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Emerging Trends to Drive Smart Contracts In Parametric Insurance Market Growth at 13.2% CAGR Through 2029
Smart Contracts In Parametric Insurance
Smart Contracts In Parametric Insurance Market Size Growth Forecast: What to Expect by 2025?
Recently, the parametric insurance market has seen a significant surge in the integration of smart contracts, with a projected growth from $9.97 billion in 2024 to $11.32 billion in 2025, representing a compound annual growth rate (CAGR) of 13.5%. This historical growth stems from factors such as the escalation of climate-related catastrophes, heightened demand for expedited claims processing, increased application of parametric insurance in farming sectors, an amplifying understanding of disaster risk finance, and a rise in microinsurance uptake in areas at high risk.
How Will the Smart Contracts In Parametric Insurance Market Size Evolve and Grow by 2029?
In the coming years, the parametric insurance market size is likely to witness swift growth owing to the emergence of smart contracts. It is projected to expand to $18.56 billion by 2029, with a 13.2% compound annual growth rate (CAGR). The anticipated growth might be due to increased demand for automatic claim settlements, rising adoption of decentralized insurance models, growing interest in climate-associated risk coverage, governmental initiatives aimed at disaster readiness, and heightened focus on overlooked and emerging regions. The forthcoming era will likely see major trends including advancements in blockchain technology applications, innovative automated payout systems, increased investment in insurance tools based on smart contracts, creation of parametric products for novel risk areas, and progress in the conjunction of artificial intelligence (AI) and the internet of things (IoT) with smart contracts.
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What Drivers Are Propelling the Growth of Smart Contracts In Parametric Insurance Market Forward?
The increase in the utilization of cloud-based systems is set to accelerate the evolution of smart contracts in the parametric insurance market. These systems, which function online, offer on-demand access to data storage, computational capabilities, and software services- effectively rendering physical infrastructure redundant. Businesses are drawn to the adaptability and scalable nature of cloud-based systems, as they permit effortless alteration of resources as required- without the necessity for large, rudimentary expenditure. These systems strengthen smart contracts in parametric insurance through support in scalable, live data processing, and secure automation. They also foster efficiency and transparency by simplifying the management of policies and execution of claims- thus lessening administrative duties and time consumed in settlements. For example, Eurostat claims, in December 2023, that about 45.2% of firms obtained cloud computing services in 2022, marking a growth of 4.2% from 41% in 2021. Hence, the adoption of cloud-based systems is playing a pivotal role in pushing the progress of smart contracts in the parametric insurance market.
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Which Emerging Trends Are Transforming the Smart Contracts In Parametric Insurance Market in 2025?
Big players in the parametric insurance market with smart contracts are concentrating on establishing key partnerships to upgrade data precision and expedite more open claim resolutions. Such tactical collaborations are beneficial in amalgamating organisations' assets and strengths for mutual objectives. These partnerships also facilitate seamless merger of technology like blockchain and satellite data, escalating the efficacy of solutions and widening market penetration. To illustrate, in June 2023, a collaboration was initiated between Arbol Inc., an American firm providing climate risk solutions, and The Institutes RiskStream Collaborative, a US nonprofit consortium focused on emerging technologies and blockchain. They rolled out dRe, a reinsurance platform powered by blockchain which is used for parametric insurance. This platform facilitates automatic reinsurance payments based on undeniable climate or weather factors, enhancing reliability and efficiency. It promotes rule-regulated smart contracts for real-time execution and provides a decentralized framework for improved data integrity and security.
What Are the Key Segments in the Smart Contracts In Parametric Insurance Market?
The smart contracts in parametric insurance market covered in this report is segmented -
1) By Solution: Parametric Insurance Software, Services
2) By Type Of Parametric Insurance: Natural Catastrophe Insurance, Specialty Insurance, Other Types Of Parametric Insurance
3) By Technology: Blockchain-Based Smart Contracts, Artificial Intelligence Or Machine Learning-Integrated Smart Contracts, Internet of Things (IoT)-Enabled Smart Contracts, Other Technologies
4) By End-User: Corporations, Individuals, Government And Public Sector
Subsegments:
1) By Parametric Insurance Software: Cloud-Based, On Premises
2) By Services: Implementation And Integration Services, Consulting And Training Services, Support And Maintenance Services
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Who Are the Key Players Shaping the Smart Contracts In Parametric Insurance Market's Competitive Landscape?
Major companies operating in the smart contracts in parametric insurance market are AXA Group, Aon plc, NEC Corporation India Private Limited, Ensuro Technologies SL, Descartes Underwriting SAS, ScienceSoft USA Corporation, WalkingTree Technologies Private Limited, Tractable Ltd., Chainlink Foundation, Arbol Inc., IBISA Network S.A., Blink Parametric Limited, Etherisc GmbH, Demex Group Inc, Raincoat Inc., Otonomi Ltd., FloodFlash Ltd., Nexus Mutual Ltd., Tidal Finance Ltd., Veteran Sandra DeSilva
What Geographic Markets Are Powering Growth in the Smart Contracts In Parametric Insurance Market?
North America was the largest region in the smart contracts in parametric insurance market in 2024. The regions covered in the smart contracts in parametric insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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