The Europe Parametric Insurance Market would witness market growth of 8.9% CAGR during the forecast period (2022-2028).
It might be difficult to calculate the losses brought on by climate change (floods, droughts, earthquakes, etc.) using conventional insurance methods. Most significantly, when a calamity strikes, calculating the damages can be a laborious procedure that runs the danger of being inaccurate. Businesses can suffer as a result of these inaccuracies. SMEs are particularly vulnerable in these circumstances. Different methods are used by parametric insurance to cover losses. An occurrence and a cutoff point that results in a payout are determined by the insurer and the insured. This is especially helpful for natural disasters, but it can also be applied to other situations like market indexes, decreased crop yields, data breaches, etc.
The parameter should be independently checked, precisely verifiable, and free of outside influence in order for a trigger to be established. For example, parametric insurance might be utilized to mitigate direct or indirect damages in Houston or other hurricane-prone areas. The factor in Houston's instance might be wind speed. The insured would get an agreed-upon reimbursement under its parametric policy irrespective of how much property damage it experienced should the wind speed within a specified area or place exceed or meet the predetermined level.
The proportion of economic losses is comparable to the total number of people affected by those calamities. Storms are in second place (29%), followed by floods (50%), in terms of financial losses. Thus, just 21% of all other climate catastrophes are merged. Since the region experiences rather dreadful weather conditions, the various governments in this region have come together to the assessment of losses. Such initiatives have also propagated the regulations and terms for the implication of parametric insurance. Therefore, the governmental push and loss of business by these disasters are proving Europe to be a prominent parametric insurance market.
The Germany market dominated the Europe Parametric Insurance Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,474.6 million by 2028. The UK market is exhibiting a CAGR of 8% during (2022 - 2028). Additionally, The France market would witness a CAGR of 9.7% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Parametric Insurance Market will Hit $21.4 Billion by 2028, at a CAGR of 9.6%
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
By Vertical
- Agriculture
- Construction
- Aerospace & Defense
- Mining
- Manufacturing
- Energy & Utilities
- Others
By Country
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
Key Market Players
List of Companies Profiled in the Report:
- 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.
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Europe Parametric Insurance Market, by Type
1.4.2 Europe Parametric Insurance Market, by Vertical
1.4.3 Europe 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. Europe Parametric Insurance Market by Type
4.1 Europe Natural Catastrophes Insurance Market by Country
4.2 Europe Specialty Insurance Market by Country
4.3 Europe Others Market by Country
Chapter 5. Europe Parametric Insurance Market by Vertical
5.1 Europe Agriculture Market by Country
5.2 Europe Construction Market by Country
5.3 Europe Aerospace & Defense Market by Country
5.4 Europe Mining Market by Country
5.5 Europe Manufacturing Market by Country
5.6 Europe Energy & Utilities Market by Country
5.7 Europe Others Market by Country
Chapter 6. Europe Parametric Insurance Market by Country
6.1 Germany Parametric Insurance Market
6.1.1 Germany Parametric Insurance Market by Type
