Fort Collins, Colorado, Nov. 17, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, The Parametric Insurance Market size was valued at USD 12.2 Billion in 2022 and is expected to reach a market size of USD 29.1 Billion by 2032 at a CAGR of 9.2%.
The increasing significance of parametric insurance in a catastrophe or disaster drives market expansion. The rising prominence of parametric insurance stems from its ability to eliminate the claim settlement process, thereby expediting payouts, which can substantially impact the affected individuals. These insurance products provide coverage for items that are not easily insurable. The insurance coverage is activated upon the occurrence of a specific parameter rather than physical loss.
For instance, in the case of hurricane coverage, the trigger would be the wind speed reaching predetermined levels, and for droughts, it would be the amount of rainfall or color of soil, among others. These insurances are also useful in cases of wide-ranging and difficult-to-quantify losses. Furthermore, the certainty of payment is guaranteed as the claim is settled based on the event rather than physical inspection, as is the case with traditional insurance. Therefore, payouts can be made online to reach remote areas promptly.
The global surge in natural disasters is a significant factor driving market growth. Under parametric insurance, the policyholder is insured against the occurrence of an event by paying a predetermined amount based on the scale of the event. The policy or the parametric insurance contract generally stipulates the amount paid to the policyholder. This event triggers the policy, and a third party, such as a government agency, measures the impact of the disaster and verifies the event trigger.
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Segmentation Overview:
The global parametric Insurance market has been segmented into type, end-use, and region. Natural catastrophe insurance dominates the market and is projected to continue to do so. It covers natural and human-made disasters, like earthquakes, hurricanes, wars, and riots. According to the World Bank, disasters cost the global economy around USD 520 billion annually. The agriculture segment also holds a significant share of the market. Parametric insurance provides crop coverage for farmers in case of unforeseen circumstances or natural calamities.
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Parametric Insurance Market Report Highlights:
The global parametric Insurance market growth is anticipated at a CAGR of 9.2% by 2032.
Natural disasters drive market growth for parametric insurance, which pays out based on pre-agreed event triggers.
North America has a large market share due to weather-related disasters and economic losses. The US has already lost approximately USD 57 billion due to natural disasters until August 2023.
Some prominent players in the parametric Insurance market report include Allianz Group, AXA SA, Zurich Insurance Group Ltd., Berkshire Hathaway, Inc., Chubb Limited, Munich Re Group, FloodFlash Limited, Neptune Flood Incorporated, Global Parametrics Limited, and Swiss Re, among others.
Industry Trends and Insights:
- Zurich has launched a new protection-linked plan with higher protection, transparent fees, and investment options.
- Allianz welcomes the EU Data Act, which allows users of connected cars to demand their data be transferred to third parties.
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Parametric Insurance Market Segmentation:
By Type: Natural Catastrophes Insurance, Specialty Insurance and Others
By End-use: Agriculture, Aerospace & Defense, Mining, Construction, Energy & Utilities, Manufacturing and Others
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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