Global Agricultural Crop Insurance
Market Report
2024
The Global Agricultural Crop Insurance market size was USD 35198.8 million in 2022. Agricultural Crop Insurance Industry's Compound Annual Growth Rate will be 6.50% from 2023 to 2030.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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The Global Agricultural Crop Insurance market size was USD 35198.8 million in 2022. Agricultural Crop Insurance Industry's Compound Annual Growth Rate will be 6.50% from 2023 to 2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Agricultural Crop Insurance Market Sales Revenue 2022 | $ 35.2 Billion |
Global Agricultural Crop Insurance Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 6.5% |
Market Split by Coverage |
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Market Split by Distribution Channel |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Agricultural Crop Insurance Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
Agricultural Crop insurance protects against financial loss caused by a drop in the price of agricultural products and crop loss from natural disasters such as floods, fire, disease, hail, and pest infestation. Many insureds participate heavily, including farmers, ranchers, and other agricultural producers. One of the main factors fueling the market expansion is the recurrent extreme weather brought on by global warming. The widespread use of agricultural crop insurance helps lessen the financial and crop loss risks insured farmers face. The rising frequency of unfavorable meteorological conditions, such as temperature, rainfall, frost, and humidity, causes these risks. Additionally, a favorable picture for the market is being produced by implementing numerous government measures to safeguard farmers against changes in revenues, prices, and harvested crop yields.
Additionally, the market expansion is being accelerated by beneficial measures by numerous governments to assist farmers against losses brought on by crop failure globally.
The United States Department of Agriculture (USDA) is offering a premium incentive to farmers who planted cover crops during the 2022 crop year. To be included in the Pandemic Cover Crop Programme for this year, producers must declare their cover crop acreage by March 15, 2022.
(Source:www.rma.usda.gov/en/Fact-Sheets/National-Fact-Sheets/Pandemic-Cover-Crop-Program)
The increased frequency of unfavorable weather conditions is projected to fuel future agricultural crop insurance market growth. "Adverse weather" refers to hazardous weather conditions such as hurricanes, floods, blizzards, sickness, wildfires, and extremely hot or cold temperatures. Crop insurance helps lessen the suffering experienced by the insured farmers by protecting them from the risk of financial loss due to projected crop loss brought on by unfavorable weather conditions like temperature, rainfall, frost, humidity, etc.
According to the World Metrological Organization, a United Nations agency with headquarters in Switzerland and in charge of fostering global cooperation in atmospheric science, climatology, hydrology, and geophysics, there have been an average of one weather-, climate-, or water-related disaster per day over the previous 50 years, resulting in 115 fatalities and daily losses of USD 202 million in August 2021.
(Source:www.agweb.com/opinion/climate-change-driving-increase-natural-disasters)
Therefore, the market for agricultural crop insurance will be driven by the rising frequency of unfavorable weather circumstances.
The lack of consumer understanding of agricultural crop insurance is a significant barrier to market expansion. Farmers unfamiliar with crop insurance may be unable to make a claim if their yield is lowered due to adverse conditions. Small farmers are less motivated to pay the premiums because investing in high-quality seeds and fertilizer is more crucial than crop insurance. Getting loans and credit for these essentials can be challenging for small farmers. Promoting farm insurance schemes requires both non-governmental organizations (NGOs) and insurance brokers. However, some agents may behave unethically by deceiving farmers of available crop insurance choices or refusing to pay for insurance claims.
Due to widespread concern over the virus and previously unheard-of transportation restrictions that disrupt supply networks for selling crops, the COVID-19 pandemic negatively affects the agricultural crop insurance market. Additionally, the shortage of laborers for harvesting and supplying crops to the market indirectly affects the agricultural crop insurance market during the pandemic. As a result, there is less demand for crop insurance due to the difficulties encountered during crop harvesting and supply.
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Major businesses are using a variety of tactics, such as collaborations, mergers, acquisitions, and new product development, to stay one step ahead of the competition and increase their market share and income.
May 2022: With the assistance of the Asian Development Bank, the Philippines announced its first public-private collaboration on crop insurance. This move could completely transform the nation's agricultural insurance sector.
September 2020: Diversified Crop Insurance Services was purchased for an undisclosed sum by Sompo International Holdings Ltd. (SIH), a Bermuda-based specialty property/casualty insurance provider and reinsurance provider. With this acquisition, Sompo International Holdings Ltd hopes to improve its multi-peril crop insurance solutions. It will operate under the name AgriSompo North America and as a global component of the AgriSompo platform. Diversified Crop Insurance Services is a crop insurance provider with its headquarters in the US.
(Source:www.reinsurancene.ws/sompo-international-to-acquire-diversified-crop-insurance-services/)
December 2018: For the debut of an advanced agricultural analytics and decision-making tool, IBM Corporation teamed up with Hello Tractor. This tool will help farmers access pertinent information, such as weather forecasts and apply the proper fertilizer utilizing remote sensing and IoT data.
October 2018: Microsoft worked with SlantRange, Inc., a top remote sensing and analytics supplier for agriculture. A new set of potent and scalable aerial measurements and data solutions will be made available to the worldwide agriculture sector due to our collaboration.
Top Companies Market Share in Agricultural Crop Insurance Industry: (In no particular order of Rank)
If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.
According to Cognitive Market Research, North America dominated the market in 2022. The crop insurance industry in North America is anticipated to continue to develop as awareness of insurance plans and risk management strategies rises, along with other emerging economies. Further propelling the expansion of the North American market is the region's manufacturers' rising investments in technological improvements. Additionally, the US sells the majority of the world's crop insurance. Farmers and agricultural producers in the US desire to boost and keep up economic crop production by securing prestigious crop insurance coverage. Insurance companies are also improving their current offerings and training agricultural producers to guarantee that the food and fiber crops cultivated in the region are as safe as feasible for human use.