6.1.2 Germany Parametric Insurance Market by Vertical
6.2 UK Parametric Insurance Market
6.2.1 UK Parametric Insurance Market by Type
6.2.2 UK Parametric Insurance Market by Vertical
6.3 France Parametric Insurance Market
6.3.1 France Parametric Insurance Market by Type
6.3.2 France Parametric Insurance Market by Vertical
6.4 Russia Parametric Insurance Market
6.4.1 Russia Parametric Insurance Market by Type
6.4.2 Russia Parametric Insurance Market by Vertical
6.5 Spain Parametric Insurance Market
6.5.1 Spain Parametric Insurance Market by Type
6.5.2 Spain Parametric Insurance Market by Vertical
6.6 Italy Parametric Insurance Market
6.6.1 Italy Parametric Insurance Market by Type
6.6.2 Italy Parametric Insurance Market by Vertical
6.7 Rest of Europe Parametric Insurance Market
6.7.1 Rest of Europe Parametric Insurance Market by Type
6.7.2 Rest of Europe 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:
TABLE 1 Europe Parametric Insurance Market, 2018 - 2021, USD Million
TABLE 2 Europe Parametric Insurance Market, 2022 - 2028, USD Million
TABLE 3 Partnerships, Collaborations and Agreements – Parametric Insurance Market
TABLE 4 Product Launches And Product Expansions – Parametric Insurance Market
TABLE 5 Acquisition and Mergers – Parametric Insurance Market
TABLE 6 Europe Parametric Insurance Market by Type, 2018 - 2021, USD Million
TABLE 7 Europe Parametric Insurance Market by Type, 2022 - 2028, USD Million
TABLE 8 Europe Natural Catastrophes Insurance Market by Country, 2018 - 2021, USD Million
TABLE 9 Europe Natural Catastrophes Insurance Market by Country, 2022 - 2028, USD Million
TABLE 10 Europe Specialty Insurance Market by Country, 2018 - 2021, USD Million
TABLE 11 Europe Specialty Insurance Market by Country, 2022 - 2028, USD Million
TABLE 12 Europe Others Market by Country, 2018 - 2021, USD Million
TABLE 13 Europe Others Market by Country, 2022 - 2028, USD Million
TABLE 14 Europe Parametric Insurance Market by Vertical, 2018 - 2021, USD Million
TABLE 15 Europe Parametric Insurance Market by Vertical, 2022 - 2028, USD Million
TABLE 16 Europe Agriculture Market by Country, 2018 - 2021, USD Million
TABLE 17 Europe Agriculture Market by Country, 2022 - 2028, USD Million
TABLE 18 Europe Construction Market by Country, 2018 - 2021, USD Million
TABLE 19 Europe Construction Market by Country, 2022 - 2028, USD Million
TABLE 20 Europe Aerospace & Defense Market by Country, 2018 - 2021, USD Million
TABLE 21 Europe Aerospace & Defense Market by Country, 2022 - 2028, USD Million
TABLE 22 Europe Mining Market by Country, 2018 - 2021, USD Million
TABLE 23 Europe Mining Market by Country, 2022 - 2028, USD Million
TABLE 24 Europe Manufacturing Market by Country, 2018 - 2021, USD Million
TABLE 25 Europe Manufacturing Market by Country, 2022 - 2028, USD Million
TABLE 26 Europe Energy & Utilities Market by Country, 2018 - 2021, USD Million
TABLE 27 Europe Energy & Utilities Market by Country, 2022 - 2028, USD Million
TABLE 28 Europe Others Market by Country, 2018 - 2021, USD Million
TABLE 29 Europe Others Market by Country, 2022 - 2028, USD Million
TABLE 30 Europe Parametric Insurance Market by Country, 2018 - 2021, USD Million
TABLE 31 Europe Parametric Insurance Market by Country, 2022 - 2028, USD Million
TABLE 32 Germany Parametric Insurance Market, 2018 - 2021, USD Million
TABLE 33 Germany Parametric Insurance Market, 2022 - 2028, USD Million
TABLE 34 Germany Parametric Insurance Market by Type, 2018 - 2021, USD Million
TABLE 35 Germany Parametric Insurance Market by Type, 2022 - 2028, USD Million
TABLE 36 Germany Parametric Insurance Market by Vertical, 2018 - 2021, USD Million
TABLE 37 Germany Parametric Insurance Market by Vertical, 2022 - 2028, USD Million
