Parametric Insurance Market Size, Trends and Insights By Type (Natural Catastrophes Insurance, Specialty Insurance, Others), By Industry Vertical (Agriculture, Aerospace & Defence, Mining, Construction, Energy & Utilities, Manufacturing, Others), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032


Report Code: CMI24975

Published Date: July 2023

Pages: 220+

Category: Consumer Goods

Report Snapshot

CAGR: 12.1%
15.2B
2022
17.2B
2023
35.6B
2032

Source: CMI

Study Period: 2023-2032
Fastest Growing Market: Asia-Pacific
Largest Market: Europe

Major Players

  • Swiss Re Group
  • Munich Re Group
  • AXA Group
  • Allianz SE
  • Lloyd’s of London
  • Others

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Reports Description

As per the current market research conducted by CMI Team, the global Parametric Insurance Market is expected to record a CAGR of 12.1% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 15.2 billion. By 2032, the valuation is anticipated to reach USD 35.6 billion.

Top 10 Countries Insurance Coverage Rate

Rank Country Population Number with Insurance Insurance Coverage Rate (%)
1 United States 332.4 million 274.2 million 82.50%
2 Japan 125.5 million 120.5 million 95.90%
3 Germany 83.2 million 79.7 million 95.50%
4 France 67.2 million 65.2 million 96.60%
5 Canada 38.0 million 36.4 million 95.80%
6 United Kingdom 67.2 million 64.2 million 95.20%
7 Italy 60.4 million 58.2 million 96.70%
8 Spain 47.3 million 45.7 million 96.80%
9 Australia 25.7 million 25.0 million 97.30%

Source: According to CMI Market Research Team Analysis

The parametric insurance market refers to the sector that offers coverage based on predetermined triggers or events rather than traditional claims assessment. It provides policyholders with predetermined payouts in the event of specific triggers being met, such as natural disasters or market fluctuations.

Parametric insurance operates on a data-driven model, utilizing advanced analytics and technology for risk assessment, trigger formulation, and claim settlements. It offers faster and more transparent claim payouts, enabling businesses and individuals to manage specific risks efficiently.

Current trends in the parametric insurance market include the expansion of coverage options to address emerging risks like cyber threats, the integration of parametric insurance with other risk management tools for comprehensive protection, the growing demand for customizable coverage solutions, and the increasing use of advanced data analytics and technology to refine trigger design and enhance risk assessment capabilities.

Parametric Insurance Market – Significant Growth Factors

The Parametric Insurance Market presents significant growth opportunities due to several factors:

  • Increasing Adoption of Parametric Solutions: There is a growing trend of businesses and individuals adopting parametric insurance solutions to manage specific risks. The recognition of the benefits of quick payouts, customization options, and transparent coverage has led to increased interest in parametric insurance across various industries.
  • Integration of Parametric Insurance with Technology: The integration of parametric insurance with advanced technology is a significant trend in the market. Insurers are leveraging data analytics, artificial intelligence, and automation to enhance risk assessment, trigger design, and claims management processes. This integration improves the efficiency and accuracy of parametric insurance products.
  • Expansion of Coverage for Non-Traditional Risks: Parametric insurance is evolving to cover non-traditional risks such as cyber threats, pandemics, and supply chain disruptions. The market is witnessing a trend where insurers are developing parametric solutions to address these emerging risks, providing tailored coverage that goes beyond traditional property and casualty insurance.
  • Emerging Market Penetration: The parametric insurance market offers opportunities for expansion into emerging markets. Developing countries often face unique risks such as extreme weather events, agricultural vulnerabilities, and infrastructure challenges. Parametric insurance can provide a valuable risk management tool in these markets, enabling greater financial protection and resilience.
  • Collaboration with Insurtech Startups: Insurtech startups are driving innovation in the insurance industry, and parametric insurance presents opportunities for collaboration. Insurers can partner with startups to leverage their technology and data analytics capabilities, accelerating the development of parametric insurance solutions and reaching new customer segments.
  • Cross-Sector Applications: Parametric insurance has the potential to be applied across multiple sectors beyond its traditional use cases. Industries such as travel, sports, entertainment, and energy can benefit from customized parametric coverage to mitigate specific risks. Exploring and expanding into new sectors presents opportunities for insurers to diversify their offerings and tap into previously untapped markets.

