Parametric Insurance Market Segmentation:
Coverage Segment Analysis
The natural catastrophes segment is expected to account for 56.7% share of the global parametric insurance market during the forecast period owing to the high frequency and severity of natural disasters, the economic costs of natural catastrophes, and government initiatives in terms of disaster risk management and resilience. In addition, advancements in data analytics and modeling, precision in risk assessment, and pricing are expected to fuel segment growth going ahead. Natural catastrophes are destructive, posing threats to economies and societies anywhere in the world, therefore, parametric insurance has an outstanding chance for dynamic growth.
End use Segment Analysis
The corporate segment in the parametric insurance market is anticipated to register rapid revenue growth during the forecast period. The probability of a natural catastrophe, a business interruption, or market volatility is high among corporation giants with heavy assets, complex supply chains, and international operations. These companies can tap into financial protection against the ravages of natural disasters and business interruptions through parametric insurance. With the ever-increasing complexity and interconnectivity of an increasingly complex risk landscape, parametric insurance appeals to corporations through certainty and resilience.
Our in-depth analysis of the parametric insurance market includes the following segments:
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