TABLE 38 UK Parametric Insurance Market, 2018 - 2021, USD Million
TABLE 39 UK Parametric Insurance Market, 2022 - 2028, USD Million
TABLE 40 UK Parametric Insurance Market by Type, 2018 - 2021, USD Million
TABLE 41 UK Parametric Insurance Market by Type, 2022 - 2028, USD Million
TABLE 42 UK Parametric Insurance Market by Vertical, 2018 - 2021, USD Million
TABLE 43 UK Parametric Insurance Market by Vertical, 2022 - 2028, USD Million
TABLE 44 France Parametric Insurance Market, 2018 - 2021, USD Million
TABLE 45 France Parametric Insurance Market, 2022 - 2028, USD Million
TABLE 46 France Parametric Insurance Market by Type, 2018 - 2021, USD Million
TABLE 47 France Parametric Insurance Market by Type, 2022 - 2028, USD Million
TABLE 48 France Parametric Insurance Market by Vertical, 2018 - 2021, USD Million
TABLE 49 France Parametric Insurance Market by Vertical, 2022 - 2028, USD Million
TABLE 50 Russia Parametric Insurance Market, 2018 - 2021, USD Million
TABLE 51 Russia Parametric Insurance Market, 2022 - 2028, USD Million
TABLE 52 Russia Parametric Insurance Market by Type, 2018 - 2021, USD Million
TABLE 53 Russia Parametric Insurance Market by Type, 2022 - 2028, USD Million
TABLE 54 Russia Parametric Insurance Market by Vertical, 2018 - 2021, USD Million
TABLE 55 Russia Parametric Insurance Market by Vertical, 2022 - 2028, USD Million
TABLE 56 Spain Parametric Insurance Market, 2018 - 2021, USD Million
TABLE 57 Spain Parametric Insurance Market, 2022 - 2028, USD Million
TABLE 58 Spain Parametric Insurance Market by Type, 2018 - 2021, USD Million
TABLE 59 Spain Parametric Insurance Market by Type, 2022 - 2028, USD Million
TABLE 60 Spain Parametric Insurance Market by Vertical, 2018 - 2021, USD Million
TABLE 61 Spain Parametric Insurance Market by Vertical, 2022 - 2028, USD Million
TABLE 62 Italy Parametric Insurance Market, 2018 - 2021, USD Million
TABLE 63 Italy Parametric Insurance Market, 2022 - 2028, USD Million
TABLE 64 Italy Parametric Insurance Market by Type, 2018 - 2021, USD Million
TABLE 65 Italy Parametric Insurance Market by Type, 2022 - 2028, USD Million
TABLE 66 Italy Parametric Insurance Market by Vertical, 2018 - 2021, USD Million
TABLE 67 Italy Parametric Insurance Market by Vertical, 2022 - 2028, USD Million
TABLE 68 Rest of Europe Parametric Insurance Market, 2018 - 2021, USD Million
TABLE 69 Rest of Europe Parametric Insurance Market, 2022 - 2028, USD Million
TABLE 70 Rest of Europe Parametric Insurance Market by Type, 2018 - 2021, USD Million
TABLE 71 Rest of Europe Parametric Insurance Market by Type, 2022 - 2028, USD Million
TABLE 72 Rest of Europe Parametric Insurance Market by Vertical, 2018 - 2021, USD Million
TABLE 73 Rest of Europe Parametric Insurance Market by Vertical, 2022 - 2028, USD Million
TABLE 74 Key Information – Allianz Group
TABLE 75 key information – AXA SA
TABLE 76 Key Information – Zurich Insurance Group Ltd.
TABLE 77 key information – Berkshire Hathaway, Inc.
TABLE 78 Key Information – Chubb Limited
TABLE 79 Key Information – Munich Re Group
TABLE 80 Key Information – FloodFlash Limited
TABLE 81 Key Information – Neptune Flood Incorporated
TABLE 82 Key Information – Global Parametrics
TABLE 83 Key Information – Swiss Re.
List of Figures
FIG 1 Methodology for the research
FIG 2 KBV Cardinal Matrix
FIG 3 Key Leading Strategies: Percentage Distribution (2018-2022)
FIG 4 Key Strategic Move: (Acquisitions and Mergers: 2019, Dec – 2022, Jul) Leading Players
FIG 5 Key Strategic Move: (Partnerships, Collaborations and Agreements: 2020, Dec – 2022, Jul) Leading Players
FIG 6 SWOT Analysis: Allianz Group
FIG 7 SWOT Analysis: AXA SA
FIG 8 SWOT Analysis: Zurich Insurance Group
FIG 9 SWOT Analysis: Chubb Limited
FIG 10 Recent strategies and developments: Neptune Flood