Parametric Insurance Market – Mergers and Acquisitions

The Parametric Insurance Market has seen several mergers and acquisitions in recent years, with companies seeking to expand their market presence and leverage synergies to improve their product offerings and profitability. Some notable examples of mergers and acquisitions in the Parametric Insurance Market include:

  • Marriott International and Alibaba Group formed a partnership in 2018 to enhance the digital experience for Chinese travellers attending MICE events. The collaboration focused on leveraging Alibaba’s digital platforms to provide personalized services and seamless booking processes for event attendees.
  • Hilton Worldwide and American Express Global Business Travel announced a partnership in 2019 to offer exclusive benefits and experiences to corporate clients and their attendees. The collaboration aimed to streamline event planning, enhance attendee experiences, and provide cost-saving solutions for corporate meetings and events.
  • Cvent, a leading event management technology company, partnered with Uber for Business in 2020 to integrate transportation solutions into event planning and management processes. The partnership enabled event organizers to offer convenient transportation options to attendees and streamline the logistics of getting to and from event venues.
  • PSAV, a global event production company, acquired Encore Event Technologies in 2018. This acquisition allowed PSAV to expand its capabilities in audiovisual services, event technology solutions, and staging services, strengthening its position as a leading provider of event production and technology solutions.
  • Clarion Events, a global event organizer, acquired PennWell Corporation in 2018. The acquisition expanded Clarion Events’ portfolio of events and publications, particularly in the energy sector, and enabled them to offer a wider range of industry-specific exhibitions and conferences.
  • UBM, a leading global exhibition organizer, was acquired by Informa PLC in 2018. The merger created a major player in the Parametric Insurance Market, combining UBM’s strong presence in the exhibitions sector with Informa’s expertise in conferences and events, resulting in a comprehensive portfolio of business-to-business events across various industries.

These mergers and acquisitions have helped companies expand their product offerings, improve their market presence, and capitalize on growth opportunities in the Parametric Insurance Market. The trend is expected to continue as companies seek to gain a competitive edge in the market.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

Parametric Insurance Market Professional Liability Insurance Market Dental Insurance Market
CAGR 12.1% (Approx) CAGR 6.2% (Approx) CAGR 9% (Approx)
USD 35.6 Billion by 2032 USD 435.30 Billion by 2032 USD 300 Billion by 2030

Parametric Insurance Market – Significant Threats

The Parametric Insurance Market faces several significant threats that could impact its growth and profitability in the future. Some of these threats include:

  • Inaccurate Trigger Design: One of the critical threats is the potential for inaccurate trigger design. If triggers are not carefully formulated or fail to capture the true impact of a specific event, it can lead to disputes and dissatisfaction among policyholders. Inaccurate triggers may result in underpayment or overpayment, affecting the credibility and trust in parametric insurance products.
  • Lack of Standardization: The absence of standardized practices and definitions across the parametric insurance market poses a threat. Varying methodologies for trigger design, data sources, and claim settlements can create confusion and inconsistency. The lack of standardization may hinder market growth and make it more challenging for policyholders to compare and evaluate different parametric insurance offerings.
  • Limited Data Availability: Parametric insurance heavily relies on data to accurately assess risks and determine trigger parameters. However, limited or insufficient data availability can pose a threat to the market. In some regions or industries, data may be scarce or of low quality, making it challenging to develop reliable parametric insurance products. Insufficient data can also result in inaccurate pricing and potentially impact the profitability of insurers.
  • Lack of Public Awareness and Understanding: A lack of public awareness and understanding about parametric insurance poses a threat to its wider adoption. Many individuals and businesses may not be familiar with the concept of parametric insurance or its benefits compared to traditional coverage. Insufficient knowledge about how parametric insurance works and its relevance to specific risks can hinder market growth and limit its potential impact in providing effective risk transfer solutions.

Report Scope

Feature of the Report Details
Market Size in 2023 USD 17.2 Billion
Projected Market Size in 2032 USD 35.6 Billion
Market Size in 2022 USD 15.2 Billion
CAGR Growth Rate 12.1% CAGR
Base Year 2022
Forecast Period 2023-2032
Key Segment By Type, Industry Vertical and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options Request tailored purchasing options to fulfil your requirements for research.

