Allianz brings entertainment insurance to Asia with Singapore launch

Allianz brings entertainment insurance to Asia with Singapore launch | Insurance Business Asia

Allianz brings entertainment insurance to Asia with Singapore launch

Allianz Global Corporate & Specialty SE (AGCS) has launched its entertainment insurance business in Asia, beginning with the Singapore market.

Entertainment insurance covers movie and television productions, cast injuries, concert tours, and other live events such as sports, in case of liability claims or cancellation due to external risks such as pandemics or terrorism. AGCS also provides risk management advice to film and live event organisers.

The Singapore launch was held on March 15 at Hard Rock Café at Cuscaden Road. Among the guests were Michael Furtschegger (pictured left), head of entertainment – international, and Peter Williams (pictured right), head of live entertainment at Allianz. 

To head the new division, the insurer appointed Damian Kerin (pictured centre) as head of entertainment, Asia-Pacific.

AGCS expects most of the demand in Singapore to be driven by the live events sector. According to the insurer, it has received inquiries from live event organisers since 2015. Data from PWC showed that total revenue from live music events in Singapore rose from US$46 million in 2012 to US$51 million in 2016, and is expected to reach US$61 million in 2021. The popularity of local music festivals in Singapore has led to events from other countries, such as Australia's St Jerome's Laneway Festival and Ultra Music Festival, holding their own Singapore editions.

Increased number of events and the volume of spectators have led to more complex risks. Several recent events such as Zoukout, Baybeats, and the Singapore leg of the Rugby Sevens World Series, have drawn crowds of 40,000 to 60,000 participants.

“Live events today can resemble movie sets with the amount of props and pyrotechnics utilized, and this is where the expertise we have in insuring films can translate to the live sector,” commented Kerin. “Many of these artists, whether as part of their own tour, or as part of a festival, are also going to several locations all around the world, leading to greater risk exposure considerations as they vary from country to country. This complements AGCS' core competency in international insurance programs, where our global office network, risk consulting expertise and large scale capacity differentiates us from our competitors.”

The first phase of AGCS’ Asian expansion plans includes the Hong Kong and mainland China markets. It has already insured Bleeding Steel, a 2017 film that starred Jackie Chan and was shot across various locations.

 

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