Overview and Scope
Crop reinsurance refers to the comprehensive yield-based policy that involves insurance companies transferring a portion of the risk associated with crop insurance policies they have underwritten to another party. This crop reinsurance protects farmers from unexpected losses in projected crop yields and compensates them by shifting parts of their risks to certain parties.
Sizing and Forecast
The crop reinsurance market size has grown strongly in recent years. It will grow from $38.83 billion in 2023 to $41.57 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to traditional farming practices and risk management needs, development of agricultural insurance and reinsurance, expansion of global agricultural production, influence of weather patterns on crop yields, growth of the reinsurance industry.
The crop reinsurance market size is expected to see strong growth in the next few years. It will grow to $53.32 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to adoption of precision farming techniques, increasing awareness of climate-related risks, integration of satellite and drone technologies for risk assessment, rise of index-based insurance solutions for crops, customization of reinsurance products for regional risks. Major trends in the forecast period include technological advancements in agriculture, collaboration between insurers and reinsurers for risk mitigation, advances in data analytics for precision risk modeling, adoption of blockchain for transparency in reinsurance transactions, iot for real-time monitoring, increased focus on social and environmental sustainability in crop reinsurance.
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Segmentation & Regional Insights
The crop reinsurance market covered in this report is segmented –
1) By Type: Crop Yield Reinsurance, Crop Price Reinsurance, Crop Revenue Reinsurance
2) By Application: Multi-Peril Crop Insurance (MPCI), Crop Hail, Livestock, Forestry
3) By Distribution Channel: Banks, Insurance Companies, Brokers And Agents, Other Distribution Channels
North America was the largest region in the crop reinsurance market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the crop reinsurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
An increase in natural disasters is expected to propel the growth of the crop reinsurance market going forward. Natural disasters refer to extreme and catastrophic events that occur in the natural environment and cause significant damage, destruction, and loss of life. These events are typically triggered by natural forces and processes rather than human intervention, such as earthquakes, floods, hurricanes, and wildfires. Crop reinsurance provides financial protection to crop insurers against losses caused by natural disasters and support to farmers or agricultural entities when their crops are damaged or destroyed due to these events. For instance, in May 2023, according to reports shared by the International Federation of Red Cross and Red Crescent Societies, a Switzerland-based humanitarian aid organization, in 2020–2021, there were 710 catastrophes brought on by natural disasters impacting over 220 million individuals and over 30,000 fatalities. Furthermore, in January 2023, according to Forbes Media LLC, a US-based media company, the US experienced 18 climate disasters that caused over $1 billion in damage and resulted in 474 fatalities in 2022. Therefore, an increase in natural disasters is driving the growth of the crop reinsurance market.
Key Industry Players
Major companies operating in the crop reinsurance market report are Munich Re Group, Swiss Reinsurance Company Ltd., Tokio Marine Holdings Inc., Chubb Group of Insurance Companies, Zurich Insurance Group Ltd., Sompo Holdings Inc., Hannover Re Group, SCOR SE, Allianz SE, Aon PLC, Everest Re Group Ltd., Axa XL, Arch Capital Group Ltd., Korean Reinsurance Co, American Financial Group Inc., PartnerRe Ltd., AXIS Capital Group, Lloyds of London, Hudson Insurance Group, MS Amlin AG, African Reinsurance Corporation, ProAg, Farmers Mutual Hail Insurance Company of Iowa, AgriLogic Insurance Services, Rain and Hail Insurance Service Inc., AgriSompo North America, National Crop Insurance Services, Gallagher Re.
The crop reinsurance market report table of contents includes:
1. Executive Summary
2. Crop Reinsurance Market Characteristics
3. Crop Reinsurance Market Trends And Strategies
4. Crop Reinsurance Market – Macro Economic Scenario
5. Global Crop Reinsurance Market Size and Growth
…..
32. Global Crop Reinsurance Market Competitive Benchmarking
33. Global Crop Reinsurance Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Crop Reinsurance Market
35. Crop Reinsurance Market Future Outlook and Potential Analysis
36. Appendix
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