Crop Insurance Market was valued at US$ 235 Bn. in 2021. Global Crop Insurance Market size is expected to grow at a CAGR of 5.28 % through the forecast period.
Crop Insurance Market Overview:
This MMR Crop Insurance market report’s primary goal is to define, characterise, and forecast the Crop Insurance market by product type, application, end user, and region. The reasons, restrictions, choices, and industry-specific issues are examined in this study. This Crop Insurance Market Report’s purpose is to undertake strategic research into clear growth trends, predictions, and micro market contributions to the global economy.
Market Scope:
The Crop Insurance market is predicted to expand the fastest between 2021 and 2027. A Maximize Market Research (MMR) analysis looks at import and export consumption, supply and demand, costs, prices, shares, sales volumes, revenues, and gross profits. This MMR data study looks at each company’s manufacturing units, capacity, production, factory pricing, market prices, and market share.
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Segmentation:
By Coverage Type, the global Crop Insurance market is segmented into Multi-peril Crop Insurance (MPCI) and crop-hail insurance. MPCI is a government-sponsored and regulated crop insurance program that is offered and serviced by private crop insurance companies and brokers. More than 78 % of farmers who purchase crop insurance choose MPCI. The cost of insurance and the amount an insurer will payout in the event of a loss are determined by the crop’s value. MPCI is accessible for over 120 crops, albeit not all crops are available in every geographic area. Each planting season, MPCI policies must be purchased by federal government deadlines before a crop is grown. If the damage is discovered early enough in the growing season, the policy may contain incentives to replant or penalties for failing to replant. Thus, due to various attributes offered by MPCI, it is expected to dominate the market during the projection period.
By Application, the Crop Insurance Market is divided into, Banks, Insurance Companies, Brokers/Agents and Others. Crop Insurance Market is dominated by insurance companies followed by banks and brokers, this trend is expected to continue during the projection period. For example, in India, the five years since the PMFBY scheme’s inception, these companies have received USD 16.31 Bn. in premium payments and paid USD 8.73 Bn. in loss claims to farmers, resulting in a savings of almost 31%. According to the research, the scheme benefited 72.5 million farmers between April 2016 and December 14, 2020. According to the department, farmers submitted 269.9 million crop insurance applications covering 235.4 million hectares of crops.
Key Players:
• Agriculture Insurance Co. of India Ltd.
• American Financial Group Inc.
• American International Group Inc.
• AmTrust Financial Services Inc.
• AXA Group
• Chubb Ltd.
• Groupama Assurances Mutuelles
• ICICI Bank Ltd.
• Indian Farmers Fertiliser Cooperative Ltd. (IFFCO)
• QBE Insurance Group Ltd.
• Santam Ltd.
• Sompo Holdings Inc.
• The New India Assurance Co. Ltd.
• Tokio Marine Holdings Inc.
• Zurich Insurance Co. Ltd.
• Hary Winston, Inc.
Maximize Market Research forecasts the target industry’s future growth and is well-versed in it’s Crop Insurance market position and policies in most countries. This research includes market size estimates and segment development trends, as well as qualitative and quantitative market insights.
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Regional Analysis:
The MMR Crop Insurance Market Report covers North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa. In this Crop Insurance market study, MMR focuses on the main market segments and sub segments, as well as significant industry sectors. The MMR survey investigates innovative countries in neighbourhood development based on market size, share, and quantity. Statistics cover quantity, area, revenue, the market chain system, and trends.
COVID-19 Impact Analysis on Crop Insurance Market:
The COVID-19 standard has a considerable impact on the world’s, industry’s, and workers’ expectations between 2020 and 2021. COVID-19 is a threat to society and living standards that urgently demands business assistance and innovation. COVID-19 has produced a slew of issues for expats in India. Millions of migrant workers have lost their employment, endured food shortages, and are concerned about their future as a result of the embargo.
The goal of this research is to gain a better understanding of the current economy, COVID-19, and its implications for the commercial market. COVID-19 is followed by MMR in most industries, sectors, and specialties. You can examine how COVID-19 affects industry losses and growth with Maximize Market Research Reports (MMR).
Key Questions answered in the Crop Insurance Market Report are:
- Which product segment grabbed the largest share in the Crop Insurance market?
- What is the competitive scenario of the Crop Insurance market?
- Which are the key factors aiding the Crop Insurance market growth?
- Which region holds the maximum share in the Crop Insurance market?
- What will be the CAGR of the Crop Insurance market during the forecast period?
- Which application segment emerged as the leading segment in the Crop Insurance market?
- Which are the prominent players in the Crop Insurance market?
- What key trends are likely to emerge in the Crop Insurance market in the forecast period?
- What is the expected Crop Insurance market size by 2027?
- Which company held the largest share in the Crop Insurance market?
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