share in 2022, accounting for more than four-fifths of the global event insurance market revenue. This is due to the fact that insurance providers offer resources and guidance to assist enterprises in developing and implementing effective emergency response plans and communication strategies during events. However, the individual segment is projected to manifest the highest CAGR of 17.1% from 2023 to 2032, this is because insurance providers are increasingly offering risk management support and resources to individuals organizing events which includes guidance on safety protocols, risk assessments, and best practices to mitigate potential risks and reduce the likelihood of accidents, injuries, or property damage during the event.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for around two-fifths of the global event insurance market revenue. This is because the event insurance market in North America is witnessing increased adoption of technology-driven solutions. Insurance providers are leveraging advanced technologies such as data analytics, digital platforms, and automated underwriting processes to streamline operations, enhance customer experience, and improve risk assessment. However, the Asia-Pacific region is expected to witness the fastest CAGR of 16.7% from 2023 to 2032, and is likely to dominate the market during the forecast period. This is attributed to the increase in event activities across Asia-Pacific. Event organizers are increasingly becoming aware of the potential risks and liabilities associated with organizing events and seek coverage that protects them from financial losses arising from accidents, injuries, property damage, or third-party claims.
Leading Market Players: –
- Aon plc
- Allstate Insurance Company
- American International Group, Inc.
- Chubb
- Hiscox Ltd
- GEICO
- InEvexco
- MARSH LLC
- R.V. Nuccio & Associates Insurance Brokers, Inc.
- The Hartford
The report provides a detailed analysis of these key players in the global event insurance market. These players have adopted different strategies such as partnerships, product launches, and expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the event insurance market forecast from 2022 to 2032 to identify the prevailing market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities of event insurance market outlook.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the event insurance market segmentation assists in determining the prevailing event insurance market opportunity.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes an analysis of the regional as well as global event insurance market trends, key players, market segments, application areas, and market growth strategies.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Newmark Reports Third Quarter 2024 Financial Results
Conference Call to Discuss Results Scheduled for 10:00 a.m. ET Today
NEW YORK, Nov. 5, 2024 /PRNewswire/ — Newmark Group, Inc. (Nasdaq: NMRK) (“Newmark” or “the Company”), a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, today, reported its financial results for the three and nine months ended September 30, 2024, and declared its quarterly dividend.
A complete and full-text financial results press release, including information about today’s financial results conference call and Newmark’s dividend declaration, is accessible in the “Media” section at https://nmrk.com. It is also available directly at any of the following web pages:
https://ir.nmrk.com (PDF version of the full press release, PDF of a quarterly results investor presentation, and supplemental Excel financial tables)
https://ir.nmrk.com/investors/news-releases/financial-and-corporate-releases (Links to the PDF version of the full press release, PDF of a quarterly results investor presentation, and to Excel financial tables)
https://nmrk.com/media (PDF version of the full release only)
(Note: If clicking on the above links does not open a new web page, you may need to cut and paste the above URLs into your browser’s address bar.)
Today’s conference call is expected to contain forward-looking statements with respect to the Company’s financial outlook.
ABOUT NEWMARK
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended September 30, 2024, Newmark generated revenues of over $2.6 billion. As of that same date, Newmark’s company-owned offices, together with its business partners, operated from nearly 170 offices with more than 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
DISCUSSION OF FORWARD-LOOKING STATEMENTS ABOUT NEWMARK
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company’s business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q, or Form 8-K.
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Sinochem Holdings secures over $13 billion in procurement at 7th CIIE, enhancing global industrial collaboration
SHANGHAI, Nov. 5, 2024 /PRNewswire/ — The 7th China International Import Expo (CIIE) opened at the National Exhibition and Convention Center in Shanghai, China on November 5, 2024. Sinochem Holdings, one of the world’s leading chemical conglomerates, participated in the event for the seventh consecutive year. Leveraging its international operations, the company organized five overseas subsidiaries for the event to deepen global industrial cooperation and share opportunities in the Chinese market.
