North America Parametric Insurance Market Size, Share & Industry Trends Analysis Report By Type, By Vertical (Agriculture, Construction, Aerospace & Defense, Mining, Manufacturing, Energy & Utilities), By Country and Growth Forecast, 2022 - 2028
The North America Parametric Insurance Market would witness market growth of 8.4% CAGR during the forecast period (2022-2028).
Index-based insurance, also known as parametric insurance, is becoming more popular, particularly for weather-related calamities. Since weather stations and satellites properly record weather-related factors, hazard modeling continues to advance. Improved data and analytics make the parametric cover a more effective, accessible, and competitive market choice. In addition to hazards associated with the environment, parametric insurance is also employed for a number of other issues. More specialized parametric insurance against additional specific risks like cybercrime, data breach, and even reputational damage is being built due to advancements in big data analytics, computing capacity, and modeling procedures.
Catastrophe bonds that cover significant risks like hurricanes and earthquakes have had the most impact so far on parametric insurance, but the idea is starting to appear more frequently in commercial and household insurance. Because the coverage only kicks in when a predetermined "metric," such as speed of wind or ground shaking, reaches or surpasses a specified intensity, it is called parametric. Various other metrics, such as barometric pressure, precipitation, average snowfall, storm surge as determined by tidal gauges, and even hotel room occupancy rates are used by insurers to determine whether to issue this type of coverage.
Every year, there are about 4,000 earthquakes in Canada. These are typically located near coastlines. Every year, landslides occur frequently in the nation's mountainous regions, such as the Canadian Rockies. The southern parts of Ontario, Alberta, Quebec, and New Brunswick are affected by tornadoes. The average number of tornadoes in the nation every year is 60. As seen by various meteorological statistics, the region will continue to witness some of the most adverse weather conditions. This has made the region a host to various parametric insurances and is a competitive and expanding parametric insurance market.
The US market dominated the North America Parametric Insurance Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $5,759.2 million by 2028. The Canada market is experiencing a CAGR of 10.5% during (2022 - 2028). Additionally, The Mexico market is showcasing a CAGR of 10.2% during (2022 - 2028).
Based on Type, the market is segmented into Natural Catastrophes Insurance, Specialty Insurance, and Others. Based on Vertical, the market is segmented into Agriculture, Construction, Aerospace & Defense, Mining, Manufacturing, Energy & Utilities, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the 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.
Scope of the Study
Market Segments covered in the Report:
By Type
- Natural Catastrophes Insurance
- Specialty Insurance
- Others
- Agriculture
- Construction
- Aerospace & Defense
- Mining
- Manufacturing
- Energy & Utilities
- Others
- US
- Canada
- Mexico
- Rest of North America
- Allianz Group
- AXA SA
- Zurich Insurance Group Ltd.
- Berkshire Hathaway, Inc.
- Chubb Limited
- Munich Re Group
- FloodFlash Limited
- Neptune Flood Incorporated
- Global Parametrics Limited
- Swiss Re.
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- Chapter 1. Market Scope & Methodology
- 1.1 Market Definition
- 1.2 Objectives
- 1.3 Market Scope
- 1.4 Segmentation
- 1.4.1 North America Parametric Insurance Market, by Type
- 1.4.2 North America Parametric Insurance Market, by Vertical
- 1.4.3 North America Parametric Insurance Market, by Country
- 1.5 Methodology for the research
- Chapter 2. Market Overview
- 2.1 Introduction
- 2.1.1 Overview
- 2.1.1.1 Market Composition and Scenario
