Press release
Parametric Insurance Market Drivers Shaping Future Growth, Revenue USD 11.4 billion by 2031 | CAGR 18.2%
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.
Download Sample Report at
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.
Interested to Procure the Data? Inquire Here at 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
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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 Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" 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. 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.
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.
Download Sample Report at
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.
Interested to Procure the Data? Inquire Here at 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
Related Reports:
Finance Cloud Market https://www.alliedmarketresearch.com/finance-cloud-market-A12545
Employment Screening Services Market https://www.alliedmarketresearch.com/employment-screening-services-market
Health Insurance Market https://www.alliedmarketresearch.com/health-insurance-market
Marine Insurance Market https://www.alliedmarketresearch.com/marine-insurance-market-A11321
E-passport Market https://www.alliedmarketresearch.com/e-passport-market
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free):
+1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow us on LinkedIn and Twitter
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" 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. 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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