Parametric Insurance Market Size, Outlook, Segmentation Analysis, Share, and Forecast 2031

Global Parametric Insurance Market is valued approximately USD $$ million in 2021 and is anticipated to grow with a healthy growth rate of more than $$ % over the forecast period 2022-2028.
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.

Request To Download Sample of This Strategic Report:- https://www.reportocean.us/sample-request/report_id/bzwt1033

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.

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

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.

Request To Download Sample of This Strategic Report:- https://www.reportocean.us/sample-request/report_id/bzwt1033

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

By End Use Industry

Agriculture

Aerospace & Defense

Mining

Construction

Energy & Utiities

Manufacturing

Request To Download Sample of This Strategic Report:- https://www.reportocean.us/sample-request/report_id/bzwt1033

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

Table of Content:

Report Overview
Global Growth Trends
Competition Landscape by Key Players
Data Segments
North America Market Analysis
Europe Market Analysis
Asia-Pacific Market Analysis
Latin America Market Analysis
Middle East & Africa Market Analysis
Key Players Profiles Market Analysis
Analysts Viewpoints/Conclusions
Appendix

Here is an overview of the different factual statements covered by the study:

The learn about consists of an area that breaks down strategic traits for the primary gamers in present and upcoming R&D, new product launches, collaborations, regional expansion, and mergers & acquisitions.
The lookup focuses on essential market traits such as revenue, product cost, potential and utilization rates, import/export rates, supply/demand figures, market share and CAGR.
The learn about is a series of analyzed records and a variety of barrels of house bought via a mixture of analytical equipment and an inside look up process.
The Market can be divided into 4 areas in accordance to the regional breakdown: North American Markets, European Markets, Asian Markets and Rest of the World.

Request full Report :- https://www.reportocean.us/sample-request/report_id/bzwt1033

About Report Ocean:

We are the best market research reports provider in the industry. Report Ocean is the world's leading research company, known for its informative research reports. We are committed to providing our clients with both quantitative and qualitative research results. As a part of our global network and comprehensive industry coverage, we offer in-depth knowledge, allowing informed and strategic business conclusions to report. We utilize the most recent technology and analysis tools along with our own unique research models and years of expertise, which assist us to create necessary details and facts that exceed expectations.

Get in Touch with Us:
Report Ocean:
Email: sales@reportocean.com
Address: 500 N Michigan Ave, Suite 600, Chicago, Illinois 60611 - UNITED STATES
Tel:+1 888 212 3539 (US - TOLL FREE)
Website: https://reportocean.us

This release was published on openPR.