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Parametric Insurance Market to Reach $34.4 billion, Globally, by 2033 at 6.6% CAGR: Allied Market Research
The increase in frequency and severity of natural disasters, driven by climate change, has highlighted the need for quicker and more efficient claims processes, which drives the growth of parametric insurance market.
WILMINGTON, Del., Sept. 12, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Parametric Insurance Market by Type (Natural Catastrophes Insurance, Specialty Insurance, and Others) and Industry Vertical (Agriculture, Aerospace & Defense, Mining, Construction, Energy & Utilities, Manufacturing, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033“. According to the report, the “parametric insurance market” was valued at $18 billion in 2023, and is estimated to reach $34.4 billion by 2033, growing at a CAGR of 6.6% from 2024 to 2033.
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The parametric insurance market is expected to witness notable growth owing to increasing frequency of natural disasters & climate-related events and faster & more transparent claims processing. Moreover, the surge in adoption of advanced technologies is expected to provide lucrative opportunity for the growth of the market during the forecast period. On the contrary, lack of awareness limits the growth of the parametric insurance market.
(We are providing report as per your research requirement, including the Latest Industry Insight’s Evolution, Potential and COVID-19 Impact Analysis)
127 – Tables
69 – Charts
312 – Pages
Report coverage & details:
Report Coverage |
Details |
Forecast Period |
2024–2033 |
Base Year |
2023 |
Market Size in 2023 |
$18 Billion |
Market Size in 2033 |
$34.4 Billion |
CAGR |
6.6 % |
No. of Pages in Report |
312 |
Segments covered |
Type, Industry Vertical, and Region. |
Drivers |
|
Opportunity |
|
Restraints |
|
Purchase This Comprehensive 312-Page Report (PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/3ZkVC3O
The Natural Catastrophes Insurance segment held the highest market share in 2023.
By type, the natural catastrophes insurance segment dominated the market in 2023, driven by climate change. In addition, advancements in technology and data analytics have enabled more accurate risk assessment and pricing, further boosting the demand for Natural catastrophe insurance and solidifying its dominance in the market. However, the specialty insurance segment nearly one-fourth of the parametric insurance market, this segment is expected to witness the largest of CAGR of 9.4%, due to its ability to address the evolving needs of organizations amidst rising commercial insurance prices and an expanding risk landscape. This segment’s growth is driven by the increasing adoption of parametric insurance solutions, which offer rapid and predictable payouts for a wide range of complex and emerging risks
The Manufacturing segment held the highest market share in 2023.
By industry vertical, the manufacturing segment accounted for the largest share in 2023. Manufacturing facilities often have significant investments in equipment, infrastructure, and raw materials, making them highly vulnerable to losses from accidents, natural disasters, or equipment failures. In addition, the complexity of global supply chains further amplifies the risk of financial losses, compelling manufacturers to seek comprehensive insurance coverage. However the construction segment accounted for nearly one-third of the parametric insurance market. This segment is expected to witness the largest CAGR of 10.4%. The sector’s rapid expansion, driven by increased development, urbanization, and large-scale construction projects, has significantly heightened its exposure to various risks. These risks include project delays, equipment malfunctions, workplace accidents, and liability claim
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The North America region held the highest market share in 2023.
By region, the parametric insurance market was dominated by North America in 2023. This dominance is attributed to the fact that in places such as the U.S. and Canada, parametric insurance has become a more feasible alternative for helping organizations create climate resilience and enhance catastrophe response and recovery. Moreover, insurance companies are increasingly expanding their parametric insurance business to the North American region, resulting in market growth
Leading Market Players-
- Allianz
- Axa xl
- Chubb
- Floodflash
- Jumpstart insurance solutions, inc.
- Berkshire hathaway specialty insurance
- Munich re
- Global parametrics
- Swiss re
- Zurich american insurance company
- Scor se
- Qbe insurance group limited
- Sompo holdings, inc.
- Hannover rück se
- Beazley group
The report analyzes these key players in the parametric insurance market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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Parametric Insurance Market Key Segments:
By Type
- Natural Catastrophes Insurance
- Specialty Insurance
- Others
By Industry Vertical
- Agriculture
- Aerospace and Defense
- Mining
- Construction
- Energy and Utilities
- Manufacturing
- Others
By Region
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Fintech PR
Nium Expands Across Australia and New Zealand, Driven by Increased Adoption from Financial Institutions and Spend Management Platforms
Spend management platform, RedOwl, joins as latest partner;
Nium has seen monthly payment volume grow by 3X over the last twelve months, in the Oceania region
SYDNEY, Sept. 17, 2024 /PRNewswire/ — Nium, the global leader in real-time cross-border payments, today announced that its monthly payment volume grew by 3X in Oceania, over the last year. This growth has been driven by a surge in adoption from financial institutions and spend management platforms, with AI platform, RedOwl, being the latest partner to join the Nium network. RedOwl’s immediate goal is to bring AI to corporate cards, joining spend management category leaders Weel and Budgetly, who have turned to Nium for white-label card issuing and cross-border payouts.
RedOwl is bringing the power of AI into payment rails, championing intelligence and real-time decision making when it comes to card related payments. “We chose Nium because of their unparalleled infrastructure and expertise in powering modern payments. Their solutions allow us to enter the market faster and deliver greater value to our customers,” said Jitto Arulampalam, Co-founder and CEO at RedOwl.
Budgetly has been a Nium customer since 2020. The company tapped Nium to provide more convenience and control to its SME clientele through the provision of pre-paid cards for expense management processes. “Partnering with Nium has been a game-changer for Budgetly,” said Simon Lenoir, CEO and Founding Director at Budgetly. “Through Nium, we recently launched our international bill payment solution, offering our customers the ability to make payments effortlessly via one portal. This partnership has allowed us to scale rapidly and offer seamless experiences for our customers.”
