DUBLIN--(BUSINESS WIRE)--The "Parametric Insurance Market by Type, Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
According to this report titled, 'Parametric Insurance Market,' the parametric insurance market was valued at $11.7 billion in 2021, and is estimated to reach $29.3 billion by 2031, growing at a CAGR of 9.9% from 2022 to 2031.
Parametric insurance can cover risks that are not otherwise easily insurable, and allow for more scientific pricing of products that respond to specific isolated parameters, rather than the physical losses, which are expected to result from any number of a wide range of occurrences.
In addition, parametric insurance for building resilience is that a policy is capable of being triggered, not by the calamity itself (such as crop failure or the resulting human impacts), but by its forebear (such as inadequate rainfall), which through funding early intervention can minimize wider human and financial impacts and costs. Therefore, these are some of the factors propelling the market growth.
However, basis risk can arise if an individual insured's loss experience does not correlate with the index payouts. In this case, some households that experience loss may not receive compensation while some who suffer no loss receive insurance payouts. Therefore, these are some of the major factors that limit the growth of the parametric insurance market.
On the contrary, advances in technology have led to the new and exciting applications of parametric insurance principles which is emerging and growing faster than ever. Clients, brokers, insurers and investors have woken up to the possibilities of simpler, faster parametric insurance, and they are already experiencing the benefits. The rise in capital spending into parametric insurance firms is expected to fuel this growth.
The parametric insurance market is segmented on the basis of type, industry vertical, and region. By type, it is segmented into natural catastrophes, specialty insurance, and others. By industry vertical, it is segregated into agriculture, construction, mining, manufacturing, energy and utility, aerospace and defense, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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 make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the parametric insurance market size segmentation assists to determine 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 the analysis of the regional as well as global parametric insurance market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments By Type
- Natural Catastrophes Insurance
- Specialty Insurance
- Others
By Industry Vertical
- Agriculture
- Aerospace Defense
- Mining
- Construction
- Energy Utilities
- 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
Key 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 Topics Covered:
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: PARAMETRIC INSURANCE MARKET, BY TYPE
CHAPTER 5: PARAMETRIC INSURANCE MARKET, BY INDUSTRY VERTICAL
CHAPTER 6: PARAMETRIC INSURANCE MARKET, BY REGION
CHAPTER 7: COMPANY LANDSCAPE
CHAPTER 8: COMPANY PROFILES
Companies Mentioned
- Allianz
- AXA XL
- Chubb
- FloodFlash
- Jumpstart Insurance Solutions, Inc.
- Berkshire Hathaway Specialty Insurance
- Munich Re
- Global Parametrics
- Swiss Re
- Zurich American Insurance Company
For more information about this report visit https://www.researchandmarkets.com/r/cm7qg5.
