DUBLIN, Oct. 27, 2022 (GLOBE NEWSWIRE) — Added the Parametric Insurance Market By Type, By Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2031 report ResearchAndMarkets.com Offer.
According to this report, the parametric insurance market was valued at US$11.7 billion in 2021 and is estimated to reach US$29.3 billion by 2031, growing at a CAGR of 9.9% from 2022 to 2031.
The term parametric insurance describes a type of insurance contract that insures a policyholder against the occurrence of a specific event by paying a set amount based on the magnitude of the event, as opposed to the magnitude of losses in traditional liability insurance. It is a non-traditional insurance product that offers predefined payouts based on a triggering event. Trigger events depend on the type of parametric policy and can include environmental triggers such as wind speed and precipitation measurements, business-related triggers such as foot traffic, and others.
Parametric insurance can cover risks that are otherwise not easily insurable and allow for more scientific pricing of products that respond to specific isolated parameters, rather than physical losses expected to result from a variety of events. Furthermore, parametric insurance for building resilience is that a policy cannot be triggered by the disaster itself (e.g. crop failures or the resulting human impact) but by its ancestors (e.g. insufficient rainfall), Funding early interventions can further minimize human and financial impact and costs. Hence, these are some of the factors driving the market growth.
However, a basis risk can arise if the claims experience of an individual insured does not correlate with the index payouts. In this case, some households that suffer damage may not receive compensation, while others that do not suffer damage receive insurance payments. Hence, these are some of the major factors that are restricting the growth of the parametric insurance market.
On the contrary, advances in technology have led to new and exciting applications of parametric insurance principles that are emerging and growing faster than ever. Customers, brokers, insurers and investors have recognized the possibilities of simpler, faster parametric insurance and are already experiencing the benefits. The surge in investment in parametric insurance companies is expected to fuel this growth.
The parametric insurance market is segmented by type, industry and region. By type, it is divided into natural disasters, special insurance and others. By industry, it is divided into agriculture, construction, mining, manufacturing, energy and utilities, aerospace and defense, and others. By region, it is analyzed in North America, Europe, Asia Pacific and LAMEA.
The report analyzes the profiles of major players in the parametric insurance market such as Allianz, AXA XL, Chubb, FloodFlash, Jumpstart Insurance Solutions, Inc., Berkshire Hathaway Specialty Insurance, Munich Re, Global Parametrics, Swiss Re and Zurich American Insurance Gesellschaft. These players have developed various strategies to increase their market penetration and strengthen their position in the parametric insurance industry.
Main benefits for stakeholders
- This report provides a quantitative analysis of the market segments, recent trends, estimates and dynamics of the Parametric Insurance market analysis from 2021 to 2031 to identify the prevailing Parametric Insurance market opportunities.
- The market research is offered along with information on the key drivers, constraints and opportunities of parametric insurance coverage.
- Porter’s Five Forces Analysis highlights the potential of buyers and suppliers to enable stakeholders to make profit-driven business decisions and strengthen their supplier-buyer network.
- An in-depth analysis of the size segmentation of the parametric insurance market assists in determining the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- The positioning of market participants facilitates benchmarking and provides a clear understanding of the current position of market participants in the parametric insurance market forecast.
- The report includes the analysis of regional and global Parametric Insurance market trends, key players, market segments, application areas, and market growth strategies.
