Parametric Insurance Market Growing with a CAGR of 9.9%, Top Players, Size, Share, Market Worth, Trends by 2032

NEW CASTLE, DELAWARE, UNITED STATES, November 28, 2023 /EINPresswire.com/ -- Parametric insurance coverage differs from traditional insurance as it is not claims driven, with payouts made to customers after a loss. Instead, parametric insurance uses triggers or indexes (not claims) to payout after a specific event has occurred. Policyholders, therefore, are insured against a specific event with payments based on a predefined parameter, rather than the amount of a specific claim or loss. Parametric triggers can be applied to a range of loss types, from hotel occupancy rates to flight delays to the depth of a flood. Generally, a parametric contract includes the client, a specific parameter or index (the trigger), the contract or output (a payment amount), a third party or analytical agent responsible for verifying the trigger (i.e., a government agency), and the capital provider. Thus, these factors can be concluded as parametric insurance definition.

Allied Market Research recently published a report, titled, 'Parametric Insurance Market by Type (Natural Catastrophes Insurance, Specialty Insurance, Others), by Industry Vertical (Agriculture, Aerospace & Defense, Mining, Construction, Energy & Utilities, Manufacturing, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.' According to the report, the global parametric insurance industry generated $11.7 billion in 2021 and is expected to reach $29.3 billion by 2031, witnessing a CAGR of 9.9% from 2022 to 2031.

Drivers, Restraints, and Opportunities

Rapid claim adjustment processes, technological advancements, and improved user experience drive the growth of the global parametric insurance market. However, high prices of parametric insurance limit the market growth. On the other hand, new and exciting applications of parametric insurance principles present new opportunities in the coming years.

𝑹𝒆𝒒𝒖𝒆𝒔𝒕 𝑺𝒂𝒎𝒑𝒍𝒆 𝑪𝒐𝒑𝒚 𝒐𝒇 𝑹𝒆𝒑𝒐𝒓𝒕-https://www.alliedmarketresearch.com/request-sample/15335

Covid-19 Scenario

The Covid-19 pandemic made a positive impact on the global parametric insurance market, owing to an increase in awareness and a rise in adoption by businesses with widening risk spectrum.

The majority of businesses realized that they did not have insurance protection against such pandemics, even if they included a business interruption policy in insurance policies. This led to adoption of parametric insurance.

The natural catastrophes insurance segment to maintain its lead status throughout the forecast period

Based on type, the natural catastrophes insurance segment accounted for the highest market share in 2021, contributing to nearly half of the global parametric insurance market, and is estimated to maintain its lead status throughout the forecast period. This is attributed to the continuous rise in commercial insurance pricing and the widening risk spectrum. However, the specialty insurance segment is expected to manifest the fastest CAGR of 13.1% from 2022 to 2031, owing to the rise in demand for specialized expertise and the implementation of advanced technologies.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐘𝐨𝐮𝐫 𝐄𝐯𝐞𝐫𝐲 𝐃𝐨𝐮𝐛𝐭 𝐇𝐞𝐫𝐞: https://www.alliedmarketresearch.com/purchase-enquiry/15335

The agriculture segment to maintain its leadership status by 2031

Based on industry vertical, the agriculture segment held the highest share in 2021, accounting for more than one-fourth of the global parametric insurance market, and is projected to maintain its leadership status by 2031. This is due to the emergence of coverage regulations that include situations that were previously uninsurable and assist in reducing protection gaps. However, the construction segment is projected to witness the highest CAGR of 15.2% from 2022 to 2031. This is owing to assistance to contractors in mitigating weather-related perils during construction and operations.

North America to continue its lead position by 2031

Based on region, North America contributed to the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global parametric insurance market, and is projected to continue its lead position by 2031. This is attributed to feasible alternatives presented by parametric insurance for organizations to create climate resilience and boost catastrophe response & recovery and expansion by market players. However, Asia-Pacific is estimated to witness the largest CAGR of 13.2% during the forecast period. This is due to continuous market hardening, natural catastrophe (Nat CAT) exposures, and climate change in the region.

𝑰𝒇 𝒚𝒐𝒖 𝒉𝒂𝒗𝒆 𝒂𝒏𝒚 𝒔𝒑𝒆𝒄𝒊𝒂𝒍 𝒓𝒆𝒒𝒖𝒊𝒓𝒆𝒎𝒆𝒏𝒕𝒔, 𝒂𝒔𝒌 𝒇𝒐𝒓 𝒄𝒖𝒔𝒕𝒐𝒎𝒊𝒛𝒂𝒕𝒊𝒐𝒏𝒔: https://www.alliedmarketresearch.com/request-for-customization/15335

Leading Market Players

Allianz
AXA XL
Chubb
FloodFlash
Jumpstart Insurance Solutions, Inc.
Berkshire Hathaway Specialty Insurance
Munich Re
Global Parametrics
Swiss Re
Zurich American Insurance Company

Key benefits for stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the parametric insurance market analysis from 2021 to 2031 to identify the prevailing parametric insurance market opportunity.

The market research is offered along with information related to key drivers, restraints, and opportunities of parametric insurance coverage.

Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.

An in-depth analysis of the parametric insurance market size segmentation assists in determining the prevailing market opportunities.

Major countries in each region are mapped according to their revenue contribution to the global market.

Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players in parametric insurance market forecast.

The report includes an analysis of the regional as well as global parametric insurance market trends, key players, market segments, application areas, and market growth strategies.

Parametric Insurance Market Segments:

By Type:
Natural Catastrophes Insurance
Specialty Insurance
Others

By Industry Vertical:

Agriculture
Aerospace & Defense
Mining
Construction
Energy & Utiities
Manufacturing
Others

By Region:

North America  (U.S., Canada)
Europe  (United Kingdom, Germany, France, Italy, Spain, Rest of Europe)
Asia-Pacific  (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
LAMEA  (Latin America, Middle East, Africa)

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