On the other hand, Asia Pacific is anticipated to be the fastest growing crop insurance market over the forecast period due to several experimental insurance programs that insurers have implemented to encourage industry development and offset the possibility of consumer loss. The need for crop insurance in this region is also being fueled by the harsh weather conditions in the area, namely in China, India, and Japan, which include floods, typhoons, and heavy rain. Furthermore, factors contributing to rapid growth include a growing emphasis on increasing agricultural productivity due to the region's rapidly growing population and rising food demand, as well as the substantial presence of significant players in its member nations.
The current report Scope analyzes Agricultural Crop Insurance Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
The above graph is for illustrative purposes only.
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Global Agricultural Crop Insurance Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Agricultural Crop Insurance Industry growth. Agricultural Crop Insurance market has been segmented with the help of its Coverage, Distribution Channel , and others. Agricultural Crop Insurance market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
According to Cognitive Market Research, multi-peril crop insurance (MPCI) covers agricultural losses brought on by various circumstances, including crop diseases, fire, insect damage, and weather-related events, including hail, frost, damaging winds, drought, and flooding. MPCI provides a combo package in addition to the risks protected by the basic crop insurance policy's loss of yield coverage.
However, because hail can destroy some of a farm's crops, crop hail insurance only covers agricultural losses brought on by hail. Therefore, the amount of the hail claim may be less than MPCI. Additionally, crop-hail insurance is available at any time or moment during the growing season.
The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Agricultural Crop Insurance Industry. Request a Free Sample PDF!
According to Cognitive Market Research, various insurance plans, policies, and services have allowed insurance companies to dominate the industry and have the highest market share.
For instance, in India, five years after the PMFBY scheme's inception, these companies have received USD 16.31 billion in premium payments and paid USD 8.73 billion in loss claims to farmers, resulting in a 31% savings.
(Source:www.air-worldwide.com/blog/posts/2021/7/india-crop-insurance-program-cup-and-cap-vs--pmfby/)
Furthermore, with local knowledge of crop insurance and competent advice, banks provide crop insurance to farmers and agricultural producers. Private and public financial institutions of all sizes, crop insurance firms offer farmers insurance coverage for crop losses resulting from various causes.
The above Graph is for representation purposes only. This chart does not depict actual Market share.
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Research Analyst at Cognitive Market Research
I am a research analyst working in various domains including the Consumer Goods domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.
Sneha Mali is a research analyst working in various domains including the Consumer Goods, market research and transport & logistics and her primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. Her knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively.Sneha stay up-to-date with the latest research trends, methodologies, and technologies to ensure that her research is accurate, relevant, and impactful.
In her current role, Sneha is committed to continuous learning and staying abreast of emerging trends in research methodologies. Regular participation in workshops, webinars, and industry conferences ensures that her skills remain sharp and relevant. She have demonstrated ability to transform complex data sets into clear and concise narratives that inform key business strategies. Collaborating with cross-functional teams.Sneha remains an invaluable asset in the dynamic landscape of market research.
The Global Agricultural Crop Insurance Market is witnessing significant growth in the near future.
In 2023, the Multi-peril Crop Insurance (MPCI) segment accounted for noticeable share of global Agricultural Crop Insurance Market and is projected to experience significant growth in the near future.
The Banks segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Agriculture Insurance Company of India Limited (AIC) , Inc. and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Please note, we have not disclose, all the sources consulted/referred during a market study due to confidentiality and paid service concern. However, rest assured that upon purchasing the service or paid report version, we will release the comprehensive list of sources along with the complete report and we also provide the data support where you can intract with the team of analysts who worked on the report.
Disclaimer:
Coverage | Multi-peril Crop Insurance (MPCI), Crop-hail Insurance |
Distribution Channel | Banks, Insurance Companies, Brokers/Agents, Others |
List of Competitors | Agriculture Insurance Company of India Limited (AIC), American Financial Group, Inc., Chub, Fairfax Financial Holdings Limited, ICICI Lombard General Insurance Company Limited, PICC, QBE Insurance Group Limited, Sompo International Holdings Ltd., Tokio Marine HCC, Zurich |
This chapter will help you gain GLOBAL Market Analysis of Agricultural Crop Insurance. Further deep in this chapter, you will be able to review Global Agricultural Crop Insurance Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
Chapter 3 Europe Market Analysis
Chapter 4 Asia Pacific Market Analysis
Chapter 5 South America Market Analysis
Chapter 6 Middle East and Africa Market Analysis
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Chapter 7 Top 10 Countries Analysis (Only Available with Corporate User License)
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Coverage Analysis 2019 -2031, will provide market size split by Coverage. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Coverage Analysis 2019 -2031
The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 11 Market Split by Distribution Channel Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Agricultural Crop Insurance market
Chapter 12 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Multi-peril Crop Insurance (MPCI) have a significant impact on Agricultural Crop Insurance market? |
What are the key factors affecting the Multi-peril Crop Insurance (MPCI) and Crop-hail Insurance of Agricultural Crop Insurance Market? |
What is the CAGR/Growth Rate of Banks during the forecast period? |
By type, which segment accounted for largest share of the global Agricultural Crop Insurance Market? |
Which region is expected to dominate the global Agricultural Crop Insurance Market within the forecast period? |
Segmentation Level Customization |
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Global level Data Customization |
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Region level Data Customization |
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Country level Data Customization |
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Company Level |
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Additional Data Analysis |
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Additional Qualitative Data |
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Additional Quantitative Data |
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Service Level Customization |
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Report Format Alteration |
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