India has the world’s largest movie industry in terms of the quantity of movies produced. Since 1931, after the advent of talkies, the film industry has produced more than 67,000 films in more than 30 different languages. The year 2006 saw a great leap when the industry produced 1,013 films becoming the world's largest film producer.
The FICCI report states that the Indian Film Industry has a yearly profit of Rs 40 billion with employment to more than 6 million people. Making a film today involves a huge sum of money- huge sets, risky stunt scenes, latest equipments, let alone the huge salary paid to the actors. These factors demand some kind of mechanism through which a producer can safeguard his losses. This is where ‘Film Insurance’ comes into play.
Ironical but some untoward incidents prompted the emergence of insurance in Bollywood. After the arrest of Sanjay Dutt during 'Khalnayak', Subhash Ghai decided to insure his next movie 'Taal' by paying Rs 1.5 million as premium. Since then, producers have insured their movies against unforeseen risks. Some block busters that were insured included Mohabatein (Yash Raj Films): Rs 150 million, Lagaan (Aamir Khan Productions): Rs 150 million, Kabhi Khushi Kabhi Gham (Dharma Productions): Rs 220 million and Kuch Na Kaho (Ramesh Shippy): Rs 100 million.
Simultaneously, ad films too are seeing insurance. Today’s advertisements and promotional demand new concept and that needs more funds and set ups. The stunt scenes shown in the Akshay Kumar Thumps Up ad are pretty risky demanding insurance. All these factors lead the ambit of insurance to stretch to even ads.
Film Insurance is a healthy indication that Bollywood is now ready to recognize the new concepts which will help make it lucrative.
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