- 2.2 Key Factors Impacting the Market
- 2.2.1 Market Drivers
- 2.2.2 Market Restraints
- Chapter 3. Competition Analysis - Global
- 3.1 KBV Cardinal Matrix
- 3.2 Recent Industry Wide Strategic Developments
- 3.2.1 Partnerships, Collaborations and Agreements
- 3.2.2 Product Launches and Product Expansions
- 3.2.3 Acquisition and Mergers
- 3.3 Top Winning Strategies
- 3.3.1 Key Leading Strategies: Percentage Distribution (2018-2022)
- 3.3.2 Key Strategic Move: (Acquisitions and Mergers: 2019, Dec – 2022, Jul) Leading Players
- 3.3.3 Key Strategic Move: (Partnerships, Collaborations and Agreements: 2020, Dec – 2022, Jul) Leading Players
- Chapter 4. North America Parametric Insurance Market by Type
- 4.1 North America Natural Catastrophes Insurance Market by Country
- 4.2 North America Specialty Insurance Market by Country
- 4.3 North America Others Market by Country
- Chapter 5. North America Parametric Insurance Market by Vertical
- 5.1 North America Agriculture Market by Country
- 5.2 North America Construction Market by Country
- 5.3 North America Aerospace & Defense Market by Country
- 5.4 North America Mining Market by Country
- 5.5 North America Manufacturing Market by Country
- 5.6 North America Energy & Utilities Market by Country
- 5.7 North America Others Market by Country
- Chapter 6. North America Parametric Insurance Market by Country
- 6.1 US Parametric Insurance Market
- 6.1.1 US Parametric Insurance Market by Type
- 6.1.2 US Parametric Insurance Market by Vertical
- 6.2 Canada Parametric Insurance Market
- 6.2.1 Canada Parametric Insurance Market by Type
- 6.2.2 Canada Parametric Insurance Market by Vertical
- 6.3 Mexico Parametric Insurance Market
- 6.3.1 Mexico Parametric Insurance Market by Type
- 6.3.2 Mexico Parametric Insurance Market by Vertical
- 6.4 Rest of North America Parametric Insurance Market
- 6.4.1 Rest of North America Parametric Insurance Market by Type
- 6.4.2 Rest of North America Parametric Insurance Market by Vertical
- Chapter 7. Company Profiles
- 7.1 Allianz Group
- 7.1.1 Company Overview
- 7.1.2 Financial Analysis
- 7.1.3 Segmental Analysis
- 7.1.4 Recent strategies and developments:
- 7.1.4.1 Acquisition and Mergers:
- 7.1.5 SWOT Analysis
- 7.2 AXA SA
- 7.2.1 Company Overview
- 7.2.2 Financial Analysis
- 7.2.3 Segmental Analysis
- 7.2.4 Recent strategies and developments:
- 7.2.4.1 Partnerships, Collaborations, and Agreements:
- 7.2.4.2 Product Launches and Product Expansions:
- 7.2.5 SWOT Analysis
- 7.3 Zurich Insurance Group Ltd.
- 7.3.1 Company Overview
- 7.3.2 Financial Analysis
- 7.3.3 Segmental and Regional Analysis
- 7.3.4 Recent strategies and developments:
- 7.3.4.1 Product Launches and Product Expansions:
- 7.3.4.2 Acquisition and Mergers:
- 7.3.5 SWOT Analysis
- 7.4 Berkshire Hathaway, Inc.
- 7.4.1 Company Overview
- 7.4.2 Financial Analysis
- 7.4.3 Segmental and Regional Analysis
- 7.4.4 Recent strategies and developments:
- 7.4.4.1 Acquisition and Mergers:
- 7.5 Chubb Limited
- 7.5.1 Company Overview
- 7.5.2 Financial Analysis
- 7.5.3 Recent strategies and developments:
- 7.5.3.1 Product Launches and Product Expansions:
- 7.5.3.2 Acquisition and Mergers:
- 7.5.4 SWOT Analysis
- 7.6 Munich Re Group
- 7.6.1 Company Overview
- 7.6.2 Financial Analysis
- 7.6.3 Segmental Analysis
- 7.6.4 Recent strategies and developments:
- 7.6.4.1 Partnerships, Collaborations, and Agreements:
- 7.7 FloodFlash Limited
- 7.7.1 Company Overview
- 7.8 Neptune Flood Incorporated
- 7.8.1 Company Overview
- 7.8.2 Recent strategies and developments:
- 7.8.2.1 Partnerships, Collaborations, and Agreements:
- 7.8.2.2 Acquisition and Mergers:
- 7.9 Global Parametrics Limited
- 7.9.1 Company Overview
- 7.10. Swiss Re.
- 7.10.1 Company Overview
- 7.10.2 Financial Analysis
- 7.10.3 Segmental and Regional Analysis
- 7.10.4 Recent strategies and developments:
- 7.10.4.1 Partnerships, Collaborations, and Agreements:
- 7.10.4.2 Product Launches and Product Expansions:
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