What is Business Catastrophe Insurance Market?
Business Catastrophe Insurance is insurance that protects businesses against natural disasters such as earthquakes, floods, and hurricanes, and against human-made disasters such as a riot or terrorist attack. It is different from other types of insurance from a business standpoint, as well. Catastrophe insurance is a kind of insurance that protects business commercial sectors against natural disasters like floods and hurricanes, earthquakes, and man-made adversities such as terrorist attacks. Besides human fatalities, natural catastrophes also cause significant financial losses. This type of insurance is generally excluded from standard hazard insurance policies owing to its low-probability. Insurers adapt to uncertain catastrophic risks by increasing their insurance rates, which in turn leads to lower loss ratios post-catastrophic events. Catastrophic losses due to natural disasters are very problematic and complicated from an insurance standpoint.
The market study is being classified by Type (Commercial Property Insurance and Commercial Health Insurance), by Application (Large Corporations, Small and Medium-Sized Companies and Personal) and major geographies with country level break-up.
Allianz (Germany), Zurich Insurance (Switzerland), Allstate(United States), Tokio Marine(United States), Assurant(United States), Chubb Limited(United States), PICC (United States), Sompo Japan Nipponkoa(Japan) and People's Insurance Company of China (China) are some of the key players profiled in the study.
The companies are exploring the market by adopting expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to gain a competitive advantage through combined collaborations. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Business Catastrophe Insurance market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Business Catastrophe Insurance market by Type, Application and Region.
On the basis of geography, the market of Business Catastrophe Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Increased Incidences of Natural Disasters
- Increased Awareness among People
Restraints
- Long Claim Settlement Procedures
Opportunities
- Development in New Accounting Standards and Regulation
Challenges
- Lack of awareness among the people
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Catastrophe Insurance Providers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End-Use Industry