Parametric Insurance Market By Type (Natural Catastrophes Insurance, Specialty Insurance, Others), By Industry Vertical (Agriculture, Aerospace and Defense, Mining, Construction, Energy and Utilities, Manufacturing, Others): Global Opportunity Analysis and Industry Forecast, 2024-2033

August 2024 | 312 pages | ID: P95BAE26E823EN
Allied Market Research

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In 2023, the global parametric insurance market was worth $18 billion, and it is expected to grow to $34.4 billion by 2033, with a CAGR of 6.6% from 2024 to 2033. Parametric Insurance Market is an innovative risk management solution that provides coverage based on the occurrence of predefined events, rather than the traditional indemnity model that relies on assessing actual losses. This type of parametric insurance market offers several benefits, including faster payouts since claims are triggered by objective parameters, such as a specific amount of rainfall or wind speed, reducing the need for time-consuming loss assessments. It enhances transparency and reduces disputes over claims, as the criteria for payouts are clearly defined and agreed upon in advance. In addition, parametric insurance covers a wide range of risks, including those that are difficult to insure through traditional methods, making it a versatile tool for managing both natural and man-made disasters in Parametric Insurance Market .

It helps businesses and individuals recover more swiftly from adverse events by providing quick financial relief, thereby improving resilience and stability. The increase in frequency and severity of natural disasters, driven by climate change, has highlighted the need for quicker and more efficient claims processes, which drive the Parametric Insurance Market Growth of Parametric Insurance Market. In addition, technological advancements, such as improved data analytics and the proliferation of IoT devices, boost the demand for parametric insurance model. Moreover, rise in awareness and acceptance of alternative risk transfer solutions drive market growth. Furthermore, expanding parametric insurance market size across regions, leveraging big data & AI to refine risk models, and increasing innovative products tailored to specific risks such as pandemics or cyber events are expected to provide lucrative Paramtric insurance market opportunity for market growth during the forecast period. However, the complexity of accurately defining and measuring parameters, and regulatory challenges in different jurisdictions. Overcoming these hurdles is expected to be crucial for the widespread adoption and success of parametric insurance market coming years.

The parametric insurance industry has experienced significant growth as it addresses the surge in demand for more efficient and transparent risk management solutions. Unlike traditional insurance models, parametric insurance offers quick payouts on the basis of predefined criteria, which is particularly valuable in managing natural disaster risks and other high-frequency, high-impact events. The industry expansion is fueled by advancements in data analytics, IoT technology, and the rise in acceptance of alternative risk transfer solutions. These developments enhance the precision of risk assessment and trigger mechanisms, making parametric insurance more attractive to both businesses and individuals. However, the industry navigates challenges such as accurately defining parameters, managing basis risk, and complying with diverse regulatory environments. Addressing these obstacles is expected to be essential for leveraging the full potential of the parametric insurance market.

The parametric insurance market is segmented on the basis of type, industry vertical, and region.

By type, it is divided into natural catastrophes, specialty insurance, and others. By industry vertical, it is segregated into agriculture, construction, mining, manufacturing, energy & utility, aerospace & defense, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. By type, the natural catastrophe segment attained the highest growth during 2023. This is attributed to the fact that the continuous rises in commercial insurance pricing, along with a widening risk spectrum, are piquing organizations' interests and leading many to implement parametric solutions to their insurance portfolios. Region-wise, North America acquired the highest parametric insurance market share in 2023. This is attributed to the extent and severity of climate-related weather events, which have become increasingly severe and unpredictable in North America, thus, increasing need for parametric covering in Parametric Insurance Market Analysis.

The report analyzes the profiles of key players operating in the parametric insurance market, such as Munich Re, QBE Insurance Group Limited, Hannover, Rьck SE, Chubb, Jumpstart Insurance Solutions, Inc., AXA XL, FloodFlash, Global Parametrics, Swiss Re, Zurich American Insurance Company, SCOR SE, Sompo Holdings, Inc., Beazley Group, Allianz and Berkshire Hathaway Specialty Insurance. These players have adopted various strategies to increase their market penetration and strengthen their position in the parametric insurance industry in Parametric Insurance Market Trends.

Key Benefits for Stakeholders

The study provides in-depth analysis of the global parametric insurance market along with the current & future Parametric Insurance Market Trends to illustrate the imminent investment pockets.

Information about key drivers, restrains, & opportunities and their impact analysis on the global parametric insurance market size are provided in the report.

Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the Parametric Insurance Market industry.

The quantitative analysis of the global commercial property insurance market from 2023 to 2033 is provided to determine the Parametric Insurance Market potential.

Additional benefits you will get with this purchase are:
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  • 15% Free Customization* (in case the scope or segment of the report does not match your requirements, 15% is equivalent to 3 working days of free work, applicable once)
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Possible Customization with this report (with additional cost and timeline, please talk to the sales executive to know more)
  • End user preferences and pain points
  • Industry life cycle assessment, by region
  • Product Benchmarking / Product specification and applications
  • Product Life Cycles
  • Senario Analysis & Growth Trend Comparision
  • Technology Trend Analysis
  • Go To Market Strategy
  • Market share analysis of players by products/segments
  • New Product Development/ Product Matrix of Key Players
  • Pain Point Analysis
  • Regulatory Guidelines
  • Strategic Recommedations
  • Additional company profiles with specific to client's interest
  • Additional country or region analysis- market size and forecast
  • Brands Share Analysis
  • Criss-cross segment analysis- market size and forecast
  • Expanded list for Company Profiles
  • Historic market data
  • Market share analysis of players at global/region/country level
  • SWOT Analysis
Key Market Segments

By Type
  • Natural Catastrophes Insurance
  • Specialty Insurance
  • Others
By Industry Vertical
  • Agriculture
  • Aerospace and Defense
  • Mining
  • Construction
  • Energy and Utilities
  • Manufacturing
  • Others
By Region
  • North America
  • U.S.
  • Canada
  • Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Europe
  • Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia-Pacific
  • LAMEA
  • Latin America
  • Middle East
  • Africa
  • Key Market Players
  • Allianz
  • AXA XL
  • Beazley Group
  • Berkshire Hathaway Specialty Insurance
  • Chubb
  • FloodFlash
  • Global Parametrics
  • Hannover Rьck SE
  • Jumpstart Insurance Solutions, Inc.
  • Munich Re
  • QBE Insurance Group Limited
  • SCOR SE
  • Sompo Holdings, Inc.
  • Swiss Re
  • Zurich American Insurance Company
CHAPTER 1: INTRODUCTION

1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research methodology
  1.4.1. Primary research
  1.4.2. Secondary research
  1.4.3. Analyst tools and models

CHAPTER 2: EXECUTIVE SUMMARY

2.1. CXO perspective

CHAPTER 3: MARKET OVERVIEW

3.1. Market definition and scope
3.2. Key findings
  3.2.1. Top impacting factors
  3.2.2. Top investment pockets
3.3. Porter’s five forces analysis
  3.3.1. Moderate to high bargaining bargaining power of suppliers
  3.3.2. Moderate to high threat of new entrants
  3.3.3. Moderate to high threat of substitutes
  3.3.4. Moderate to high intensity of rivalry
  3.3.5. Moderate to high bargaining power of buyers
3.4. Market dynamics
  3.4.1. Drivers
    3.4.1.1. Increasing frequency of natural disasters and climate-related events
    3.4.1.2. Faster and more transparent claims processing
  3.4.2. Restraints
    3.4.2.1. Lack of awareness
  3.4.3. Opportunities
    3.4.3.1. Surge in adoption of advanced technologies

CHAPTER 4: PARAMETRIC INSURANCE MARKET, BY TYPE

4.1. Overview
  4.1.1. Market size and forecast
4.2. Natural Catastrophes Insurance
  4.2.1. Key market trends, growth factors and opportunities
  4.2.2. Market size and forecast, by region
  4.2.3. Market share analysis by country
4.3. Specialty Insurance
  4.3.1. Key market trends, growth factors and opportunities
  4.3.2. Market size and forecast, by region
  4.3.3. Market share analysis by country
4.4. Others
  4.4.1. Key market trends, growth factors and opportunities
  4.4.2. Market size and forecast, by region
  4.4.3. Market share analysis by country

