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Global Parametric Insurance Market Size study, By Type (Natural Catastrophes Insurance, Specialty Insurance, Others), By End Use Industry (Agriculture, Aerospace & Defense, Mining, Construction, Energy & Utiities, Manufacturing), and Regional Forecasts 2022-2028

August 2022 | 200 pages | ID: G94C26CDB505EN
Bizwit Research & Consulting LLP

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Global Parametric Insurance Market is valued approximately USD XX million in 2021 and is anticipated to grow with a healthy growth rate of more than XX % 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. 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. 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.

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


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
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

Furthermore, years considered for the study are as follows:

Historical year – 2018, 2019, 2020
Base year – 2021
Forecast period – 2022 to 2028

Target Audience of the Global Parametric Insurance Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
CHAPTER 1. EXECUTIVE SUMMARY

1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2028 (USD Million)
  1.2.1. Global Parametric Insurance Market, by Region, 2020-2028 (USD Million)
  1.2.2. Global Parametric Insurance Market, by Component, 2020-2028 (USD Million)
  1.2.3. Global Parametric Insurance Market, by End Use Industry, 2020-2028 (USD Million)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption

CHAPTER 2. GLOBAL PARAMETRIC INSURANCE MARKET DEFINITION AND SCOPE

2.1. Objective of the Study
2.2. Market Definition & Scope
  2.2.1. Scope of the Study
  2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates

CHAPTER 3. GLOBAL PARAMETRIC INSURANCE MARKET DYNAMICS

3.1. Parametric Insurance Market Impact Analysis (2020-2028)
  3.1.1. Market Drivers
    3.1.1.1. Rising expansion of insurance industry.
    3.1.1.2. High affordability of parametric insurance.
    3.1.1.3. Recent Strategic initiatives from leading market players.
  3.1.2. Market Challenges
    3.1.2.1. Lack of awareness towards parametric insurance products.
  3.1.3. Market Opportunities
    3.1.3.1. Growing digitalization in insurance sector.
    3.1.3.2. Rising industrialization in emerging regions.

CHAPTER 4. GLOBAL PARAMETRIC INSURANCE MARKET INDUSTRY ANALYSIS

4.1. Porter’s 5 Force Model
  4.1.1. Bargaining Power of Suppliers
  4.1.2. Bargaining Power of Buyers
  4.1.3. Threat of New Entrants
  4.1.4. Threat of Substitutes
  4.1.5. Competitive Rivalry
  4.1.6. Futuristic Approach to Porter’s 5 Force Model (2018-2028)
4.2. PEST Analysis
  4.2.1. Political
  4.2.2. Economical
  4.2.3. Social
  4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
4.5. Top investment opportunity
4.6. Top winning strategies

CHAPTER 5. RISK ASSESSMENT: COVID-19 IMPACT

  5.1.1. Assessment of the overall impact of COVID-19 on the industry
  5.1.2. Pre COVID-19 and post COVID-19 Market scenario

CHAPTER 6. GLOBAL PARAMETRIC INSURANCE MARKET, BY TYPE

6.1. Market Snapshot
6.2. Global Parametric Insurance Market by Type, Performance - Potential Analysis
6.3. Global Parametric Insurance Market Estimates & Forecasts by Type 2018-2028 (USD Million)
6.4. Parametric Insurance Market, Sub Segment Analysis
  6.4.1. Natural Catastrophes Insurance
  6.4.2. Specialty Insurance
  6.4.3. Others

CHAPTER 7. GLOBAL PARAMETRIC INSURANCE MARKET, BY END USE INDUSTRY

7.1. Market Snapshot
7.2. Global Parametric Insurance Market by End Use Industry, Performance - Potential Analysis
7.3. Global Parametric Insurance Market Estimates & Forecasts by End Use Industry 2018-2028 (USD Million)
7.4. Parametric Insurance Market, Sub Segment Analysis
  7.4.1. Agriculture
  7.4.2. Aerospace & Defense
  7.4.3. Mining
  7.4.4. Construction
  7.4.5. Energy & Utiities
  7.4.6. Manufacturing

