John Ritenour Discusses Growth Opportunities in the Sports Insurance Industry
John Ritenour has been an executive in the insurance sector for more than three decades. He launched his insurance venture, Insurance Office of America (IOA), in 1988and led it as the CEO till 2008, when he let his son, Heath Ritenour, take over. John still held on to the position of IOA Chairman till 2018, when he relinquished it to his son. Today, the IOA founder is still engaged in the insurance industry through the IOA Sports Partners program. This is an insurance initiative he launched to propel IOA to become the leading sports insurance company. Not so long ago, this insurance expert came out to discuss growth opportunities in the sports insurance industry.
A promising future
The IOA founder mentioned that that the US was one of the world’s biggest sports markets. According to 2018 statistics, the global sports market was valued to be worth at least 471 billion, and the US made roughly a third of it at 32.5%. He revealed that he launched the IOA Sports Partners program because he saw a huge opportunity for his insurance company to capitalize on the vast market. John Ritenour said that the program looks to dominate the NBA, NFL, and NHL, among other major sports in the country.
Sports franchises are looking to be fully insured
In the 2018-19 season, every team in the NBA was valued at at least $1 billion, with the average being $2.2 billion. The same success story is replicated in the other major sports leagues like NFL and NHL. John Ritenour mentioned that there is so much money on the table, every major sports franchise is looking to be fully insured. This explains why the IOA Sports Partners program already has the Charlotte Hornets, Orlando Magic, and Washington Wizards from the NBA and Las Vegas Raiders and Jacksonville Jaguars from the NFL as its clients.