Rapid claim adjustment process, technological advancements, and improved user experience drive the growth of the global parametric insurance market.
PORTLAND, Ore., June 23, 2022 / PRNewswire/ – 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 (Get Full Insights in PDF – 200+ Pages) at
- 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.
Inquire for Customization with Detailed Analysis of COVID-19 Impact in Report at https://www.alliedmarketresearch.com/request-for-customization/15335
Leading Market Players
- AXA XL
- Jumpstart Insurance Solutions, Inc.
- Berkshire Hathaway Specialty Insurance
- Munich Re
- Global Parametrics
- Swiss Re
- Zurich American Insurance Company
Access AVENUE-A Subscription-Based Library (Premium On-Demand, Subscription-Based Pricing Model) at https://www.alliedmarketresearch.com/library-access
Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world’s largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that registered members get an easy as well as single gateway to their all-inclusive requirements.
Avenue Library Subscription | Request For 14 Days Free Trial of Before Buying:
The Latin America pet insurance market was valued at $ 0.28 billion in 2020
The insurance third party administrator market size was valued at $ 280.69 billion in 2020
Pet Insurance Market is projected to reach $ 16.8 billion by 2030, growing at a CAGR of 14.3% from 2021 to 2030
US Insurance Third-party Administrator Market is projected to reach $ 243.26 Billion by 2030
Fintech Technologies Market is projected to reach $ 698.48 billion by 2030
Pre-Book Now With 10% Discount:
LAMEA Travel Insurance Market Report – Know the Latest Innovations and Trends to 2030
Commercial Earthquake Insurance Market Survey Report with Detailed Analysis and Forecast to 2030
Credit & Surety Insurance Market Revenue and Share Study Analysis to 2030
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.
5933 NE Win Sivers Drive
#205, Portland, OR 97220
deer/Canada (Toll Free):
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Follow Us on LinkedIn and Twitter
SOURCE Allied Market Research