Rise in digital initiatives for crop insurance and supportive government initiatives such as subsidies drive the growth of the global crop insurance market. However, high cost of premiums and lack of awareness among farmers hinder the market growth. On the other hand, untapped potential in emerging countries and expansion of services create new opportunities in the coming years.
According to the report, the global crop insurance industry generated $34.05 billion in 2019, and is estimated to generate $53.02 billion by 2027, registering a CAGR of 6.1% from 2020 to 2027.
Covid-19 Scenario
- The demand for crop insurance has grown during the Covid-19 pandemic due to disrupted supply chain and impact on crop revenue in major countries such as India and Brazil.
- Owing to the scarcity of laborers for harvesting and other activities, the crop production activities have been hampered, which in turn, raised the need for crop insurance.
The need for reformation of a regulatory framework to overcome challenges faced by insurers and policy adopters has arisen during the pandemic. Policymakers have focused their efforts on the reformations.
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The multiple peril crop insurance (MPCI) segment to maintain its leadership status by 2027
Based on coverage, the multiple peril crop insurance (MPCI) segment contributed to the largest share in 2019, accounting for more than two-thirds of the global crop insurance market, and is projected to maintain its leadership status during the forecast period. Moreover, this segment is estimated to witness the highest CAGR of 7.1% from 2020 to 2027. This is due to its offering of a combination product along with perils covered by the standard loss of yield coverage under the crop insurance policy. The report also analyzes the crop-hail insurance segment.
Based on distribution channel, the insurance companies segment accounted for nearly half of the global crop insurance market in 2019, and is expected to maintain its dominance during the forecast period. This is attributed to the innovative & attractive range of distribution techniques and utilization of multiple channels for distribution of its crop insurance services. However, the brokers/agents segment would witness the highest CAGR of 8.6% from 2020 to 2027. This is due to multiple options & alternatives for crop insurance provided by them.
North America to continue its lead status by 2027
Based on region, North America accounted for the largest share of more than two-fifths of the global crop insurance market in 2019, and is expected to continue its lead status by 2027. This is due to farmers & ranchers in the U.S. striving to maintain economical crop production by acquiring crop insurance coverage. However, Asia-Pacific is expected to witness the highest CAGR of 7.9% from 2020 to 2027, owing to rise in agricultural production activity and adoption of advanced technologies in the region.
Leading Market Players
- Agriculture Insurance Company of India Limited (AIC)
- American Financial Group, Inc.
- Chubb
- Fairfax Financial Holdings Limited
- ICICI Lombard General Insurance Company Limited
- PICC
- QBE Insurance Group Limited
- Sompo International Holdings Ltd
- Tokio Marine HCC
Another study, titled , offers experts and surveys written taking into account the degree of momentum and future in-and-out market assessments, product specifications, showcase pattern item type pivot points, and more.
Facts and figures, a portion of the import industry as a whole made from the provision of this report, as well as the rate of development of each type and application, gross profit, and key variables heading towards the market.
It also conducts assessments in and out of the crop insurance market using a SWOT study of Porter's five forces such as quality, weaknesses, opportunities, and threats to the business.The report registers the essential subtleties of the industry, mainly relying on the basic diagram of the crop insurance market chain structure, and shows the industry-wide speculative investigation, production cost structure industry, the development of the market through the industrial environment upstream and downstream strategies, plans, improvement key Players drive the selection of key businesses and logically anticipate the prospects for improvement businesses, based on historical, current and estimated information specific to agricultural crop insurance touted in 2019 – 2025.Request a sample copy of this report at the following URL:https://www.researchforetell.com/reports/114696/agricultural-crop-insurance-market—global-outlook-and-forecast-2021-2027 / requestGlobal Crop Insurance Market Represents Market Review, Upstream, Technology, Cost Structure.
The following section presents a showcase of the global Agricultural Insurance by major players, by application and type.
As well as local market revenues, trading and competitive structure studies of the agricultural crop insurance industry by agricultural crop insurance being touted by prominent major players are included.
Likewise, it consists of an investigation of the application situation of the global crop insurance industry, an industry SWOT analysis, market demand forecasting, production and sales of regional markets, and future conjecture research.
Crop InsurancePradhan Mantri Fasal Bima Yojana: A scheme that provides Insurance coverage to all farmers for their crops as notified by the State Government.
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