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
What's driving the market growth here? Well, it's a mix of thingspeople are spending more, they're increasingly into the finer things in life, and there's a growing appreciation for arts and aesthetics in the country. In fact, according to a 2019 report by Cultural Human Resources Council Canada, exports of visual and applied arts products saw some serious growth – about 9.4% annually between 2012 and 2019! The fine arts market itself is still finding its feet, but people are gradually waking up to the beauty and value of art, which is boosting the market and opening doors for newcomers in fine arts insurance. But keep in mind, established players like Gallagher Canada, Rogers Insurance Ltd, AXA XL, and APRIL Canada are already here, so breaking into the market won't be a walk in the park.
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.
Report Scope
| Report Attributes | Details |
|---|
| Study Period | 2017-2028 |
| Base Year | 2020 |
| Forecast Period | 2021-2028 |
| Historical Period | 2017-2019 |
| Unit | Value (USD Million) |
| Key Companies Profiled | AIG and Chubb Limited. |
| Customization Scope | Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
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We dive deep into the market, looking at both the numbers and the less tangible things that influence it, breaking it down into different segments based on economic and other factors. We'll give you the market value in USD Billion for each segment and sub-segment, and point out which region and segment we think will be the fastest growing and most important. We'll also analyze each region, looking at how much of the product/service is used there and what's driving the market in that area. You'll get a clear picture of the competitive landscape, including market rankings of the big players and details on their new product launches, partnerships, expansions, and acquisitions over the last five years. We provide detailed company profiles, including overviews, insights, product comparisons, and SWOT analyses for the major market participants. We'll give you our take on the current and future market outlook, considering recent events like growth opportunities and the challenges facing both emerging and developed regions. Expect a thorough look at the market from all angles with a Porter's Five Forces analysis, plus insights into the value chain. We'll also explore the market dynamics and highlight the growth opportunities to expect in the coming years, all backed by 6 months of analyst support after your purchase.
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