Category-Wise Insights

By Type:

  • Natural Catastrophes Insurance: Natural Catastrophes Insurance offers protection against the financial consequences of natural disasters like hurricanes, earthquakes, floods, and wildfires. It assists individuals and businesses in recovering from the economic impact of these events. It helps individuals and businesses recover from the economic consequences of these calamities. Recent trends in the market include increased demand due to climate change, improved risk modelling, and the development of parametric insurance products.
  • Specialty Insurance: Specialty Insurance refers to insurance coverage for unique and non-traditional risks that are not typically covered by standard insurance policies. It includes various types of niche coverage such as aviation, cyber liability, fine art, and professional indemnity. The specialty insurance market has witnessed growth due to the increasing complexity of risks in the modern world and the need for specialized coverage.
  • Others: The “Others” segment in the insurance industry encompasses a wide range of specialized insurance products that do not fall into the natural catastrophes or specialty insurance categories. This can include unique offerings like event cancellation insurance, terrorism insurance, political risk insurance, and pandemic-related coverage. The market for these insurance products is influenced by emerging risks, global events, and the evolving needs of businesses and individuals seeking protection against specific uncertainties.

By Industry Vertical

  • Agriculture: Parametric insurance in agriculture provides coverage based on predefined triggers like weather conditions or crop yield. It helps farmers mitigate risks related to unpredictable weather events, pests, or diseases. The market is witnessing increased adoption due to the growing need for financial protection in the face of climate change and volatile crop yields.
  • Aerospace & Défense: Parametric insurance in the aerospace and defence industry offers coverage based on predetermined parameters such as flight delays, cancellations, or damage to equipment. It enables companies to manage risks associated with operational disruptions and ensures quick compensation. The market is evolving to address the specific needs and risks of the industry.
  • Construction: Parametric insurance in the construction industry offers coverage for events like project delays, extreme weather, or cost overruns. It provides contractors and project owners with financial protection and helps manage uncertainties in construction projects. The market is growing as construction firms recognize the benefits of parametric coverage in mitigating project risks.
  • Energy & Utilities: Parametric insurance in the energy and utilities sector provides coverage for risks such as power generation interruptions, price fluctuations, or weather-related damages. It helps energy companies manage risks and ensure uninterrupted operations. The market is witnessing increased adoption as the energy sector faces growing volatility and climate-related risks.
  • Manufacturing: Parametric insurance in the manufacturing industry offers coverage based on specific triggers like equipment breakdowns, supply chain disruptions, or production losses. It helps manufacturers mitigate financial losses and maintain operational continuity. The market is expanding as manufacturers recognize the value of parametric solutions in managing various risks.
  • Mining: Parametric insurance in the mining sector provides coverage for risks such as commodity price fluctuations, natural disasters, or operational interruptions. It allows mining companies to mitigate financial losses and maintain stability in a volatile industry. The market is expanding as mining companies seek innovative risk management solutions.
  • Others: Parametric insurance is also gaining traction in other industries, including transportation, retail, hospitality, and logistics. It provides coverage for specific risks such as shipment delays, revenue shortfalls, or property damage. The market for parametric insurance in these sectors is evolving to address industry-specific needs and mitigate risks effectively.

Global Parametric Insurance Market 2023–2032 (By Billion)

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Parametric Insurance Market – Regional Analysis

The Parametric Insurance Market is segmented into various regions, including North America, Europe, Asia-Pacific, and LAMEA. Here is a brief overview of each region:

  • North America: In North America, the parametric insurance market is seeing a rise in the use of technology and data analytics to better understand and price risks. There is also a growing emphasis on parametric insurance products that specifically cover risks related to climate events like hurricanes and wildfires, given the region’s susceptibility to natural disasters. Some of the dominating market players in North America’s parametric insurance market include Swiss Re, Munich Re, AXA XL, and The Hartford. These companies have a strong presence and offer a wide range of parametric insurance solutions tailored to various industries and risks.
  • Europe: In Europe, the trend in the parametric insurance market is the integration of parametric solutions with traditional insurance products, providing comprehensive coverage to businesses. There is also a significant focus on parametric insurance for agriculture, as European countries have a substantial agricultural sector and face risks related to weather fluctuations and crop yields. Key market players in Europe’s parametric insurance market include Zurich Insurance Group, Allianz, SCOR, and Swiss Re. These companies have extensive experience in the insurance industry and offer innovative parametric insurance solutions for different sectors, including agriculture, energy, and construction.
  • Asia-Pacific: Some of the dominating market players in the Asia-Pacific parametric insurance market include Ping An Insurance, AIA Group Limited, Mitsui Sumitomo Insurance Group, and Samsung Fire & Marine Insurance. In the Asia-Pacific region, there is a rising demand for parametric insurance in emerging economies within the region. This demand stems from the desire to support the growth of various industries and enhance risk management practices.
  • LAMEA (Latin America, Middle East, and Africa): In the LAMEA region, the trend in the parametric insurance market is the increasing awareness and adoption of parametric solutions to address risks related to natural disasters, political instability, and commodity price fluctuations. There is also a growing focus on parametric insurance for energy and infrastructure projects in the region. Key market players in the LAMEA parametric insurance market include Munich Re, Swiss Re, AXA XL, and Mapfre. These companies have a strong presence in the region and offer tailored parametric insurance solutions to mitigate risks across various industries, including energy, construction, and mining.

