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 drives the growth of parametric insurance market.
WILMINGTON, Del., Sept. 12, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Parametric Insurance Market by Type (Natural Catastrophes Insurance, Specialty Insurance, and Others) and Industry Vertical (Agriculture, Aerospace & Defense, Mining, Construction, Energy & Utilities, Manufacturing, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the "parametric insurance market" was valued at $18 billion in 2023, and is estimated to reach $34.4 billion by 2033, growing at a CAGR of 6.6% from 2024 to 2033.
Get Your Sample Report & TOC Today: https://www.alliedmarketresearch.com/request-sample/A14966
The parametric insurance market is expected to witness notable growth owing to increasing frequency of natural disasters & climate-related events and faster & more transparent claims processing. Moreover, the surge in adoption of advanced technologies is expected to provide lucrative opportunity for the growth of the market during the forecast period. On the contrary, lack of awareness limits the growth of the parametric insurance market.
(We are providing report as per your research requirement, including the Latest Industry Insight's Evolution, Potential and COVID-19 Impact Analysis)
127 – Tables
69 – Charts312 – Pages
Report coverage & details:
Report Coverage |
Details |
Forecast Period |
2024–2033 |
Base Year |
2023 |
Market Size in 2023 |
$18 Billion |
Market Size in 2033 |
$34.4 Billion |
CAGR |
6.6 % |
No. of Pages in Report |
312 |
Segments covered |
Type, Industry Vertical, and Region. |
Drivers |
|
Opportunity |
|
Restraints |
|
Purchase This Comprehensive 312-Page Report (PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/3ZkVC3O
The Natural Catastrophes Insurance segment held the highest market share in 2023.
By type, the natural catastrophes insurance segment dominated the market in 2023, driven by climate change. In addition, advancements in technology and data analytics have enabled more accurate risk assessment and pricing, further boosting the demand for Natural catastrophe insurance and solidifying its dominance in the market. However, the specialty insurance segment nearly one-fourth of the parametric insurance market, this segment is expected to witness the largest of CAGR of 9.4%, due to its ability to address the evolving needs of organizations amidst rising commercial insurance prices and an expanding risk landscape. This segment's growth is driven by the increasing adoption of parametric insurance solutions, which offer rapid and predictable payouts for a wide range of complex and emerging risks
The Manufacturing segment held the highest market share in 2023.
By industry vertical, the manufacturing segment accounted for the largest share in 2023. Manufacturing facilities often have significant investments in equipment, infrastructure, and raw materials, making them highly vulnerable to losses from accidents, natural disasters, or equipment failures. In addition, the complexity of global supply chains further amplifies the risk of financial losses, compelling manufacturers to seek comprehensive insurance coverage. However the construction segment accounted for nearly one-third of the parametric insurance market. This segment is expected to witness the largest CAGR of 10.4%. The sector's rapid expansion, driven by increased development, urbanization, and large-scale construction projects, has significantly heightened its exposure to various risks. These risks include project delays, equipment malfunctions, workplace accidents, and liability claim
Access Your Customized Sample Report & TOC Now: https://www.alliedmarketresearch.com/request-for-customization/A14966
The North America region held the highest market share in 2023.
By region, the parametric insurance market was dominated by North America in 2023. This dominance is attributed to the fact that in places such as the U.S. and Canada, parametric insurance has become a more feasible alternative for helping organizations create climate resilience and enhance catastrophe response and recovery. Moreover, insurance companies are increasingly expanding their parametric insurance business to the North American region, resulting in market growth
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
- Scor se
- Qbe insurance group limited
- Sompo holdings, inc.
- Hannover rück se
- Beazley group
The report analyzes these key players in the parametric insurance market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
Get More Information Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/A14966
Parametric Insurance Market Key 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)
Trending Reports in BFSI Industry (Book Now with 10% Discount + Covid-19 scenario):
Specialty Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Distribution Channel, by End User : Global Opportunity Analysis and Industry Forecast, 2021-2031
Crop Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report, by Coverage, by Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2023-2032
Insurance Fraud Detection Market Size, Share, Competitive Landscape and Trend Analysis Report, by Component, by Deployment Mode, by Enterprise Size, by Applications : Global Opportunity Analysis and Industry Forecast, 2021-2031
Marine Cargo Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report, by Distribution Channel, by End-user : Global Opportunity Analysis and Industry Forecast, 2023-2032
Group Health Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report, by Plan Type, By Enterprise Size, By Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2021-2031
Trade Credit Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report, by Component, by Enterprise Size, by Coverage, by Industry Vertical, by Application : Global Opportunity Analysis and Industry Forecast, 2024-2032
U.S. Insurance Brokerage for Employee Benefits Market, by Brokerage Type (Retail, Wholesale), Product Type, (Group Health, Group Life, Stop Loss Insurance, Long-Term and Short-Term Disability Insurance, Others), Organization Size (Large Enterprises, Small and Medium-Sized Enterprises (SMEs)): Country Opportunity Analysis and Industry Forecast, 2023-2032
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.
Contact:David Correa1209 Orange Street,Corporation Trust Center,Wilmington, New Castle,Delaware 19801 USA.Int'l: +1-503-894-6022Toll Free: +1-800-792-5285UK: +44-845-528-1300India (Pune): +91-20-66346060Fax: +1-800-792-5285[email protected]
Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
SOURCE Allied Market Research
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
440k+Newsrooms &Influencers
9k+Digital MediaOutlets
270k+JournalistsOpted In Originally published at https://www.prnewswire.com/news-releases/parametric-insurance-market-to-reach-34-4-billion-globally-by-2033-at-6-6-cagr-allied-market-research-302246623.html Images courtesy of https://pixabay.com