Parametric Insurance Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Description

The Global Parametric Insurance Market size is expected to record over 11.5% CAGR between 2024 and 2032, driven by increasing launches of parametric insurance products and technological advancements.

Insurers are introducing new offerings that leverage cutting-edge tools, including satellite data and IoT sensors, to measure risk parameters with enhanced accuracy. These technological strides empower insurers to craft precise and efficient parametric policies, ensuring quicker payouts and heightened transparency. Such advancements bolster the adoption of parametric insurance across sectors to enhance risk management solutions. For example, in August 2024, AXA Hong Kong and Macau unveiled a parametric insurance product tailored for quicker payouts and superior risk management to address the evolving needs of clients.

The parametric insurance industry is segmented based on coverage, distribution channel, end use, application, and region.

The market share from the specialty insurance coverage segment is expected to witness substantial growth through 2032, due to rising need across various sectors. Providers are crafting new products targeting niche areas, including cyber threats and environmental liabilities. By integrating advanced technologies and data analytics, specialty insurance coverage is enhancing the precision and efficiency of parametric insurance. This evolution is not only personalizing solutions for users but also aligning them with emerging risk profiles and technological trends.

In terms of end use, the parametric insurance market value from the individual segment is slated to generate notable revenue during 2024-2032. This surge is attributed to the growing preference of individuals for tailored risk management solutions. Unlike traditional claims processes, this parametric coverage offers a streamlined approach, delivering payouts based on predefined parameters, such as specific weather events. Furthermore, innovations in parametric insurance are pushing boundaries for introducing customized policies and advanced technologies for monitoring and verifying conditions.

Europe parametric insurance industry size is likely to record a notable growth rate through 2032 driven by the increasing frequency of natural disasters. Companies are refining their offerings to provide more precise and timely coverage based on specific parameters, such as weather events or seismic activity. In addition, the ongoing development will offer more robust protection and quicker financial support for those affected by natural disasters while adapting to the changing risk landscape effectively in the region.

Product Code: 10544

Chapter 1 Methodology and Scope

1.1 Research design
- 1.1.1 Research approach
- 1.1.2 Data collection methods
1.2 Base estimates and calculations
- 1.2.1 Base year calculation
- 1.2.2 Key trends for market estimation
1.3 Forecast model
1.4 Primary research and validation
- 1.4.1 Primary sources
- 1.4.2 Data mining sources
1.5 Market definitions

Chapter 2 Executive Summary

2.1 Industry 360° synopsis, 2021 - 2032

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis
3.2 Supplier landscape
- 3.2.1 Insurance companies
- 3.2.2 Risk modelling and data analytics provider
- 3.2.3 Technology providers
- 3.2.4 End user
3.3 Pricing analysis
3.4 Profit margin analysis
3.5 Technology and innovation landscape
3.6 Patent analysis
3.7 Key news and initiatives
3.8 Regulatory landscape
3.9 Impact forces
- 3.9.1 Growth drivers
  - 3.9.1.1 Adoption of advanced technology such as IoT, AI and ML
  - 3.9.1.2 Growing need for risk management
  - 3.9.1.3 Changing climatic conditions and increasing natural disasters
  - 3.9.1.4 Rising consumer awareness
  - 3.9.1.5 Favorable regulatory environment
- 3.9.2 Industry pitfalls and challenges
  - 3.9.2.1 Complexity in understanding
  - 3.9.2.2 Data availability and analysis
3.10 Growth potential analysis
3.11 Porter's analysis
3.12 PESTEL analysis

Chapter 4 Competitive Landscape, 2023

4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix

Chapter 5 Market Estimates and Forecast, By Coverage, 2021 - 2032 ($Mn)

5.1 Key trends
5.2 Natural catastrophe insurance
5.3 Specialty insurance
5.4 Others

Chapter 6 Market Estimates and Forecast, By Distribution Channel, 2021 - 2032 ($Mn)

6.1 Key trends
6.2 Direct sales
6.3 Brokers/Agents
6.4 Online platforms
6.5 Banks
6.6 Others

Chapter 7 Market Estimates and Forecast, By Application, 2021 - 2032 ($Mn)

7.1 Key trends
7.2 Agriculture
7.3 Energy and utilities
7.4 Real estate
7.5 Construction
7.6 Healthcare
7.7 Marine
7.8 Travel and tourism
7.9 Others

Chapter 8 Market Estimates and Forecast, By End-Use, 2021 - 2032 ($Mn)

8.1 Key trends
8.2 Individual
8.3 Corporate
8.4 Government

Chapter 9 Market Estimates and Forecast, By Region, 2021 - 2032 ($Mn)

9.1 Key trends
9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
9.3 Europe
- 9.3.1 UK
- 9.3.2 Germany
- 9.3.3 France
- 9.3.4 Italy
- 9.3.5 Spain
- 9.3.6 Netherlands
- 9.3.7 Rest of Europe
9.4 Asia Pacific
- 9.4.1 China
- 9.4.2 India
- 9.4.3 Japan
- 9.4.4 South Korea
- 9.4.5 ANZ
- 9.4.6 Southeast Asia
- 9.4.7 Rest of Asia Pacific
9.5 Latin America
- 9.5.1 Brazil
- 9.5.2 Mexico
- 9.5.3 Argentina
- 9.5.4 Rest of Latin America
9.6 MEA
- 9.6.1 UAE
- 9.6.2 South Africa
- 9.6.3 Saudi Arabia
- 9.6.4 Rest of MEA

Chapter 10 Company Profiles

10.1 AXA
10.2 AIG (American International Group)
10.3 Allianz
10.4 Aon
10.5 Berkshire Hathaway
10.6 Chubb
10.7 Clyde and Co
10.8 Hannover Re
10.9 Lloyd's of London
10.10 Marsh and McLennan
10.11 Munich Re
10.12 Nephila Capital
10.13 Parametrix Insurance
10.14 RenaissanceRe Holdings Ltd.
10.15 Scor SE
10.16 Swiss Re
10.17 Tokio Marine HCC
10.18 Willis Towers Watson
10.19 XL Catlin
10.20 Zurich Insurance Group