Global Parametric Insurance Market 2023–2032 (By Type)

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Competitive Landscape – Parametric Insurance Market

The Parametric Insurance Market is highly competitive, with a large number of manufacturers and retailers operating globally. Some of the key players in the market include:

  • Swiss Re Group
  • Munich Re Group
  • AXA Group
  • Allianz SE
  • Lloyd’s of London
  • Swiss Life Holding AG
  • Hannover Re Group
  • QBE Insurance Group Limited
  • Zurich Insurance Group Ltd.
  • Sompo Holdings Inc.
  • Others

These companies operate in the market through various strategies such as product innovation, mergers and acquisitions, and partnerships. For example, In 2021, notable partnerships in the parametric insurance market included Swiss Re collaborating with B3i to develop blockchain-based solutions, Munich Re partnering with Wejo for usage-based insurance, and AXA XL joining forces with Descartes Underwriting to enhance parametric insurance offerings for climate-related risks.

In the parametric insurance market, new players are actively adopting innovation and development strategies to enter the market. These emerging companies are leveraging technological advancements, data analytics, and novel risk assessment methods to offer unique parametric insurance solutions.

By introducing innovative products and services, these new players are challenging the traditional market dynamics and contributing to the overall growth and competitiveness of the industry. At the same time, several key players have established a dominant position in the parametric insurance market. Companies such as Swiss Re, Munich Re, AXA XL, and Zurich Insurance Group have extensive experience, a wide range of offerings, and a strong market presence.

They leverage their expertise and customer base to provide comprehensive parametric insurance solutions and maintain their dominance in the market. These key players often collaborate with industry stakeholders and actively participate in market development initiatives to further strengthen their position.

The Parametric Insurance Market is segmented as follows:

By Type

  • Natural Catastrophes Insurance
  • Specialty Insurance
  • Others

By Industry Vertical

  • Agriculture
  • Aerospace & Defence
  • Mining
  • Construction
  • Energy & Utilities
  • Manufacturing
  • Others

