Market Features
As the art market has grown in size, scope and value, insurers have stepped in to take advantage of the growing market as well. Major insurers now cover an array of valuables including paintings, sculpture, jewelry, antiques, stamps, coins and fine wine. "There's a limited number of cars and homes out there, so insurance companies are creating specific products for very specific needs," says Jeanne Salvatore, spokeswoman for the Insurance Information Institute. The niche-insurance market is growing quickly, according to Salvatore, especially for fine art. As an example, AIG's AIG fine-arts division has had a "very healthy" annual growth rate of about 30% in recent years, says Katja Zigerlig, director of fine arts at the insurer's private-client group.
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