The Crop Insurance by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Crop Insurance , The crop insurance market size has grown strongly in recent years. It will grow from $40.05 billion in 2023 to $43.49 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to volatility in weather patterns, government support programs, globalization of agriculture, market liberalization, financial sector participation, natural disasters and catastrophes.
The crop insurance market size is expected to see strong growth in the next few years. It will grow to $60.66 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to climate-resilient crop varieties, education and awareness programs, market-driven insurance solutions, data analytics and remote sensing, index-based insurance. Major trends in the forecast period include technological integration, blockchain for transparency, integration with agtech solutions, customization and flexibility, data analytics for predictive modeling, innovative premium payment models.
The increasing incidence of adverse weather conditions is expected to propel the growth of the crop insurance market going forward. Adverse weather refers to hazardous weather conditions, such as hurricanes, floods, blizzards, disease, wildfires, and extremely hot or extremely cold temperatures. Crop insurance helps to lessen the hardship of the insured farmers by protecting them against the possibility of financial loss due to predicted crop loss brought on by the occurrence of an unfavourable weather conditions such as rainfall, temperature, frost, humidity, etc. For instance, in August 2021, according to the World Metrological Organization, a Switzerland-based agency of the United Nations responsible for promoting international cooperation on atmospheric science, climatology, hydrology, and geophysics, over the previous 50 years, there has been an average of one weather, climate, or water-related disaster per day, with 115 fatalities and daily losses of $ 202 million. Therefore, the increasing incidence of adverse weather conditions will drive the crop insurance market.
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The crop insurance market covered in this report is segmented –
1) By Type: Crop Yield Insurance, Crop Revenue Insurance
2) By Coverage: Multi-Peril Crop Insurance (MPCI), Crop-Hail Insurance
3) By Distribution Channel: Banks, Insurance Companies, Brokers Or Agents, Other Distribution Channels
Top Major Players:
- Agriculture Insurance Company of India Limited
- American Financial Group Inc.
- Chubb Corporation
- ICICI Lombard General Insurance Company Limited
- QBE Insurance Group Limited
North America was the largest region in the crop insurance market in 2023.
Product innovation has emerged as the major trend gaining popularity in the crop insurance market. Major companies operating in the factoring market are focused on innovative solutions to sustain their position in the market. For instance, in October 2022, HDFC ERGO General Insurance Company Ltd., an India-based financial service provider, launched a technology-backed farm yield insurance policy for farmers. It’s a first-of-its-kind insurance solution that provides coverage at the farm level using a satellite-based index based on satellite-based data and gives thorough coverage across the whole crop life cycle, from planting to harvesting. In a press statement, the business stated. The product is valid for food, oilseed, commercial, or horticultural crops and is intended for farmers under corporate/farm input company (FIC) contracts.
The crop insurance market report table of contents includes:
1. Executive Summary
2. Crop Insurance Market Characteristics
3 Crop Insurance Market Trends And Strategies
4. Crop Insurance Market – Macro Economic Scenario
5. Global Crop Insurance Market Size and Growth
…….
26. Global Crop Insurance Market Competitive Benchmarking
27. Global Crop Insurance Market Competitive Dashboard
28. Key Mergers and Acquisitions In Crop Insurance Market
29. Crop Insurance Market Future Outlook and Potential Analysis
30. Appendix
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