Main topics covered:
CHAPTER 1 INTRODUCTION
CHAPTER 2: SUMMARY
CHAPTER 3: MARKET OVERVIEW
3.1. Market Definition and Scope
3.2. Important Findings
3.2.1. Top investment bags
3.3. Porter’s Five Forces Analysis
3.4. Top player positioning
3.5. market dynamics
3.5.1. driver
3.5.2. limitations
3.5.3. occasions
3.6. COVID-19 Impact Analysis on the Market
CHAPTER 4: PARAMETRIC INSURANCE MARKET, BY TYPE
4.1 Overview
4.1.1 Market Size and Forecast
4.2 Natural Disaster Insurance
4.2.1 Key Market Trends, Growth Factors and Opportunities
4.2.2 Market Size and Forecast by Region
4.2.3 Market Analysis by Countries
4.3 Special Insurance
4.3.1 Key Market Trends, Growth Factors and Opportunities
4.3.2 Market Size and Forecast by Region
4.3.3 Market Analysis by Countries
4.4 Miscellaneous
4.4.1 Key Market Trends, Growth Factors and Opportunities
4.4.2 Market Size and Forecast by Region
4.4.3 Market Analysis by Countries
CHAPTER 5: PARAMETRIC INSURANCE MARKETS, BY INDUSTRY VERTICAL
5.1 Overview
5.1.1 Market Size and Forecast
5.2 Agriculture
5.2.1 Key Market Trends, Growth Factors and Opportunities
5.2.2 Market Size and Forecast by Region
5.2.3 Market Analysis by Countries
5.3 Aerospace & Defense
5.3.1 Key Market Trends, Growth Factors and Opportunities
5.3.2 Market Size and Forecast by Region
5.3.3 Market Analysis by Countries
5.4 Mining
5.4.1 Key Market Trends, Growth Factors and Opportunities
5.4.2 Market Size and Forecast by Region
5.4.3 Market Analysis by Countries
5.5 Construction
5.5.1 Key Market Trends, Growth Factors and Opportunities
5.5.2 Market Size and Forecast by Region
5.5.3 Market Analysis by Countries
5.6 Energy and Utilities
5.6.1 Key Market Trends, Growth Factors and Opportunities
5.6.2 Market Size and Forecast by Region
5.6.3 Market Analysis by Countries
5.7 Manufacturing
5.7.1 Key Market Trends, Growth Factors and Opportunities
5.7.2 Market Size and Forecast by Region
5.7.3 Market Analysis by Countries
5.8 Miscellaneous
5.8.1 Key Market Trends, Growth Factors and Opportunities
5.8.2 Market Size and Forecast by Region
5.8.3 Market Analysis by Countries
CHAPTER 6: PARAMETRIC INSURANCE MARKET BY REGION
CHAPTER 7: ENTERPRISE LANDSCAPE
7.1. introduction
7.2. The best winning strategies
7.3. Product attribution of the top 10 players
7.4. Competition Dashboard
7.5. Competitive heat map
7.6. Important Developments
CHAPTER 8: COMPANY PROFILES
8.1 Alliance
8.1.1 Corporate Overview
8.1.2 Company Snapshot
8.1.3 Operating Business Segments
8.1.4 Product Portfolio
8.1.5 Business Performance
8.1.6 Important strategic steps and developments
8.2 AXA XL
8.2.1 Corporate Overview
8.2.2 Company Snapshot
8.2.3 Operating Segments
8.2.4 Product Portfolio
8.2.5 Business Performance
8.2.6 Important strategic steps and developments
8.3 Chubb
8.3.1 Company Overview
8.3.2 Company Snapshot
8.3.3 Operating Business Segments
8.3.4 Product Portfolio
8.3.5 Business Performance
8.3.6 Important strategic steps and developments
8.4 FloodFlash
8.4.1 Company Overview
8.4.2 Company Snapshot
8.4.3 Operating Business Segments
8.4.4 Product Portfolio
8.4.5 Business Performance
8.4.6 Important strategic steps and developments
8.5 Jumpstart Insurance Solutions, Inc.
8.5.1 Company Overview
8.5.2 Company Snapshot
8.5.3 Operating Business Segments
8.5.4 Product Portfolio
8.5.5 Business Performance
8.5.6 Important strategic steps and developments
8.6 Berkshire Hathaway Specialty Insurance
8.6.1 Company Overview
8.6.2 Company Snapshot
8.6.3 Operating Business Segments
8.6.4 Product Portfolio
8.6.5 Business Performance
8.6.6 Important strategic steps and developments
8.7 Munich Re
8.7.1 Company Overview
8.7.2 Company Snapshot
8.7.3 Operating Business Segments
8.7.4 Product Portfolio
8.7.5 Business Performance
8.7.6 Important strategic steps and developments
8.8 Global parameters
8.8.1 Company Overview
8.8.2 Company Snapshot
8.8.3 Operating Segments
8.8.4 Product Portfolio
8.8.5 Business Performance
8.8.6 Important strategic steps and developments
8.9 Swiss Re
8.9.1 Company Overview
8.9.2 Company Snapshot
8.9.3 Operating Segments
8.9.4 Product Portfolio
8.9.5 Business Performance
8.9.6 Important strategic steps and developments
8.10 Zurich American Insurance Company
8.10.1 Company Overview
8.10.2 Company Snapshot
8.10.3 Operating segments
8.10.4 Product Portfolio
8.10.5 Business Performance
8.10.6 Important strategic steps and developments
For more information about this report, visit https://www.researchandmarkets.com/r/v9apd2
