Canada Fine Art Insurance Market Size, Competitive Landscape And Forecast

Canada Fine Art Insurance Market Size And Forecast

Canada Fine Art Insurance Market size was valued at USD 4.80 Million in 2020 and is projected to reach USD 6.92 Million by 2028, growing at a CAGR of 5.02% from 2021 to 2028.

The market growth in the region can be attributed to increased consumer spending, growing inclination towards adoption of luxurious lifestyles, coupled with augmented awareness related to arts and aesthetics in the country. The Canada report provides a holistic evaluation of the market. The report offers comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

What is Fine Art Insurance?

Fine art refers to an art form practised mainly for its aesthetic value and its beauty rather than its functional value. Fine art includes works such as Drawing, painting, printmaking, sculpture well as other art forms such as architecture, manuscript illumination and calligraphy and animation. Fine art is often confused with “applied art” and “crafts” which are both traditionally seen as utilitarian activities.

Fine art insurance offers an all-inclusive cover with coverage of risks including physical damage, loss due to theft, accidents, and a wide range of natural perils to artwork, such as earthquake and floods. Furthermore, it also covers damage occurred due to fire outbreaks, lightning, strikes and riots. Some of the insurance policies many also include protection against aircraft or vehicle impact, explosion, by paying an additional premium.

Fine art insurance is offered either on agreed value basis or on the ‘basis of valuation’ agreed. Private collectors who have a limited collection, which stays more or less the same over a period of time, should prefer ‘Agreed Value’ basis. Art dealers should prefer cost price plus a certain percentage which is also called appraised value or uplift of value of art-piece every year.

Canada Fine Art Insurance Market Overview

The market growth in the region can be attributed to increased consumer spending, growing inclination towards adoption of luxurious lifestyles, coupled with augmented awareness related to arts and aesthetics in the country. Meanwhile, exports of visual and applied arts products registered one of the strongest growth rates in the cultural sector between 2012 and 2019, expanding at an annual rate of 9.4% as stated in a report published by Cultural Human Resources Council Canada, 2019. However, the fine arts market in the country is still at growing stage with consumers slowly but steadily awakening to the value of arts and aesthetics. This has promoted the growth of fine arts market in the country, thereby creating new opportunities for new entrants to operate in the fine arts insurance market. Presence of long term and well-established players such as Gallagher Canada, Rogers Insurance Ltd, AXA XL and APRIL Canada among others is anticipated to create entry barrier to the market.

Key Players

The “Canada Fine Art Insurance Market” study report will provide a valuable insight with an emphasis on Canada market including some of the major players such as AIG and Chubb Limited.

The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post sales analyst support

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