CHAPTER 8. GLOBAL PARAMETRIC INSURANCE MARKET, REGIONAL ANALYSIS

8.1. Parametric Insurance Market, Regional Market Snapshot
8.2. North America Parametric Insurance Market
  8.2.1. U.S. Parametric Insurance Market
    8.2.1.1. Type estimates & forecasts, 2018-2028
    8.2.1.2. End Use Industry estimates & forecasts, 2018-2028
  8.2.2. Canada Parametric Insurance Market
8.3. Europe Parametric Insurance Market Snapshot
  8.3.1. U.K. Parametric Insurance Market
  8.3.2. Germany Parametric Insurance Market
  8.3.3. France Parametric Insurance Market
  8.3.4. Spain Parametric Insurance Market
  8.3.5. Italy Parametric Insurance Market
  8.3.6. Rest of Europe Parametric Insurance Market
8.4. Asia-Pacific Parametric Insurance Market Snapshot
  8.4.1. China Parametric Insurance Market
  8.4.2. India Parametric Insurance Market
  8.4.3. Japan Parametric Insurance Market
  8.4.4. Australia Parametric Insurance Market
  8.4.5. South Korea Parametric Insurance Market
  8.4.6. Rest of Asia Pacific Parametric Insurance Market
8.5. Latin America Parametric Insurance Market Snapshot
  8.5.1. Brazil Parametric Insurance Market
  8.5.2. Mexico Parametric Insurance Market
8.6. Rest of The World Parametric Insurance Market

CHAPTER 9. COMPETITIVE INTELLIGENCE

9.1. Top Market Strategies
9.2. Company Profiles
  9.2.1. Allianz
    9.2.1.1. Key Information
    9.2.1.2. Overview
    9.2.1.3. Financial (Subject to Data Availability)
    9.2.1.4. Product Summary
    9.2.1.5. Recent Developments
  9.2.2. AXA XL
  9.2.3. Chubb
  9.2.4. FloodFlash
  9.2.5. Jumpstart Insurance Solutions, Inc.
  9.2.6. Berkshire Hathaway Specialty Insurance
  9.2.7. Munich Re
  9.2.8. Global Parametrics
  9.2.9. Swiss Re
  9.2.10. Zurich American Insurance Company

CHAPTER 10. RESEARCH PROCESS

10.1. Research Process
  10.1.1. Data Mining
  10.1.2. Analysis
  10.1.3. Market Estimation
  10.1.4. Validation
  10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