CHAPTER 5: PARAMETRIC INSURANCE MARKET, BY INDUSTRY VERTICAL

5.1. Overview
  5.1.1. Market size and forecast
5.2. Agriculture
  5.2.1. Key market trends, growth factors and opportunities
  5.2.2. Market size and forecast, by region
  5.2.3. Market share analysis by country
5.3. Aerospace and Defense
  5.3.1. Key market trends, growth factors and opportunities
  5.3.2. Market size and forecast, by region
  5.3.3. Market share analysis by country
5.4. Mining
  5.4.1. Key market trends, growth factors and opportunities
  5.4.2. Market size and forecast, by region
  5.4.3. Market share analysis by country
5.5. Construction
  5.5.1. Key market trends, growth factors and opportunities
  5.5.2. Market size and forecast, by region
  5.5.3. Market share analysis by country
5.6. Energy and Utilities
  5.6.1. Key market trends, growth factors and opportunities
  5.6.2. Market size and forecast, by region
  5.6.3. Market share analysis by country
5.7. Manufacturing
  5.7.1. Key market trends, growth factors and opportunities
  5.7.2. Market size and forecast, by region
  5.7.3. Market share analysis by country
5.8. Others
  5.8.1. Key market trends, growth factors and opportunities
  5.8.2. Market size and forecast, by region
  5.8.3. Market share analysis by country

CHAPTER 6: PARAMETRIC INSURANCE MARKET, BY REGION

6.1. Overview
  6.1.1. Market size and forecast By Region
6.2. North America
  6.2.1. Key market trends, growth factors and opportunities
  6.2.2. Market size and forecast, by Type
  6.2.3. Market size and forecast, by Industry Vertical
  6.2.4. Market size and forecast, by country
    6.2.4.1. U.S.
      6.2.4.1.1. Market size and forecast, by Type
      6.2.4.1.2. Market size and forecast, by Industry Vertical
    6.2.4.2. Canada
      6.2.4.2.1. Market size and forecast, by Type
      6.2.4.2.2. Market size and forecast, by Industry Vertical
6.3. Europe
  6.3.1. Key market trends, growth factors and opportunities
  6.3.2. Market size and forecast, by Type
  6.3.3. Market size and forecast, by Industry Vertical
  6.3.4. Market size and forecast, by country
    6.3.4.1. UK
      6.3.4.1.1. Market size and forecast, by Type
      6.3.4.1.2. Market size and forecast, by Industry Vertical
    6.3.4.2. Germany
      6.3.4.2.1. Market size and forecast, by Type
      6.3.4.2.2. Market size and forecast, by Industry Vertical
    6.3.4.3. France
      6.3.4.3.1. Market size and forecast, by Type
      6.3.4.3.2. Market size and forecast, by Industry Vertical
    6.3.4.4. Italy
      6.3.4.4.1. Market size and forecast, by Type
      6.3.4.4.2. Market size and forecast, by Industry Vertical
    6.3.4.5. Spain
      6.3.4.5.1. Market size and forecast, by Type
      6.3.4.5.2. Market size and forecast, by Industry Vertical
    6.3.4.6. Rest of Europe
      6.3.4.6.1. Market size and forecast, by Type
      6.3.4.6.2. Market size and forecast, by Industry Vertical
6.4. Asia-Pacific
  6.4.1. Key market trends, growth factors and opportunities
  6.4.2. Market size and forecast, by Type
  6.4.3. Market size and forecast, by Industry Vertical
  6.4.4. Market size and forecast, by country
    6.4.4.1. China
      6.4.4.1.1. Market size and forecast, by Type
      6.4.4.1.2. Market size and forecast, by Industry Vertical
    6.4.4.2. Japan
      6.4.4.2.1. Market size and forecast, by Type
      6.4.4.2.2. Market size and forecast, by Industry Vertical
    6.4.4.3. India
      6.4.4.3.1. Market size and forecast, by Type
      6.4.4.3.2. Market size and forecast, by Industry Vertical
    6.4.4.4. Australia
      6.4.4.4.1. Market size and forecast, by Type
      6.4.4.4.2. Market size and forecast, by Industry Vertical
    6.4.4.5. South Korea
      6.4.4.5.1. Market size and forecast, by Type
      6.4.4.5.2. Market size and forecast, by Industry Vertical
    6.4.4.6. Rest of Asia-Pacific
      6.4.4.6.1. Market size and forecast, by Type
      6.4.4.6.2. Market size and forecast, by Industry Vertical
6.5. LAMEA
  6.5.1. Key market trends, growth factors and opportunities
  6.5.2. Market size and forecast, by Type
  6.5.3. Market size and forecast, by Industry Vertical
  6.5.4. Market size and forecast, by country
    6.5.4.1. Latin America
      6.5.4.1.1. Market size and forecast, by Type
      6.5.4.1.2. Market size and forecast, by Industry Vertical
    6.5.4.2. Middle East
      6.5.4.2.1. Market size and forecast, by Type
      6.5.4.2.2. Market size and forecast, by Industry Vertical
    6.5.4.3. Africa
      6.5.4.3.1. Market size and forecast, by Type
      6.5.4.3.2. Market size and forecast, by Industry Vertical

