Press release
Parametric Insurance Market is Expected to Exceed Value of $29.3 Billion by the End of 2031
Parametric insurance coverage differs from traditional insurance as it is not claims driven, with payouts made to customers after a loss. Instead, parametric insurance uses triggers or indexes (not claims) to payout after a specific event has occurred. Policyholders, therefore, are insured against a specific event with payments based on a predefined parameter, rather than the amount of a specific claim or loss. Parametric triggers can be applied to a range of loss types, from hotel occupancy rates to flight delays to the depth of a flood. Generally, a parametric contract includes the client, a specific parameter or index (the trigger), the contract or output (a payment amount), a third party or analytical agent responsible for verifying the trigger (i.e., a government agency), and the capital provider. Thus, these factors can be concluded as parametric insurance definition.Allied Market Research recently published a report, titled, 'Parametric Insurance Market by Type (Natural Catastrophes Insurance, Specialty Insurance, Others), by Industry Vertical (Agriculture, Aerospace & Defense, Mining, Construction, Energy & Utiities, Manufacturing, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.' According to the report, the global parametric insurance industry generated $11.7 billion in 2021, and is expected to reach $29.3 billion by 2031, witnessing a CAGR of 9.9% from 2022 to 2031.
Drivers, Restraints, and Opportunities
Rapid claim adjustment process, technological advancements, and improved user experience drive the growth of the global parametric insurance market. However, high prices of parametric insurance limit the market growth. On the other hand, new and exciting applications of parametric insurance principles present new opportunities in the coming years.
𝑹𝒆𝒒𝒖𝒆𝒔𝒕 𝑺𝒂𝒎𝒑𝒍𝒆 𝑪𝒐𝒑𝒚 𝒐𝒇 𝑹𝒆𝒑𝒐𝒓𝒕-https://www.alliedmarketresearch.com/request-sample/15335
Covid-19 Scenario
The Covid-19 pandemic made a positive impact on the global parametric insurance market, owing to increase in awareness and rise in adoption by businesses with widening risk spectrum.
The majority of businesses realized that they did not have insurance protection against such pandemics, even if they included a business interruption policy in insurance policies. This led to adoption of parametric insurance.
The natural catastrophes insurance segment to maintain its lead status throughout the forecast period
Based on type, the natural catastrophes insurance segment accounted for the highest market share in 2021, contributing to nearly half of the global parametric insurance market, and is estimated to maintain its lead status throughout the forecast period. This is attributed to continuous rise in commercial insurance pricing and widening risk spectrum. However, the specialty insurance segment is expected to manifest the fastest CAGR of 13.1% from 2022 to 2031, owing to rise in demand for specialized expertise and implementation of advanced technologies.
𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐘𝐨𝐮𝐫 𝐄𝐯𝐞𝐫𝐲 𝐃𝐨𝐮𝐛𝐭 𝐇𝐞𝐫𝐞: https://www.alliedmarketresearch.com/purchase-enquiry/15335
The agriculture segment to maintain its leadership status by 2031
Based on industry vertical, the agriculture segment held the highest share in 2021, accounting for more than one-fourth of the global parametric insurance market, and is projected to maintain its leadership status by 2031. This is due to emergence of coverage regulations that include situations that were previously uninsurable and assist in reducing protection gaps. However, the construction segment is projected to witness the highest CAGR of 15.2% from 2022 to 2031. This is owing to assistance to contractors in mitigating weather-related perils during construction and operations.
North America to continue its lead position by 2031
Based on region, North America contributed to the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global parametric insurance market, and is projected to continue its lead position by 2031. This is attributed to feasible alternative presented by parametric insurance for organizations to create climate resilience and boost catastrophe response & recovery and expansion by market players. However, Asia-Pacific is estimated to witness the largest CAGR of 13.2% during the forecast period. This is due to continuous market hardening, natural catastrophe (Nat CAT) exposures, and climate change in the region.
Enquire for Customization with Detailed Analysis of COVID-19 Impact in Report at https://www.alliedmarketresearch.com/request-for-customization/15335
Leading Market Players
Allianz
AXA XL
Chubb
FloodFlash
Jumpstart Insurance Solutions, Inc.
Berkshire Hathaway Specialty Insurance
Munich Re
Global Parametrics
Swiss Re
Zurich American Insurance Company
Buy Full Report: https://www.alliedmarketresearch.com/checkout-final/04fa3214e196930d31dc859b9b3a7e74
𝐎𝐭𝐡𝐞𝐫 𝐓𝐨𝐩 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐢𝐧 𝗕𝗙𝗦𝗜 𝐃𝐨𝐦𝐚𝐢𝐧 -
Dental Insurance Market: https://www.alliedmarketresearch.com/dental-insurance-market-A06828
Digital Lending Platform Market: https://www.alliedmarketresearch.com/digital-lending-platform-market
ATM Market: https://www.alliedmarketresearch.com/automated-teller-machine-ATM-market
Trade Finance Market: https://www.alliedmarketresearch.com/trade-finance-market
Car Finance Market: https://www.alliedmarketresearch.com/car-finance-market
Regional Reports:
U.S. Parametric Insurance Market: https://www.alliedmarketresearch.com/u-s-parametric-insurance-market-A21385
Asia-Pacific Parametric Insurance Market: https://www.alliedmarketresearch.com/asia-pacific-parametric-insurance-market-A21392
Europe Parametric Insurance Market: https://www.alliedmarketresearch.com/europe-parametric-insurance-market-A21386
North America Parametric Insurance Market: https://www.alliedmarketresearch.com/north-america-parametric-insurance-market-A21383
David Correa
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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