During a dedicated signing ceremony, Sinochem Holdings secured procurement agreements with over 20 companies from more than 10 countries and regions, including Saudi Arabia, Kuwait, Iraq, Japan, France, Malaysia, the US, Germany, India, Thailand, and China’s Taiwan region. These agreements spanned various sectors, such as crude oil, petroleum products, high-quality chemicals, food, agricultural products, high-end intelligent equipment, technology research, and digital production services, totaling over $13.6 billion.
Sinochem Holdings emphasized its strategy of expanding diverse import channels to ensure supply chain stability. Partnerships with renowned companies such as Saudi Aramco, Kuwait Petroleum, Mitsui & Co., Ltd., Vitol Group, TotalEnergies, CHIMEI, Kao Corporation, and Sri Trang Group enabled the import of high-quality crude oil, petroleum products, methanol, engineering plastics, emulsifiers, industrial salt, and natural rubber. By collaborating with upstream energy and chemical companies, Sinochem Holdings is enhancing quality import channels to stabilize domestic supply chains.
Furthermore, Sinochem Holdings focuses on new productive forces and is committed to promoting high-quality development in domestic industries. The company has been dedicating to enhancing the business presence of its overseas subsidiaries in China, empowering domestic industries with advanced global technologies. Five participating subsidiaries—Syngenta Group (Switzerland), Adisseo (France), Elkem (Norway), KraussMaffei (Germany), and Prometeon Tyre Group (Italy)—showcased innovative technologies and solutions in areas like biotech breeding, digital agriculture, animal nutrition, new chemical materials, low-altitude economy, additive manufacturing, high-end tires, and green low-carbon technologies. These companies signed multiple supply agreements with Chinese clients at the CIIE, generating sales exceeding $1.5 billion.
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COCA Unveils Black November: Zero Fees on Swaps, Spending, and FX with the COCA Crypto Card
HONG KONG, Nov. 5, 2024 /PRNewswire/ — This November, COCA is thrilled to announce its Zero-Fee Black November offer, delivering one of the most competitive zero-fee crypto wallet and card experiences in the industry. With zero fees on swaps, card spending, and FX, COCA is dedicated to helping users keep more of their crypto gains by reducing the costs that often come with swapping and spending cryptocurrencies in the real world.
Why COCA Leads the Way in Zero Fees
Most crypto apps, including Coinbase, Crypto.com, Revolut, and popular DEXs, add commission fees that reduce users’ earnings. COCA’s Zero-Fee Black November, however, offers the opportunity to transact with zero costs. Here’s how COCA stands out:
- Zero Commission on Cross-Chain Swaps: COCA users can swap assets seamlessly across 13 chains with no commission fees.
- Zero Fees on Card Spending: Every COCA card transaction—whether online or in-store—is fee-free.
- Zero FX Fees Worldwide: COCA cardholders can shop at 80 million+ merchants with no foreign exchange fees, ideal for international spending.
- No Membership Fees: COCA’s transparent structure means no annual card fees—users gain access to all benefits without hidden costs.
Earn Rewards with COCA Points
In addition to zero fees, COCA users earn COCA Points on every card transaction. These points can unlock exclusive rewards, including eligibility for an upcoming airdrop. This reward structure allows users to save with each transaction while gaining even more value with each purchase.
Zero-Fee Black November – The Perfect Time to Join COCA
Now through the end of November, users can secure COCA’s exclusive zero-fee offer by ordering a COCA card. COCA’s zero-fee structure, paired with COCA Points rewards, allows users to maximize savings and enjoy added benefits on every transaction.
About COCA
COCA is a next-generation crypto super app designed to simplify and secure the crypto experience for users worldwide. With innovations in security, usability, and integration, COCA is at the forefront of the digital asset revolution. For more information, visit coca.xyz.
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