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Parametric Insurance Market

Publisher Global Market Insights
Published Nov 05, 2024
Length 155 Pages
SKU # GMI19407284

Description

Parametric Insurance Market


Parametric Insurance Market size was valued at USD 14.8 billion in 2023 and is estimated to register a CAGR of over 11.5% 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 & 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.

Table of Contents

155 Pages
Chapter 1 Research Methodology
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 estimates
1.3 Forecast model
1.4 Primary research & 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
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2024 - 2032
2.2.1.1 TAM trends
2.3 Regional trends
2.4 Coverage trends
2.5 Distribution Channel trends
2.6 Application trends
2.7 End-Use trends
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.1.1 Insurance providers
3.1.2 Reinsurers
3.1.3 Data providers
3.1.4 Risk Modelling and analytics providers
3.1.5 Regulators
3.1.6 Brokers and intermediaries
3.1.7 Technology providers
3.1.8 End-user
3.2 Vendor matrix
3.3 Technological & innovation landscape
3.3.1 Blockchain technology adoption 3.3.2 Artificial Intelligence and Machine Learning
3.3.3 Web
3.0 and distributed ledger technology
3.3.4 Connected sensors that include IoT
3.4 Key news and initiatives
3.5 Patent analysis
3.6 Regulatory Landscape
3.6.1 Global
3.6.1.1 General Data Protection Regulation
3.6.1.2 Health Insurance Portability and Accountability Act (HIPAA)
3.6.1.3 ISO/IEC 27001
3.6.2 North America
3.6.2.1 State Insurance Regulations
3.6.2.2 NAIC Guidelines
3.6.2.3 Office of the Superintendent of Financial Institutions (OSFI) - Canada
3.6.2.4 Personal Information Protection and Electronic Documents Act (PIPEDA)
3.6.3 Europe
3.6.3.1 Solvency 2 Directive
3.6.3.2 Insurance Distribution Directive
3.6.3.3 Regulation on Electronic Identification and Trust Services (eIDAS)
3.6.4 Asia Pacific
3.6.4.1 FSA Regulations
3.6.4.2 APRA Insurance
3.6.4.3 Monetary Authority of Singapore Regulations
3.6.4.4 IRDAI Guidelines in India
3.6.5 Latin America
3.6.5.1 Data Privacy Law (Lei Geral de Proteção de Dados - LGPD)
3.6.5.2 Consumer Protection Code (Código de Defesa do Consumidor), Brazil
3.6.5.3 Insurance Law (Lei dos Planos de Saúde), Brazil
3.6.5.4 Insurance Contracts Law (Ley de Contratos de Adhesión), Argentina
3.6.5.5 General Insurance Law (Ley General de Instituciones y Procedimientos de Seguros), Mexico
3.6.6 MEA
3.6.6.1 Insurance Authority Regulations, UAE
3.6.6.2 Insurance Act 18 of 2017
3.6.6.3 Financial Sector Conduct Authority (FSCA) Guidelines
3.6.6.4 Insurance Implementation Regulation (IIR)
3.6.6.5 Guidelines for Risk Management in Insurance Firms
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.1.1 Growing need for risk management in the insurance industry
3.7.1.2 Adoption of advanced technology such as IoT, AI, and ML
3.7.1.3 Changing climatic conditions and increasing natural disasters
3.7.1.4 Rising consumer awareness
3.7.2 Industry pitfalls and challenges
3.7.2.1 Data availability and quality
3.7.2.2 Limited public understanding
3.8 Growth potential analysis
3.9 Porter's analysis
3.10 PESTEL analysis
Chapter 4 Competitive Landscape
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
Chapter 5 Market, By Coverage
5.1 Key trends
5.2 Natural catastrophe insurance
5.3 Specialty insurance
5.4 Others
Chapter 6 Market, By Distribution Channel
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, By Application
7.1 Key trends
7.2 Agriculture
7.3 Energy & utilities
7.4 Real estate
7.5 Construction
7.6 Healthcare
7.7 Marine
7.8 Travel & tourism
7.9 Others
Chapter 8 Market, By End-Use
8.1 Key trends
8.2 Individual
8.3 Corporate
8.4 Government
Chapter 9 Market, By Region
9.1 Key trends
9.2 North America
9.3 Europe
9.4 Asia Pacific
9.5 Latin America
9.6 MEA
