Agriculture Reinsurance Market Report 2024 (Global Edition)

Global Agriculture Reinsurance Market Report 2024 Market Size Split by Policy Type (Property Reinsurance, Liability Reinsurance, Crop Reinsurance, Weather Reinsurance), by Distribution Channel (Direct...

Agriculture Reinsurance Market Report Description

We have various report editions of Agriculture Reinsurance Market, hence please contact our sales team and author directly to obtain/purchase a desired Edition eg, Global Edition, Regional Edition, Country Specific Report Edition, Company Profiles, Forecast Edition, etc. Request for your Free Sample PDF/Online Access.

Agriculture Reinsurance Market Insights Video

Competitive Landscape of the Agriculture Reinsurance Market

In the agriculture reinsurance market's competitive landscape, numerous key competitors are driving innovation and growth. Key players in the agriculture reinsurance market adopt various strategies, including diversifying product offerings, leveraging advanced data analytics for risk assessment, forming strategic partnerships with insurers, and investing in innovative technologies.

Top Companies Market Share in Agriculture Reinsurance Industry: (In no particular order of Rank)

• Munich Re
• Swiss Re
• Hannover Re
• PartnerRe
• Scor Re
• Everest Re
• Polish Re
• Hamilton Re
• Sompo International
• Toa Re
• Confidential Data
• Access The Paid Version
• Data Hidden

*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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.

Regional Analysis of the Agriculture Reinsurance Market

Which Region Dominates the Agriculture Reinsurance Market in 2024?

According to Cognitive Market Research, North America currently dominates the agriculture reinsurance market, and the region is expected to have significant growth during the projected period. This is due to the region's increasing climate-related risks, such as extreme weather events, which heighten the demand for risk management solutions. Additionally, the adoption of technology in agriculture and supportive government policies enhance awareness and uptake of reinsurance products among farmers and insurers.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR). This is due to rising awareness of risk management, government support for farmers, and the growing impact of climate change. Additionally, advancements in technology and data analytics enhance risk assessment, promoting the uptake of reinsurance solutions among agricultural insurers and farmers.

The current report Scope analyzes Agriculture Reinsurance 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

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Agriculture Reinsurance

According to Cognitive Market Research, the global agriculture reinsurance market size was estimated at USD 16245.5 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 6498.20 million in 2024 and will grow at a compound annual growth rate (CAGR) of 12.2% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the agriculture reinsurance market with a market size of USD 5127.08 million in 2024 and is projected to grow at a CAGR of 12.0% during the forecast period. The US market's strong government support.
• The Canada agriculture reinsurance market had a market share of USD 779.78 million in 2024 and is projected to grow at a CAGR of 13.0% during the forecast period. Canada’s development of various technologies.
• The Mexico agriculture reinsurance market is projected to witness growth at a CAGR of 12.7% during the forecast period, with a market size of USD 591.34 million in 2024.

Europe Agriculture Reinsurance

According to Cognitive Market Research, the global agriculture reinsurance market size was estimated at USD 16245.5 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 4873.65 million in 2024 and will grow at a compound annual growth rate (CAGR) of 12.5% from 2024 to 2031.