By Region

North America

  • U.S.
  • Canada
  • Mexico
  • Rest of North America

Europe

  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Rest of Asia Pacific

The Middle East & Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market research methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Parametric Insurance Market, (2023 – 2032) (USD Billion)
    • 2.2 Global Parametric Insurance Market : snapshot
  • Chapter 3. Global Parametric Insurance Market – Industry Analysis
    • 3.1 Parametric Insurance Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Increasing Adoption of Parametric Solutions
      • 3.2.2 Integration of Parametric Insurance with Technology
      • 3.2.3 Expansion of Coverage for Non-Traditional Risks
      • 3.2.4 Emerging Market Penetration
      • 3.2.5 Collaboration with Insurtech Startups
      • 3.2.6 Cross-Sector Applications.
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market attractiveness analysis By Type
      • 3.7.2 Market attractiveness analysis By Industry Vertical
  • Chapter 4. Global Parametric Insurance Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Parametric Insurance Market: company market share, 2022
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Parametric Insurance Market – Type Analysis
    • 5.1 Global Parametric Insurance Market overview: By Type
      • 5.1.1 Global Parametric Insurance Market share, By Type, 2022 and 2032
    • 5.2 Natural Catastrophes Insurance
      • 5.2.1 Global Parametric Insurance Market by Natural Catastrophes Insurance, 2023 – 2032 (USD Billion)
    • 5.3 Specialty Insurance
      • 5.3.1 Global Parametric Insurance Market by Specialty Insurance, 2023 – 2032 (USD Billion)
    • 5.4 Others
      • 5.4.1 Global Parametric Insurance Market by Others, 2023 – 2032 (USD Billion)
  • Chapter 6. Global Parametric Insurance Market – Industry Vertical Analysis
    • 6.1 Global Parametric Insurance Market overview: By Industry Vertical
      • 6.1.1 Global Parametric Insurance Market share, By Industry Vertical, 2022 and 2032
    • 6.2 Agriculture
      • 6.2.1 Global Parametric Insurance Market by Agriculture, 2023 – 2032 (USD Billion)
    • 6.3 Aerospace & Defence
      • 6.3.1 Global Parametric Insurance Market by Aerospace & Defence, 2023 – 2032 (USD Billion)
    • 6.4 Mining
      • 6.4.1 Global Parametric Insurance Market by Mining, 2023 – 2032 (USD Billion)
    • 6.5 Construction
      • 6.5.1 Global Parametric Insurance Market by Construction, 2023 – 2032 (USD Billion)
    • 6.6 Energy & Utilities
      • 6.6.1 Global Parametric Insurance Market by Energy & Utilities, 2023 – 2032 (USD Billion)
    • 6.7 Manufacturing
      • 6.7.1 Global Parametric Insurance Market by Manufacturing, 2023 – 2032 (USD Billion)
    • 6.8 Others
      • 6.8.1 Global Parametric Insurance Market by Others, 2023 – 2032 (USD Billion)
  • Chapter 7. Parametric Insurance Market – Regional Analysis
    • 7.1 Global Parametric Insurance Market Regional Overview
    • 7.2 Global Parametric Insurance Market Share, by Region, 2022 & 2032 (USD Billion)
    • 7.3. North America
      • 7.3.1 North America Parametric Insurance Market, 2023 – 2032 (USD Billion)
        • 7.3.1.1 North America Parametric Insurance Market, by Country, 2023 – 2032 (USD Billion)
    • 7.4 North America Parametric Insurance Market, by Type, 2023 – 2032
      • 7.4.1 North America Parametric Insurance Market, by Type, 2023 – 2032 (USD Billion)
    • 7.5 North America Parametric Insurance Market, by Industry Vertical, 2023 – 2032
      • 7.5.1 North America Parametric Insurance Market, by Industry Vertical, 2023 – 2032 (USD Billion)
    • 7.6. Europe
      • 7.6.1 Europe Parametric Insurance Market, 2023 – 2032 (USD Billion)
        • 7.6.1.1 Europe Parametric Insurance Market, by Country, 2023 – 2032 (USD Billion)
    • 7.7 Europe Parametric Insurance Market, by Type, 2023 – 2032
      • 7.7.1 Europe Parametric Insurance Market, by Type, 2023 – 2032 (USD Billion)
    • 7.8 Europe Parametric Insurance Market, by Industry Vertical, 2023 – 2032
      • 7.8.1 Europe Parametric Insurance Market, by Industry Vertical, 2023 – 2032 (USD Billion)
    • 7.9. Asia Pacific
      • 7.9.1 Asia Pacific Parametric Insurance Market, 2023 – 2032 (USD Billion)
        • 7.9.1.1 Asia Pacific Parametric Insurance Market, by Country, 2023 – 2032 (USD Billion)
    • 7.10 Asia Pacific Parametric Insurance Market, by Type, 2023 – 2032
      • 7.10.1 Asia Pacific Parametric Insurance Market, by Type, 2023 – 2032 (USD Billion)
    • 7.11 Asia Pacific Parametric Insurance Market, by Industry Vertical, 2023 – 2032
      • 7.11.1 Asia Pacific Parametric Insurance Market, by Industry Vertical, 2023 – 2032 (USD Billion)
    • 7.12. Latin America
      • 7.12.1 Latin America Parametric Insurance Market, 2023 – 2032 (USD Billion)
        • 7.12.1.1 Latin America Parametric Insurance Market, by Country, 2023 – 2032 (USD Billion)
    • 7.13 Latin America Parametric Insurance Market, by Type, 2023 – 2032
      • 7.13.1 Latin America Parametric Insurance Market, by Type, 2023 – 2032 (USD Billion)
    • 7.14 Latin America Parametric Insurance Market, by Industry Vertical, 2023 – 2032
      • 7.14.1 Latin America Parametric Insurance Market, by Industry Vertical, 2023 – 2032 (USD Billion)
    • 7.15. The Middle-East and Africa
      • 7.15.1 The Middle-East and Africa Parametric Insurance Market, 2023 – 2032 (USD Billion)
        • 7.15.1.1 The Middle-East and Africa Parametric Insurance Market, by Country, 2023 – 2032 (USD Billion)
    • 7.16 The Middle-East and Africa Parametric Insurance Market, by Type, 2023 – 2032
      • 7.16.1 The Middle-East and Africa Parametric Insurance Market, by Type, 2023 – 2032 (USD Billion)
    • 7.17 The Middle-East and Africa Parametric Insurance Market, by Industry Vertical, 2023 – 2032
      • 7.17.1 The Middle-East and Africa Parametric Insurance Market, by Industry Vertical, 2023 – 2032 (USD Billion)
  • Chapter 8. Company Profiles
    • 8.1 Swiss Re Group
      • 8.1.1 Overview
      • 8.1.2 Financials
      • 8.1.3 Product Portfolio
      • 8.1.4 Business Strategy
      • 8.1.5 Recent Developments
    • 8.2 Munich Re Group
      • 8.2.1 Overview
      • 8.2.2 Financials
      • 8.2.3 Product Portfolio
      • 8.2.4 Business Strategy
      • 8.2.5 Recent Developments
    • 8.3 AXA Group
      • 8.3.1 Overview
      • 8.3.2 Financials
      • 8.3.3 Product Portfolio
      • 8.3.4 Business Strategy
      • 8.3.5 Recent Developments
    • 8.4 Allianz SE
      • 8.4.1 Overview
      • 8.4.2 Financials
      • 8.4.3 Product Portfolio
      • 8.4.4 Business Strategy
      • 8.4.5 Recent Developments
    • 8.5 Lloyd’s of London
      • 8.5.1 Overview
      • 8.5.2 Financials
      • 8.5.3 Product Portfolio
      • 8.5.4 Business Strategy
      • 8.5.5 Recent Developments
    • 8.6 Swiss Life Holding AG
      • 8.6.1 Overview
      • 8.6.2 Financials
      • 8.6.3 Product Portfolio
      • 8.6.4 Business Strategy
      • 8.6.5 Recent Developments
    • 8.7 Hannover Re Group
      • 8.7.1 Overview
      • 8.7.2 Financials
      • 8.7.3 Product Portfolio
      • 8.7.4 Business Strategy
      • 8.7.5 Recent Developments
    • 8.8 QBE Insurance Group Limited
      • 8.8.1 Overview
      • 8.8.2 Financials
      • 8.8.3 Product Portfolio
      • 8.8.4 Business Strategy
      • 8.8.5 Recent Developments
    • 8.9 Zurich Insurance Group Ltd.
      • 8.9.1 Overview
      • 8.9.2 Financials
      • 8.9.3 Product Portfolio
      • 8.9.4 Business Strategy
      • 8.9.5 Recent Developments
    • 8.10 Sompo Holdings Inc.
      • 8.10.1 Overview
      • 8.10.2 Financials
      • 8.10.3 Product Portfolio
      • 8.10.4 Business Strategy
      • 8.10.5 Recent Developments
    • 8.11 Others.
      • 8.11.1 Overview
      • 8.11.2 Financials
      • 8.11.3 Product Portfolio
      • 8.11.4 Business Strategy
      • 8.11.5 Recent Developments
List Of Figures

