Global Pandemic Insurance Industry is expected to grow at a CAGR of 20.12% over the Forecast Period, Owing to Growing Concerns Regarding Economic Impact of Pandemics, says Absolute Markets Insights. The growing concerns related to the COVID-19 outbreak has led the general population to undertake significant preventive measures. But, in cases wherein the disease has affected numerous people, the coverages in their insurance are being checked in order to comply with the pandemic requirements. Traditional insurances are observed to have little or no coverage against pandemics. This affects the effectiveness of the insurance taken by consumers. This risk is also affecting various businesses which have to limit their operations in the current conditions. Organizations have usually invested towards insuring their operations against any apparent and unforeseen risks in order to have some cashflow in such conditions.
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The detailed research study provides qualitative and quantitative analysis of pandemic insurance market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Key Findings of the Report:
- In terms of end users large enterprises are expected to adopt pandemic insurance under their risk management plans. The higher intensity of risk towards their operations due to shutdowns from pandemics can affect their decision to opt for pandemic insurance plans.
- According to payout types, parameter based or parametric payout is expected to be adopted on a larger scale over the future period. The higher adoption is observed to be due to the easier planning and relatively optimized claims process as opposed to indemnity-based insurance.
- Depending on the regions, Europe has been observed as the region with significant revenue contribution to the market. Ample presence of pandemic insurance providers across the region along with numerous organizations with awareness regarding the concept of pandemic insurance is expected to aid the growth of the market.
- Some of the players operating in the Pandemic Insurance Industry are Munich Re, MARSH LLC. amongst others.
Pandemic Insurance Market:
By End Users
- Small and Medium Sized Enterprises
- Large Enterprises
By Pay Out Type
- Indemnity Based
- Parameter Based
By Industry Verticals
- Media and Entertainment
- Travel and Hospitality
- Aviation
- Education
- Real Estate
- Food and Beverages
- Banking and Financial Services
- Others
By Geography
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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