Apart from covering loss to life or property on sets, he said that insurance not only covers legal issues related to a film, but also post release issues like theatre shutdown due to riots or strike. Sumant Salian, Business Head-Media and Entertainment at Alliance Insurance Brokers said that they had seen a 45 to 50% growth in business this fiscal compared to last fiscal due to the increase in number of film insurance policies being taken.
This was followed by a slew of movies by big banners being insured with general insurers. Presently, it accounts for about 2% of the industry's total business.įilm insurance as a concept came into existence in the early 1990s with 'Taal' being one of the first movies to be insured. Now, with both public and private general insurers actively offering products catering to the needs of the film industry, industry experts said that film insurance share in the industry could touch 8-10% in the next 3-5 years.
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