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Parametric Insurance Market Share

Report ID: GMI10544
Published Date: Jul 2024
Report Format: PDF

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Parametric Insurance Market Share

AXA and Munich Re dominate the market with a combined market share of over 20% in 2023. AXA has been focusing on innovating and creating new parametric insurance solutions that are suited to the unique requirements of various markets and sectors. This includes new threats such as cyber hazards, supply chain disruptions, and pandemics in addition to the conventional weather-related parametric coverage.

Munich Re provides insurers, public sector organizations, and corporate clients with tailored parametric insurance solutions that are tailored to their specific risk profiles & operational requirements. Munich Re offers its clients clear and predictable coverage against risks through its parametric policies, which are very flexible & adaptable.

Parametric Insurance Market Companies

Major players operating in the parametric insurance industry are:

AXA
AIG (American International Group)
Allianz
Berkshire Hathaway
Chubb
Lloyd's of London
Munich Re
Nephila Capital
Swiss Re
Zurich Insurance Group

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of parametric insurance reached USD 14.8 billion in 2023 and is set to register over 11.5% CAGR between 2024 and 2032, led by the growing adoption of latest technologies.

The corporate parametric insurance industry held over 45% share in 2023, as it promotes corporate resilience by enabling quicker recovery and continued operations.

North America market held 35% share in 2023, driven by the increasing frequency of digital threats and strict regulatory requirements.

Berkshire Hathaway, Chubb, Lloyd's of London, Munich Re, Nephila Capital, Swiss Re, and Zurich Insurance Group among others.