In-Depth Exploration of the Parametric Insurance Market: Enriching Industry Understanding, Envisioning Trends, Evaluating Growth Catalysts, and Forecasting Advancements from 2023 to 2030.
Report Ocean has recently released a comprehensive research report on the global Parametric Insurance Market. The report offers a detailed analysis of various market characteristics, such as size, growth, segmentation, regional and country breakdowns, competitive environment, market shares, trends, and strategies. It also provides insights into the impact of the COVID-19 pandemic on the market.
Global Parametric Insurance Market is valued approximately USD $$ million in 2022 and is anticipated to grow with a healthy growth rate of more than $% over the forecast period 2023-2030.
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The Parametric Insurance also known as index-based insurance can be defined as an insurance product that pays out based on occurrence of a particular event, e.g., a natural disaster. Unlike traditional insurance products, where the reimbursement amount is based on cost of damage, parametric insurance pays out does not depend on the cost of damage occurred. An example is a policy that pays USD 100,000 if an earthquake with magnitude 5.0 or greater occurs. The rising expansion of insurance industry and high affordability of parametric insurance as well as recent Strategic initiatives from leading market players are factors that are accelerating the global market demand. For instance, according to The Organisation for Economic Co-operation and Development (OECD) estimates – in 2019, the value of gross premiums written in all 38 OECD member countries was estimated at USD 5.03 trillion, and it further increased to USD 5.23 trillion in 2020.
Furthermore, leading market players are working towards strategic initiatives such as collaborations and new product launches to capitalize the growing demand for Parametric insurance products. For instance, in February 2022, France based Descartes Underwriting, the leading parametric-specialized provider collaborated with Sydney, Australia based Reask, a tropical-cyclone risk analytics firm. The partnership intended to enhance the availability and advancement of parametric cyclone insurance products. Moreover, in June 2022, UK based Aura Underwriting, part of Rokstone, the Aventum Group’s global specialty re/insurance MGA, launched its new Aura Parametric insurance product. This new product offers reinsurance for hurricanes that intersect a pre-defined radius of an insured’s location (generally 40 miles). Also, growing digitalization in insurance sector and rising industrialization in emerging regions are anticipated to act as a catalyzing factor for the market demand during the forecast period. However, a lack of awareness towards parametric insurance products impedes the growth of the market over the forecast period of 2022-2028.
The key regions considered for the global Parametric Insurance Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading region across the world in terms of market share owing to the growing occurrence of climate related weather events and leading parametric insurance providers in the region. Whereas, Asia Pacific is anticipated to exhibit a significant growth rate over the forecast period 2022-2028. Factors such as the thriving growth of industrialization and increasing penetration of leading market players in the region, would create lucrative growth prospects for the global Parametric Insurance Market across the Asia Pacific region.
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Major market players included in this report are:
- Allianz
- AXA XL
- Chubb
- FloodFlash
- Jumpstart Insurance Solutions, Inc.
- Berkshire Hathaway Specialty Insurance
- Munich Re
- Global Parametrics
- Swiss Re
- Zurich American Insurance Company
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Type
Natural Catastrophes Insurance
Specialty Insurance
Others
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By End Use Industry
Agriculture
Aerospace & Defense
Mining
Construction
Energy & Utiities
Manufacturing
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
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Key Questions Addressed
- Growth Potential: Our report delves into the potential for growth in the Parametric Insurance market, highlighting the promising opportunities that lie ahead.
- Product Dominance: We analyze the product segments within the market to identify which one is likely to dominate, shedding light on its potential trajectory.
- Regional Leadership: The report examines regional markets to predict which one is poised to emerge as a frontrunner in the future, backed by insightful data and analysis.
- Application Growth: We identify the application segment that is expected to experience strong growth, helping stakeholders direct their focus effectively.
- Growth Opportunities: The report pinpoints potential growth opportunities within the Parametric Insurance industry, enabling market participants to strategize for expansion.
- Challenges Ahead: By highlighting major challenges, we offer a holistic view of potential obstacles that the Parametric Insurance market may face in the future.
- Leading Companies: Our analysis presents leading companies within the Parametric Insurance market, offering an overview of their strategies, sales volume, and revenue performance.
- Positive Trends: We identify key trends that are positively impacting market growth, aiding stakeholders in understanding shifting dynamics.
- Growth Strategies: The report sheds light on growth strategies considered by market players to sustain their positions, fostering a competitive edge.
Research Methodology and Structure
Our robust research methodology ensures the accuracy and reliability of the information presented in this report. As you navigate through its chapters, you will find:
- Introduction and Overview: An in-depth introduction sets the stage for our comprehensive industry analysis, offering readers a comprehensive perspective.
- Chapter-wise Guidance: Our report offers chapter-wise guidance, allowing you to navigate specific areas of interest seamlessly.
- In-depth Analysis: Over 200 pages of in-depth analysis encompass the latest research findings and insights, providing a comprehensive understanding of the market.
- Regional Insights: An updated regional analysis, presented graphically, showcases market size, share, and emerging trends within each region.
- List of Tables and Figures: A comprehensive list of tables and figures supports the information presented, enhancing the clarity of the report.
- Top Market Players: We extensively analyze the leading market players, offering insights into their business strategies, sales volume, and revenue analysis.
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