Chapter 10 Company Profiles
10.1 AXA
10.1.1 Global Overview
10.1.2 Market/Business Overview
10.1.3 Financial Data
10.1.3.1 Sales Revenue, 2020-2023
10.1.4 Product Landscape
10.1.5 Strategic Outlook
10.1.6 SWOT Analysis
10.2 AIG (American International Group)
10.2.1 Global Overview
10.2.2 Market/Business Overview
10.2.3 Financial Data
10.2.3.1 Sales Revenue, 2020-2023
10.2.4 Product Landscape
10.2.5 SWOT Analysis
10.3 Allianz
10.3.1 Global Overview
10.3.2 Market/Business Overview
10.3.3 Financial Data
10.3.3.1 Sales Revenue, 2020-2023
10.3.4 Product Landscape
10.3.5 Strategic Outlook
10.3.6 SWOT Analysis
10.4 Aon
10.4.1 Global Overview
10.4.2 Market/Business Overview
10.4.3 Financial Data
10.4.3.1 Sales Revenue, 2020-2023
10.4.4 Product Landscape
10.4.5 Strategic Outlook
10.4.6 SWOT Analysis
10.5 Berkshire Hathaway
10.5.1 Global Overview
10.5.2 Market/Business Overview
10.5.3 Financial Data
10.5.3.1 Sales Revenue, 2020-2023
10.5.4 Product Landscape
10.5.5 SWOT Analysis
10.6 Blink Parametric
10.6.1 Global Overview
10.6.2 Market/Business Overview
10.6.3 Financial Data
10.6.4 Product Landscape
10.6.5 Strategic Outlook
10.6.6 SWOT Analysis
10.7 CelsiusPro
10.7.1 Global Overview
10.7.2 Market/Business Overview
10.7.3 Financial Data
10.7.4 Product Landscape
10.7.5 Strategic Outlook
10.7.6 SWOT Analysis
10.8 Chubb
10.8.1 Global Overview
10.8.2 Market/Business Overview
10.8.3 Financial Data
10.8.3.1 Sales Revenue, 2021-2023
10.8.4 Product Landscape
10.8.5 Strategic Outlook
10.8.6 SWOT Analysis
10.9 Clyde & Co
10.9.1 Global Overview
10.9.2 Market/Business Overview
10.9.3 Financial Data
10.9.4 Product Landscape
10.9.5 SWOT Analysis
10.10 Hannover Re
10.10.1 Global Overview
10.10.2 Market/Business Overview
10.10.3 Financial Data
10.10.3.1 Sales Revenue, 2021-2023
10.10.4 Product Landscape
10.10.5 SWOT Analysis
10.11 Lloyd's of London
10.11.1 Global Overview
10.11.2 Market/Business Overview
10.11.3 Financial Data
10.11.3.1 Gross written premium, 2021-2023
10.11.4 Product Landscape
10.11.5 Strategic Outlook
10.11.6 SWOT Analysis
10.12 Marsh & McLennan
10.12.1 Global Overview
10.12.2 Market/Business Overview
10.12.3 Financial Data
10.12.3.1 Sales Revenue, 2021-2023
10.12.4 Product Landscape
10.12.5 SWOT Analysis
10.13 Munich Re
10.13.1 Global Overview
10.13.2 Market/Business Overview
10.13.3 Financial Data
10.13.3.1 Sales revenue, 2021-2023
10.13.4 Product Landscape
10.13.5 SWOT Analysis
10.14 NormanMax
10.14.1 Global Overview
10.14.2 Market/Business Overview
10.14.3 Financial Data
10.14.4 Product Landscape
10.14.5 Strategic Outlook
10.14.6 SWOT Analysis
10.15 RenaissanceRe Holdings Ltd.
10.15.1 Global Overview
10.15.2 Market/Business Overview
10.15.3 Financial Data
10.15.3.1 Sales Revenue, 2021-2023
10.15.4 Product Landscape
10.15.5 Strategic Outlook
10.15.6 SWOT Analysis
10.16 Scor SE
10.16.1 Global Overview
10.16.2 Market/Business Overview
10.16.3 Financial Data
10.16.3.1 Sales Revenue, 2021-2023
10.16.4 Product Landscape
10.16.5 Strategic Outlook
10.16.6 SWOT Analysis
10.17 Swiss Re
10.17.1 Global Overview
10.17.2 Market/Business Overview
10.17.3 Financial Data
10.17.3.1 Sales Revenue, 2021-2023
10.17.4 Product Landscape
10.17.5 Strategic Outlook
10.17.6 SWOT Analysis
10.18 Tokio Marine HCC
10.18.1 Global Overview
10.18.2 Market/Business Overview
10.18.3 Financial Data
10.18.4 Product Landscape
10.18.5 Strategic Outlook
10.18.6 SWOT Analysis
10.19 Willis Towers Watson
10.19.1 Global Overview
10.19.2 Market/Business Overview
10.19.3 Financial Data
10.19.3.1 Sales Revenue, 2021-2023
10.19.4 Product Landscape
10.19.5 Strategic Outlook
10.19.6 SWOT Analysis
10.20 Zurich Insurance Group
10.20.1 Global Overview
10.20.2 Market/Business Overview
10.20.3 Financial Data
10.20.3.1 Sales Revenue, 2021-2023
10.20.4 Product Landscape
10.20.5 Strategic Outlook
10.20.6 SWOT Analysis
10.21 Research practices

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