Report Ocean presents a comprehensive research report on Parametric Insurance, analyzing markets in 150+ countries. With access to 1,00000+ annual reports, subject matter experts ensure accuracy. Methods like S.W.O.T., P.E.S.T.E.L., and regression analysis forecast growth. The report covers regulations, research tech, innovation, and future trends in Parametric Insurance.
The global parametric insurance market was US$ 11.1 billion in 2021. The global parametric insurance market is expected to grow to US$ 24.3 billion by 2030 by growing at a compound annual growth rate (CAGR) of 9.1% during the study period from 2022 to 2030.
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Instead of covering actual losses, parametric solutions are a sort of insurance that covers the likelihood of a specific event occurring. Furthermore, the definition of parametric insurance is an agreement to make a payment in the case of a triggering event; as such, it is not connected to any underlying physical asset.
Factors Influencing the Market
The parametric insurance policy is gaining significant traction due to the affordable costs of the policy. The low cost of the policy is a major concept attracting customers. Moreover, it is also favorable for small and medium businesses as they can claim an affordable policy to protect their enterprises against unforeseen financial losses. Therefore, it will contribute to the growth of the parametric insurance market during the analysis period.
The growth of parametric insurance has benefited businesses by enabling ongoing innovation and flexibility. These are, thus, the main drivers of market growth for parametric insurance. The basis risk is higher with parametric insurance because it bases risk determination on pre-established parameters. In insurance, the idea of basis risk is essential. Basis risk is the situation in which an insurance policy does not cover a loss occurrence. Additionally, parametric insurance pay-outs are frequently outlined using indices. As a result, the cost-benefit ratio of parametric insurance will spur market expansion during the research period.
The need for customized risk parameters is expected to escalate market growth. Various policies include a variety of natural and human-caused factors, including wind speeds, storm surges, rainfall, and others, which is beneficial for the users.
Regional Analysis
The Asia-Pacific parametric insurance market is expected to exhibit the highest growth rate, owing to the rising awareness among the organization. Based on Region, North America is projected to acquire the highest share, owing to the extent and severity of climate-related weather events.
COVID-19 Impact Analysis
The COVID-19 crisis has put light on the need to adopt new parametric insurance products to stay protected from the risk of the virus. Due to the increased risk from climate change and denser populations, the pandemic has raised the necessity for clients to purchase parametric insurance. Furthermore, coverage for the majority of these expenditures is anticipated to not be recovered by people affected without a novel approach to conventional insurance. Additionally, COVID-19 revealed that most companies lacked insurance against pandemics, even if they had a policy for business interruption. As a result, it has opened doors of opportunities for market growth.
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Competitors in the Market
Allianz
AXA XL
Chubb
FloodFlash
Jumpstart Insurance Solutions, Inc.
Berkshire Hathaway Specialty Insurance
Munich Re
Global Parametrics
Swiss Re
Zurich American Insurance Company
Other Prominent Players
Market Segmentation
The global parametric insurance market segmentation focuses on Type, Industry Vertical, and Region.
By Type
Natural Catastrophes Insurance
Specialty Insurance
Others
By Industry Vertical
Agriculture
Aerospace & Defense
Mining
Construction
Energy & Utilities
Manufacturing
Others
By Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
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Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
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