“The spend management industry is booming in Australia, with businesses increasingly turning to Nium for its white-label card issuing and cross-border payment solutions,” said Anupam Pahuja, EVP and GM for APAC, Middle East, and Africa at Nium. “Our platform solves complex payment problems across a wide range of verticals, including travel, payroll, insurance, and e-commerce. Our card issuance solution has already issued over 75 million cards globally, supporting major global brands. This, along with Nium’s extensive geographical coverage and B2B infrastructure focus, positions the company as a critical enabler for businesses looking to scale in Australia, New Zealand, and beyond.”
In addition to its success in Australia, Nium recently achieved another critical milestone by registering as a Financial Service Provider in New Zealand. This pivotal step marks the company’s entry into the dynamic financial landscape of New Zealand, allowing it to extend its comprehensive suite of financial solutions to local businesses. Nium expects that its offerings will range from virtual accounts and global payouts to debit and prepaid cards, enabling businesses to streamline operations and improve their financial efficiency.
“Becoming a registered Financial Service Provider in New Zealand reaffirms our commitment to delivering innovative financial solutions globally,” continued Pahuja. “Our presence in New Zealand, alongside our established operations in Australia, positions us as a key player in the region’s financial ecosystem, empowering businesses to thrive through our technology.”
Since its founding ten years ago, Nium has raised over $300 million USD (up to Series E). In October 2023, Nium celebrated its Centaur status, reaching $100 million USD in aggregate net revenue — a milestone achieved by only 1% of startups globally. This achievement underscores Niums rapid growth and leadership in enabling seamless global financial services for businesses.
About Nium
Nium, the global leader in real-time, cross-border payments, was founded on the mission to deliver the global payments infrastructure of tomorrow, today. With the onset of the global economy, its payments infrastructure is shaping how banks, fintechs, and businesses everywhere collect, convert, and disburse funds instantly across borders. Its payout network supports 100 currencies and spans 220+ markets, 100 of which in real-time. Funds can be disbursed to accounts, wallets, and cards and collected locally in 40 markets. Nium’s growing card issuance business is already available in 34 countries. Nium holds regulatory licenses and authorizations in more than 40 countries, enabling seamless onboarding, rapid integration, and compliance – independent of geography. The company is co-headquartered in San Francisco and Singapore.
Media contacts:
Anjali DMello,
+6591812542,
[email protected]
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Fintech PR
Gold and Fractal EMS Announce a Partnership for an American BMS
ANAHEIM, Calif., Sept. 17, 2024 /PRNewswire/ — Fractal EMS Inc. (“Fractal”), a leading provider of advanced solar and storage controls, has announced a groundbreaking partnership with Gold Electronic Equipment Inc. (“Gold”), a leading high-tech company specializing in R&D, active balancing technology and manufacturing of the battery management system (BMS). A signing ceremony and celebration was held on September 9th at the RE+ clean energy conference in Anaheim, California. The new partnership will provide a cybersecure American BMS to customers worldwide (“Fractal BMS”).
The Fractal BMS provides a 3-level BMS architecture (module, rack and system). The design of the Fractal BMS has been finalized, featuring an American-sourced chip, printed circuit board assembly (PCBA), and cybersecurity, ensuring compliance with U.S. policies for sourcing and critical infrastructure protection. The Fractal BMS has the option to provide active cell balancing to maximize each battery cell’s useful capacity and life.
“Other companies proposing an American BMS have not addressed the cybersecurity concerns of the BMS. Some companies are licensing a foreign BMS or only providing a top-level device, neither of which cure cybersecurity threats and vulnerabilities. We are thrilled to collaborate with Gold to bring this advanced American BMS to the market. This partnership underscores our commitment to innovation, security, and supporting American technology,” said Daniel Crotzer, CEO at Fractal EMS.
Fractal BMS is scheduled for UL testing in late October 2024 and aims to become the gold standard for BESS deployments to mitigate risks associated with Foreign Entities of Concern (FEOC) and known cyber vulnerabilities in programmable devices. The American BMS will be available to battery manufacturers globally, offering a reliable and secure solution for battery management needs.
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Fintech PR
Ascenda partners with Uber for first-of-a-kind points redemption for consumers worldwide
NEW YORK, Sept. 17, 2024 /PRNewswire/ — Ascenda, the global premium rewards network, today announced it has expanded its rewards network in order to enable fintech and banking clients’ customers to redeem their reward points in partnership with Uber. These credits will appear in users’ Uber wallets, and can be applied towards the cost of any of their products.
Uber is available in over 70 countries and powers over 30 million rideshares each day. With a global presence, the ability for millions of customers to earn Uber credits aims to deliver more engagement across Uber Rides, Uber Eats, and any other Uber offering in respective local markets.
“We’re committed to adding value for our users, with ease and flexibility at the forefront of our customer experience,” said Jenna Brown, Head of Uber for Business UK. “Our partnership with Ascenda will help us deliver this value to Uber users worldwide.”
“We’re building the most comprehensive consumer engagement ecosystem in the market,” said Josh Berwitz, CCO of Ascenda. “This exciting partnership with Uber enables us to bring tangible rewards and redemption experiences at scale, delivering compelling value and stronger relationships between our financial service clients, our rewards partners, and consumers.”
About Ascenda
Ascenda powers the growth of financial service brands and merchants globally with premium rewards propositions that accelerate customer acquisition, increase usage, and drive retention. Its best-in-class customer engagement platform is simple to deploy and powered by a unique global network of premium content that unlocks exceptional end-user value.
For more information, please visit ascenda.com.
About Uber
Uber’s mission is to create opportunity through movement. We started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? More than 49 billion trips later, we’re building products to get people closer to where they want to be. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities.
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