Published Date: 31-Aug-2022
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According to a new report, published by KBV research, The Global Parametric Insurance Market size is expected to reach $21.4 billion by 2028, rising at a market growth of 9.6% CAGR during the forecast period.
The Natural Catastrophes Insurance market is generating high revenue in the Global Parametric Insurance Market by Type in 2021, thereby, achieving a market value of $13.6 billion by 2028. This is due to the fact that a wider risk spectrum and the ongoing increase in the cost of commercial insurance are piquing organizations' interests. It is also prompting them to incorporate parametric alternatives to their insurance policies. Catastrophe insurance is an industry that is home to two unstoppable macro trends.
The Aerospace & Defense market is anticipated to grow at a CAGR of 10% during (2022 - 2028). Most participants invested in the defense field view parametric insurance as a profitable insurance policy. These are mostly opted by governments of and government organizations. The aerospace sector also uses parametric insurance as an extended security net. With the increase of private companies in this sector, this segment will see a growth as well.
The North America is the fastest growing region in the Global Parametric Insurance Market by Region in 2021, thereby, achieving a market value of $7.8 billion by 2028. The Europe market is expected to witness a CAGR of 8.9% during (2022 - 2028). Additionally, The Asia Pacific market is expected to witness a CAGR of 10.6% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
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