Figures No 1 to 24

List Of Tables

Tables No 1 to 52

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2030

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2030
  • Market revenue estimates and forecasts up to 2030, by technology
  • Market revenue estimates and forecasts up to 2030, by application
  • Market revenue estimates and forecasts up to 2030, by type
  • Market revenue estimates and forecasts up to 2030, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Prominent Player

  • Swiss Re Group
  • Munich Re Group
  • AXA Group
  • Allianz SE
  • Lloyd’s of London
  • Swiss Life Holding AG
  • Hannover Re Group
  • QBE Insurance Group Limited
  • Zurich Insurance Group Ltd.
  • Sompo Holdings Inc.
  • Others

FAQs

“North America” region will lead the Global Parametric Insurance Market during the forecast period 2023 to 2032.

The key factors driving the Market are Increasing Adoption of Parametric Solutions, Integration of Parametric Insurance with Technology, Expansion of Coverage for Non-Traditional Risks, Emerging Market Penetration, Collaboration with Insurtech Startups And Cross-Sector Applications.

The key players operating in the Parametric Insurance Market are Swiss Re Group, Munich Re Group, AXA Group, Allianz SE, Lloyd’s of London, Swiss Life Holding AG, Hannover Re Group, QBE Insurance Group Limited, Zurich Insurance Group Ltd., Sompo Holdings Inc., Others.

The Global Parametric Insurance Market is expanding growth with a CAGR of approximately 12.1% during the forecast period (2023 to 2032).

The Global Parametric Insurance Market size was valued at USD 15.2 Billion in 2022 and it is projected to reach around USD 35.6 Billion by 2032.

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