CHAPTER 7: COMPETITIVE LANDSCAPE

7.1. Introduction
7.2. Top winning strategies
7.3. Product mapping of top 10 player
7.4. Competitive dashboard
7.5. Competitive heatmap
7.6. Top player positioning, 2023

CHAPTER 8: COMPANY PROFILES

8.1. Allianz
  8.1.1. Company overview
  8.1.2. Key executives
  8.1.3. Company snapshot
  8.1.4. Operating business segments
  8.1.5. Product portfolio
  8.1.6. Business performance
  8.1.7. Key strategic moves and developments
8.2. AXA XL
  8.2.1. Company overview
  8.2.2. Key executives
  8.2.3. Company snapshot
  8.2.4. Operating business segments
  8.2.5. Product portfolio
  8.2.6. Business performance
  8.2.7. Key strategic moves and developments
8.3. Chubb
  8.3.1. Company overview
  8.3.2. Key executives
  8.3.3. Company snapshot
  8.3.4. Operating business segments
  8.3.5. Product portfolio
  8.3.6. Business performance
8.4. FloodFlash
  8.4.1. Company overview
  8.4.2. Key executives
  8.4.3. Company snapshot
  8.4.4. Operating business segments
  8.4.5. Product portfolio
  8.4.6. Key strategic moves and developments
8.5. Jumpstart Insurance Solutions, Inc.
  8.5.1. Company overview
  8.5.2. Key executives
  8.5.3. Company snapshot
  8.5.4. Operating business segments
  8.5.5. Product portfolio
  8.5.6. Key strategic moves and developments
8.6. Berkshire Hathaway Specialty Insurance
  8.6.1. Company overview
  8.6.2. Key executives
  8.6.3. Company snapshot
  8.6.4. Operating business segments
  8.6.5. Product portfolio
  8.6.6. Business performance
8.7. Munich Re
  8.7.1. Company overview
  8.7.2. Key executives
  8.7.3. Company snapshot
  8.7.4. Operating business segments
  8.7.5. Product portfolio
  8.7.6. Business performance
  8.7.7. Key strategic moves and developments
8.8. Global Parametrics
  8.8.1. Company overview
  8.8.2. Key executives
  8.8.3. Company snapshot
  8.8.4. Operating business segments
  8.8.5. Product portfolio
  8.8.6. Key strategic moves and developments
8.9. Swiss Re
  8.9.1. Company overview
  8.9.2. Key executives
  8.9.3. Company snapshot
  8.9.4. Operating business segments
  8.9.5. Product portfolio
  8.9.6. Business performance
  8.9.7. Key strategic moves and developments
8.10. Zurich American Insurance Company
  8.10.1. Company overview
  8.10.2. Key executives
  8.10.3. Company snapshot
  8.10.4. Operating business segments
  8.10.5. Product portfolio
  8.10.6. Business performance
  8.10.7. Key strategic moves and developments
8.11. SCOR SE
  8.11.1. Company overview
  8.11.2. Key executives
  8.11.3. Company snapshot
  8.11.4. Operating business segments
  8.11.5. Product portfolio
  8.11.6. Business performance
8.12. QBE Insurance Group Limited
  8.12.1. Company overview
  8.12.2. Key executives
  8.12.3. Company snapshot
  8.12.4. Operating business segments
  8.12.5. Product portfolio
  8.12.6. Business performance
8.13. Sompo Holdings, Inc.
  8.13.1. Company overview
  8.13.2. Key executives
  8.13.3. Company snapshot
  8.13.4. Operating business segments
  8.13.5. Product portfolio
  8.13.6. Business performance
8.14. Hannover Rьck SE
  8.14.1. Company overview
  8.14.2. Key executives
  8.14.3. Company snapshot
  8.14.4. Operating business segments
  8.14.5. Product portfolio
  8.14.6. Business performance
8.15. Beazley Group
  8.15.1. Company overview
  8.15.2. Key executives
  8.15.3. Company snapshot
  8.15.4. Operating business segments
  8.15.5. Product portfolio
  8.15.6. Business performance


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