• The United Kingdom agriculture reinsurance market had a market share of USD 818.77 million in 2024 and is projected to grow at a CAGR of 13.3% during the forecast period. In the UK, agriculture reinsurance sales witness an upswing due to the advancements in technology.
• The France agriculture reinsurance market is projected to witness growth at a CAGR of 11.7% during the forecast period, with a market size of USD 448.38 million in 2024.
• According to Cognitive Market Research, the German agriculture reinsurance market size was valued at USD 964.98 million in 2024 and is projected to grow at a CAGR of 12.7% during the forecast period. In Germany, agriculture reinsurance surged due to the increased focus on the major market players.
• The Italy agriculture reinsurance market is projected to witness growth at a CAGR of 11.9% during the forecast period, with a market size of USD 419.13 million in 2024.
• The Russia agriculture reinsurance market is projected to witness growth at a CAGR of 11.5% during the forecast period, with a market size of USD 755.42 million in 2024.
• The Spain agriculture reinsurance market is projected to witness growth at a CAGR of 11.6% during the forecast period with a market size of USD 399.64million in 2024
• The Luxembourg agriculture reinsurance market is projected to witness growth at a CAGR of 12.6% during the forecast period, with a market size of USD 151.08 million in 2024.
• The Portugal agriculture reinsurance market is projected to witness growth at a CAGR of 12.3% during the forecast period, with a market size of USD 102.35 million in 2024.
• The Greece agriculture reinsurance market is projected to witness growth at a CAGR of 12.8% during the forecast period, with a market size of USD 58.48 million in 2024.
• The Rest of Europe's agriculture reinsurance market is projected to witness growth at a CAGR of 11.2% during the forecast period, with a market size of USD 755.42 million in 2024.

Asia Pacific Agriculture Reinsurance

According to Cognitive Market Research, the global agriculture reinsurance market size was estimated at USD 16245.5 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 3736.47 million in 2024 and will grow at a compound annual growth rate (CAGR) of 16.0% from 2024 to 2031.

• According to Cognitive Market Research, the China agriculture reinsurance market size was valued at USD 1681.41 million in 2024 and is projected to grow at a CAGR of 15.5% during the forecast period. Agriculture reinsurance surged in China due to the increased focus of the major market players.
• The Japan agriculture reinsurance market is projected to witness growth at a CAGR of 14.5% during the forecast period, with a market size of USD 515.63 million in 2024.
• The India agriculture reinsurance market had a market share of USD 448.38 million in 2024 and is projected to grow at a CAGR of 17.8% during the forecast period. India's rising climate-related risks.
• The South Korean agriculture reinsurance market is projected to witness growth at a CAGR of 15.1% during the forecast period, with a market size of USD 373.65 million in 2024.
• The Australian agriculture reinsurance market is projected to witness growth at a CAGR of 15.7% during the forecast period, with a market size of USD 194.30 million in 2024.
• The South East Asia agriculture reinsurance market is projected to witness growth at a CAGR of 17.0% during the forecast period, with a market size of USD 257.82 million in 2024.
• The Rest of Asia Pacific agriculture reinsurance market is projected to witness growth at a CAGR of 15.8% during the forecast period, with a market size of USD 265.29 million in 2024.

South America Agriculture Reinsurance

According to Cognitive Market Research, the global agriculture reinsurance market size was estimated at USD 16245.5 Million, out of which Latin America held the market share of around 5% of the global revenue with a market size of USD 812.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 13.4% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil agriculture reinsurance market size was valued at USD 347.65 million in 2024 and is projected to grow at a CAGR of 14.0% during the forecast period. Agriculture reinsurance flourished in Brazil due to the rising need for financial protection against natural disasters.
• Argentina's agriculture reinsurance market had a market share of USD 136.46 million in 2024 and is projected to grow at a CAGR of 14.3% during the forecast period. Argentina's increasing climate variability.
• Colombia agriculture reinsurance market is projected to witness growth at a CAGR of 13.2% during the forecast period, with a market size of USD 72.29 million in 2024.
• Peru agriculture reinsurance market is projected to witness growth at a CAGR of 13.6% during the forecast period, with a market size of USD 66.61 million in 2024.
• Chile agriculture reinsurance market is projected to witness growth at a CAGR of 13.7% during the forecast period, with a market size of USD 58.48 million in 2024.
• The Rest of Latin America's agriculture reinsurance market is projected to witness growth at a CAGR of 12.5% during the forecast period, with a market size of USD 130.78 million in 2024.

Middle East and Africa Agriculture Reinsurance

According to Cognitive Market Research, the global agriculture reinsurance market size was estimated at USD 16245.5 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 324.91 million in 2024 and will grow at a compound annual growth rate (CAGR) of 13.7% from 2024 to 2031.

