66.6 F
HomeFinance$209.1 Bn Parametric Insurance Market Expected with Companies Offerings By End-User Segments...

$209.1 Bn Parametric Insurance Market Expected with Companies Offerings By End-User Segments 2032

9.1 Bn Parametric Insurance Market Expected with Companies Offerings By End-User Segments 2032

Parametric Insurance Market

NEW CASTLE, DELAWARE, UNITED STATES, October 27, 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 definitions.

Allied Market Research recently published a report, titled, ‘Parametric Insurance Market Size by Type (Natural Catastrophes Insurance, Specialty Insurance, Others), by Industry Vertical (Agriculture, Aerospace & Defense, Mining, Construction, Energy & Utiities, 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 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 increase in awareness and 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 continuous rise in commercial insurance pricing and widening risk spectrum. However, the specialty insurance segment is expected to manifest the fastest CAGR of 13.1% from 2022 to 2031, owing to rise in demand for specialized expertise and implementation of advanced technologies.

Interested to Procure the Data? Inquire Here at 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 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 alternative 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.

Enquire for Customization with Detailed Analysis of COVID-19 Impact in Report at https://www.alliedmarketresearch.com/request-for-customization/15335

Leading Market Players

Jumpstart Insurance Solutions, Inc.
Berkshire Hathaway Specialty Insurance
Munich Re
Global Parametrics
Swiss Re
Zurich American Insurance Company

Similar Reports:

Commercial Insurance Market https://www.alliedmarketresearch.com/commercial-insurance-market-A11665

Auto Finance Market https://www.alliedmarketresearch.com/auto-finance-market-A10390

Data Analytics in Banking Market https://www.alliedmarketresearch.com/data-analytics-in-banking-market-A16647

Remittance Market https://www.alliedmarketresearch.com/remittance-market

Microfinance Market https://www.alliedmarketresearch.com/microfinance-market-A06004

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa
Allied Market Research
+1 800-792-5285
email us here
Visit us on social media:

Originally published at https://www.einpresswire.com/article/664518767/209-1-bn-parametric-insurance-market-expected-with-companies-offerings-by-end-user-segments-2032

- Part of VUGA -marketing agency

latest articles

gossip tv free

explore more

free fashion tv