The global parametric insurance market size was US$ 11.7 billion in 2021. The global parametric insurance market size is forecast to reach US$ 29.3 billion by 2030, growing at a compound annual growth rate (CAGR) of 9.9% during the forecast period from 2022 to 2030.
Parametric (or index-based) solutions are a sort of insurance that covers the likelihood of a predetermined event occurring rather than compensating for actual damage. Furthermore, parametric insurance is defined as an agreement to make a payment in response to the occurrence of a triggering event and is thus distinct from the underlying physical asset or piece of infrastructure. A user can claim insurance upon reaching or exceeding pre-defined event parameters based on an objective metric or index relating to an insured's particular exposure.
Factors Influencing Market Growth
Impact Analysis of COVID-19
The COVID-19 pandemic had a positive impact on the global market growth. This can be due to the fact that consumer attitudes about parametric insurance were shifting, and leading market players were embracing new technologies like artificial intelligence-based claim processing and cognitive automation for real-time engagement with customers. Furthermore, in order to prevent the virus from spreading, some insurance companies have streamlined their claim settlement and insurance services in the market. In addition, AI technology aids in tracking real-time insured data, allowing for improved pandemic services. During the COVID-19 pandemic, these variables encourage the establishment of the parametric insurance market.
Regional Insights
North America held dominance in the parametric insurance market in 2021 and is forecast to remain dominant during the forecast period. This is due to the fact that parametric insurance has become a more viable option for assisting companies in developing climate resilience and enhancing disaster response and recovery in nations like the United States and Canada. Furthermore, insurance companies are expanding their parametric insurance business to North America, resulting in market growth.
Leading Competitors
The leading prominent companies profiled in the global parametric insurance market are:
Scope of the Report
The global parametric insurance market segmentation focuses on Type, Industry Vertical, and Region.
Segmentation based on Type
Segmentation based on Industry Vertical
Segmentation based on Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL PARAMETRIC INSURANCE MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
4 GLOBAL PARAMETRIC INSURANCE MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE MODEL
4.4 VALUE CHAIN ANALYSIS
5 GLOBAL PARAMETRIC INSURANCE MARKET, BY TYPE
5.1 OVERVIEW
5.2 NATURAL CATASTROPHES INSURANCE
5.3 SPECIALTY INSURANCE
5.4 OTHERS
6 GLOBAL PARAMETRIC INSURANCE MARKET, BY INDUSTRY VERTICAL
6.1 OVERVIEW
6.2 AGRICULTURE
6.3 AEROSPACE & DEFENSE
6.4 MINING
6.5 CONSTRUCTION
6.6 ENERGY & UTILITIES
6.7 MANUFACTURING
6.8 OTHERS
7 GLOBAL PARAMETRIC INSURANCE MARKET, BY GEOGRAPHY
7.1 OVERVIEW
7.2 NORTH AMERICA
7.2.1 NORTH AMERICA MARKET SNAPSHOT
7.2.2 U.S.
7.2.3 CANADA
7.2.4 MEXICO
7.3 EUROPE
7.3.1 EUROPE MARKET SNAPSHOT
7.3.2 WESTERN EUROPE
7.3.2.1 THE UK
7.3.2.2 GERMANY
7.3.2.3 FRANCE
7.3.2.4 ITALY
7.3.2.5 SPAIN
7.3.2.6 REST OF WESTERN EUROPE
7.3.3 EASTERN EUROPE
7.3.3. 1 POLAND
7.3.3.2 RUSSIA
7.3.3.3 REST OF EASTERN EUROPE
7.4 ASIA PACIFIC
7.4.1 ASIA PACIFIC MARKET SNAPSHOT
7.4.2 CHINA
7.4.3 JAPAN
7.4.4 INDIA
7.4.5 AUSTRALIA & NEW ZEALAND
7.4.6 ASEAN
7.4.7 REST OF ASIA PACIFIC
7.5 MIDDLE EAST & AFRICA
7.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
7.5.2 UAE
7.5.3 SAUDI ARABIA
7.5.4 SOUTH AFRICA
7.5.5 REST OF MEA
7.6 SOUTH AMERICA
7.6.1 SOUTH AMERICA MARKET SNAPSHOT
7.6.2 BRAZIL
7.6.3 ARGENTINA
7.6.4 REST OF SOUTH AMERICA
8 GLOBAL PARAMETRIC INSURANCE MARKET COMPETITIVE LANDSCAPE
8.1 OVERVIEW
8.2 COMPANY MARKET RANKING
8.3 KEY DEVELOPMENT STRATEGIES
9 COMPANY PROFILES
9.1 ALLIANZ
9.1.1 OVERVIEW
9.1.2 FINANCIAL PERFORMANCE
9.1.3 PRODUCT OUTLOOK
9.1.4 KEY DEVELOPMENTS
9.2 AXA XL
9.2.1 OVERVIEW
9.2.2 FINANCIAL PERFORMANCE
9.2.3 PRODUCT OUTLOOK
9.2.4 KEY DEVELOPMENTS
9.3 CHUBB
9.3.1 OVERVIEW
9.3.2 FINANCIAL PERFORMANCE
9.3.3 PRODUCT OUTLOOK
9.3.4 KEY DEVELOPMENTS
9.4 FLOODFLASH
9.4.1 OVERVIEW
9.4.2 FINANCIAL PERFORMANCE
9.4.3 PRODUCT OUTLOOK
9.4.4 KEY DEVELOPMENTS
9.5 JUMPSTART INSURANCE SOLUTIONS, INCORPORATED
9.5.1 OVERVIEW
9.5.2 FINANCIAL PERFORMANCE
9.5.3 PRODUCT OUTLOOK
9.5.4 KEY DEVELOPMENTS
9.6 BERKSHIRE HATHAWAY SPECIALTY INSURANCE
9.6.1 OVERVIEW
9.6.2 FINANCIAL PERFORMANCE
9.6.3 PRODUCT OUTLOOK
9.6.4 KEY DEVELOPMENTS
9.7 MUNICH RE
9.7.1 OVERVIEW
9.7.2 FINANCIAL PERFORMANCE
9.7.3 PRODUCT OUTLOOK
9.7.4 KEY DEVELOPMENTS
9.8 GLOBAL PARAMETRICS
9.8.1 OVERVIEW
9.8.2 FINANCIAL PERFORMANCE
9.8.3 PRODUCT OUTLOOK
9.8.4 KEY DEVELOPMENTS
9.9 SWISS RE
9.9.1 OVERVIEW
9.9.2 FINANCIAL PERFORMANCE
9.9.3 PRODUCT OUTLOOK
9.5.4 KEY DEVELOPMENTS
9.10 ZURICH AMERICAN INSURANCE COMPANY
9.10.1 OVERVIEW
9.10.2 FINANCIAL PERFORMANCE
9.10.3 PRODUCT OUTLOOK
9.10.4 KEY DEVELOPMENTS
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