• The GCC Countries' agriculture reinsurance market is projected to witness growth at a CAGR of 14.5% during the forecast period, with a market size of USD 139.06 million in 2024. Agriculture reinsurance sales flourish due to the presence of major market players.
• The Egypt agriculture reinsurance market is projected to witness growth at a CAGR of 14.0% during the forecast period, with a market size of USD 34.12 million in 2024.
• The South Africa agriculture reinsurance market is projected to witness growth at a CAGR of 14.7% during the forecast period, with a market size of USD 51.34 million in 2024. Agriculture reinsurance sales flourished in South Africa due to increasing awareness of climate risks.
• The Turkey agriculture reinsurance market is projected to witness growth at a CAGR of 13.2% during the forecast period, with a market size of USD 27.94 million in 2024.
• The Nigeria agriculture reinsurance market is projected to witness growth at a CAGR of 12.8% during the forecast period, with a market size of USD 34.12 million in 2024.
• The Rest of the MEA agriculture reinsurance market is projected to witness growth at a CAGR of 12.7% during the forecast period, with a market size of USD 38.34 million in 2024.

Agriculture Reinsurance Market Analysis

Agriculture Reinsurance Market Policy Type Segment Analysis

According to Cognitive Market Research, the weather reinsurance segment holds the largest share of the market due to increasing climate variability, heightened natural disaster risks, and a growing demand for crop protection. Additionally, advancements in technology for risk assessment and the need for sustainable agricultural practices further propel these markets, ensuring financial stability for insurers and farmers alike.

In the agriculture reinsurance market, crop reinsurance has been expanding at a rapid pace due to supportive government policies and the rising adoption of insurance products among farmers to enhance market growth, providing essential protection against unpredictable agricultural losses.

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 Agriculture Reinsurance Industry. Request a Free Sample PDF!

Agriculture Reinsurance Market Distribution Channel Segment Analysis

According to Cognitive Market Research, the direct sales segment holds the largest share of the market due to the growing demand for direct sales channels, enhancing accessibility and understanding of insurance products for farmers. Increased awareness of risk management solutions and the need for financial protection against climate-related losses further propel the market, facilitating tailored coverage and improved farmer support.

In the agriculture reinsurance market, brokers have been expanding at a rapid pace due to the growing need for risk management amid climate change, increasing agricultural production demands, and advancements in technology, enhancing risk evaluation and premium pricing.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Agriculture Reinsurance Product Type Segment Analysis

Agriculture Reinsurance Market Product Type Segment Analysis

According to Cognitive Market Research, the facultative reinsurance segment holds the largest share of the market due to the rising climate-related risks, the need for tailored coverage solutions, increasing awareness of risk management among farmers, and growing demand for agricultural production stability amid global market fluctuations.

In the agriculture reinsurance market, treaty reinsurance has been expanding at a rapid pace due to increasing climate-related risks, rising demand for sustainable agriculture, government support for crop insurance, and growing awareness of risk management solutions among farmers and agricultural stakeholders.

• Catastrophic Reinsurance
• Facultative Reinsurance
• Treaty Reinsurance
• Proportional Reinsurance
• Excess of Loss Reinsurance

Agriculture Reinsurance Application Segment Analysis

Agriculture Reinsurance Market Application Segment Analysis

According to Cognitive Market Research, the agriculture crops segment holds the largest share of the market due to the rising demand for food security, climate change resilience, and advanced agricultural technologies. Enhanced risk management solutions and government support for sustainable farming practices boost reinsurance uptake, ensuring financial protection for farmers against unpredictable weather and market fluctuations.

In the agriculture reinsurance market, machinery has been expanding at a rapid pace due to increased agricultural mechanization, climate change resilience efforts, rising crop insurance demands, technological advancements in farming equipment, and a growing need for risk management solutions amid unpredictable weather patterns and market fluctuations.

• Agriculture Crops
• Livestock
• Machinery

Author's Detail

Sneha Mali

Research Analyst at Cognitive Market Research

LinkedIn

Profile

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.

Author's Conclusion