According to a recent market study published by Growth Market Reports, titled, “North America and Western Europe Sports Insurance Market by Coverage Type, by End-user, by Sales Channel, and by Region: Size, Share, Trends and Opportunity Analysis, 2016-2031”, the market was valued at USD 14,836.7 Million in 2022 and is expected to grow at a moderate growth rate of 8.6% by the year 2031.

As per Growth Market Reports industry analyst Devashish Roy, “North America and Western Europe Sports Insurance Market is anticipated to witness significant growth during the forecast period 2023-2031.

Key factors that are anticipated to fuel the demand for the North America and Western Europe Sports Insurance Market during the forecast period are Government Initiatives to Promote Sports Participation, Increasing Need of Risks and Coverage for Fastest Growing Sports, and Growing Demand of Sports Insurance. Conversely, Complexity of Policies and High Cost of Premiums hamper the market growth of the Sports Insurance market. Expansion of Sports Industry creates opportunities in the market.

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Supply chain management is an essential part of any business. A supply chain contains a series of steps to get products from their original state to the customers. The supply chain of the Sports Insurance market involves insurance companies, insurance brokers and end-users. An insurance company is a company that creates insurance products to take on risks in return for the payment of premiums. Companies are either mutual, owned by a group of policyholders, or proprietary, owned by shareholders that are also known as insurer or provider.  An insurance broker is a middleman between insurance companies and people who are in search of purchasing insurance policies. They are experts who help people in buying the suitable insurance policies as per their needs and requirements. End-users are the final step of the supply chain where consumption takes place. End-users of Sports Insurance include Individuals and Commercial Organizations.

The primary, as well as secondary research methodology, is used for keen observation and study about the Sports Insurance market. The primary research methodology involves commercial agreements made with the primary respondents as well as consulting partners to extract critical information pertaining to the syndicated as well as consulting projects. Primary interviews conducted with the stakeholders across industry verticals on regular intervals in line with the ongoing studies and to keep ourselves abreast with the latest market trends & developments. Validation of the estimated market size, current and future trends done from the key opinion leaders (KOLs). These KOLs are the CXO level people from leading companies in the industry and possess the experience of around 10-20 years in the industry. On the other-hand the secondary research methodology involves exhaustive desk research undertaken to understand the prevailing market trends & dynamics, market competition, customer insights and other KPIs. Company websites, their SEC filings, annual reports, broker & financial reports and investor presentations are scanned for understanding the competitive scenario, details and developments, and the overall competitive landscape. Regional government and statistical databases analyzed for macro & micro analysis. Research publications and paid data are referred to obtain and validate the market estimations, budget, expenditure, and other statistical insights.

The COVID-19 has significant impact on the Sports Insurance market in 2020. The spread of COVID-19 had a negative impact on the operational and financial performance of the insurance market. The impact on insurers will vary depending on the products and types of coverage offered by the insurers. The pandemic has impacted new premiums for certain lines of business, such as travel, events, and trade credit insurance, and losses from these lines of business might be significant. In June 2022, the number of life insurance policies sold and total premiums collected increased year on year as compared to the same month the previous year. Many sporting events were cancelled or postponed, resulting in a decrease in revenue for sports organizations and athletes. This caused a decrease in demand for sports insurance. Furthermore, the pandemic's long-term impact on the sports insurance industry is projected to be beneficial. The pandemic has highlighted the importance of risk management, and sports organizations and athletes are looking to insurance to protect themselves against financial losses.

Key Takeaways from the Study:

Based on coverage type, the North America and Western Europe sports insurance market is segmented into property insurance, liability insurance, accident insurance, special events insurance, camp & tournament insurance, premise & spectator insurance, liquor liability insurance, motor sports insurance, and others. The accident insurance segment is projected to expand at a significant CAGR during the forecast period, owing to the rising awareness about the importance of insurance and high risk of accidents in sports.

Based on end-user, the North America and Western Europe sports insurance market is segmented into individual and commercial. The individual segment held significant market share of the market in 2022 and is projected to expand at a significant CAGR during the forecast period, owing to the growing number of individuals participating in different sports. This, in turn, drives the demand for sports insurance.

Based on region, the global sports insurance market is segmented into North America, and Western Europe. Western Europe is expected to witness a moderate growth rate in the sports insurance market during the forecast period. Western Europe is a home for wide range of sports such as football, cycling, rugby, and other winter sports. Football is the one of the major sports played in Western Europe, which increases the demand for the sports insurance in the region. The football insurance plans generally cover injuries, medical expenses, and liability coverages for both professional and amateur players. According to a European Commission report, sport contributes for more than 2% of total GDP in Europe and approximately 3% of employment in the region. It promotes economic development in the sports sector, particularly fitness, tourism,  media, and education, which are the four important sectors of the sports economy.

Report Scope:

Report Metric


Market Value in 2022

USD 14,836.7 Million

Market Growth Rate (from 2022 to 2031)


Historical Data


Base Year


Forecast Period

2023 - 2031

Units Considered

Value (USD Million)

Market Segments

by Coverage Type, by End-user, and by Sales Channel and by Region.

Key Companies Profiled

All Sport Insurance Services Limited, Allianz, American Specialty Insurance & Risk Services, Inc., Arthur J. Gallagher & Co., AXA, BERKSHIRE HATHAWAY INC., HDI Global SE, Howden Group Holdings Ltd, Lockton Companies, Marsh & McLennan Companies Inc., Miller, NFP, SADLER & Company, Inc.,, The Hartford, and W.R. Berkley Corporation.

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements.

Target Audience:

  • Supply-side: Insurance companies and insurance brokers

  • Demand Side: Individuals and Commercial companies