The Crop Insurance Global Market Report 2023, provides comprehensive information on the crop insurance market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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The global crop insurance market size is expected to grow from $36.98 billion in 2022 to $40.53 billion in 2023 at a compound annual growth rate (CAGR) of 9.60%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global crop insurance market size is expected to reach $54.26 billion in 2027 at a CAGR of 7.57%.
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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 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
North America was the largest region in the crop insurance market in 2022.
The table of contents in TBRC’s crop insurance market report includes:
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