LIST OF TABLES

TABLE 1. Global Parametric Insurance Market, report scope
TABLE 2. Global Parametric Insurance Market estimates & forecasts by Region 2018-2028 (USD Million)
TABLE 3. Global Parametric Insurance Market estimates & forecasts by Type 2018-2028 (USD Million)
TABLE 4. Global Parametric Insurance Market estimates & forecasts by End Use Industry 2018-2028 (USD Million)
TABLE 5. Global Parametric Insurance Market by segment, estimates & forecasts, 2018-2028 (USD Million)
TABLE 6. Global Parametric Insurance Market by region, estimates & forecasts, 2018-2028 (USD Million)
TABLE 7. Global Parametric Insurance Market by segment, estimates & forecasts, 2018-2028 (USD Million)
TABLE 8. Global Parametric Insurance Market by region, estimates & forecasts, 2018-2028 (USD Million)
TABLE 9. Global Parametric Insurance Market by segment, estimates & forecasts, 2018-2028 (USD Million)
TABLE 10. Global Parametric Insurance Market by region, estimates & forecasts, 2018-2028 (USD Million)
TABLE 11. Global Parametric Insurance Market by segment, estimates & forecasts, 2018-2028 (USD Million)
TABLE 12. Global Parametric Insurance Market by region, estimates & forecasts, 2018-2028 (USD Million)
TABLE 13. Global Parametric Insurance Market by segment, estimates & forecasts, 2018-2028 (USD Million)
TABLE 14. Global Parametric Insurance Market by region, estimates & forecasts, 2018-2028 (USD Million)
TABLE 15. U.S. Parametric Insurance Market estimates & forecasts, 2018-2028 (USD Million)
TABLE 16. U.S. Parametric Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 17. U.S. Parametric Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 18. Canada Parametric Insurance Market estimates & forecasts, 2018-2028 (USD Million)
TABLE 19. Canada Parametric Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 20. Canada Parametric Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 21. UK Parametric Insurance Market estimates & forecasts, 2018-2028 (USD Million)
TABLE 22. UK Parametric Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 23. UK Parametric Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 24. Germany Parametric Insurance Market estimates & forecasts, 2018-2028 (USD Million)
TABLE 25. Germany Parametric Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 26. Germany Parametric Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 27. RoE Parametric Insurance Market estimates & forecasts, 2018-2028 (USD Million)
TABLE 28. RoE Parametric Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 29. RoE Parametric Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 30. China Parametric Insurance Market estimates & forecasts, 2018-2028 (USD Million)
TABLE 31. China Parametric Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 32. China Parametric Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 33. India Parametric Insurance Market estimates & forecasts, 2018-2028 (USD Million)
TABLE 34. India Parametric Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 35. India Parametric Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 36. Japan Parametric Insurance Market estimates & forecasts, 2018-2028 (USD Million)
TABLE 37. Japan Parametric Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 38. Japan Parametric Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 39. RoAPAC Parametric Insurance Market estimates & forecasts, 2018-2028 (USD Million)
TABLE 40. RoAPAC Parametric Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 41. RoAPAC Parametric Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 42. Brazil Parametric Insurance Market estimates & forecasts, 2018-2028 (USD Million)
TABLE 43. Brazil Parametric Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 44. Brazil Parametric Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 45. Mexico Parametric Insurance Market estimates & forecasts, 2018-2028 (USD Million)
TABLE 46. Mexico Parametric Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 47. Mexico Parametric Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 48. RoLA Parametric Insurance Market estimates & forecasts, 2018-2028 (USD Million)
TABLE 49. RoLA Parametric Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 50. RoLA Parametric Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 51. Row Parametric Insurance Market estimates & forecasts, 2018-2028 (USD Million)
TABLE 52. Row Parametric Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 53. Row Parametric Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 54. List of secondary sources, used in the study of global Parametric Insurance Market
TABLE 55. List of primary sources, used in the study of global Parametric Insurance Market
TABLE 56. Years considered for the study
TABLE 57. Exchange rates considered

LIST OF FIGURES

FIG 1. Global Parametric Insurance Market, research methodology
FIG 2. Global Parametric Insurance Market, Market estimation techniques
FIG 3. Global Market size estimates & forecast methods
FIG 4. Global Parametric Insurance Market, key trends 2021
FIG 5. Global Parametric Insurance Market, growth prospects 2022-2028
FIG 6. Global Parametric Insurance Market, porters 5 force model
FIG 7. Global Parametric Insurance Market, pest analysis
FIG 8. Global Parametric Insurance Market, value chain analysis
FIG 9. Global Parametric Insurance Market by segment, 2018 & 2028 (USD Million)
FIG 10. Global Parametric Insurance Market by segment, 2018 & 2028 (USD Million)
FIG 11. Global Parametric Insurance Market by segment, 2018 & 2028 (USD Million)
FIG 12. Global Parametric Insurance Market by segment, 2018 & 2028 (USD Million)
FIG 13. Global Parametric Insurance Market by segment, 2018 & 2028 (USD Million)
FIG 14. Global Parametric Insurance Market, regional snapshot 2018 & 2028
FIG 15. North America Parametric Insurance Market 2018 & 2028 (USD Million)
FIG 16. Europe Parametric Insurance Market 2018 & 2028 (USD Million)
FIG 17. Asia pacific Market 2018 & 2028 (USD Million)
FIG 18. Latin America Parametric Insurance Market 2018 & 2028 (USD Million)
FIG 19. Global Parametric Insurance Market, company Market share analysis (2021)


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