Crop Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Crop Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A6372
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Market Overview:

The global crop insurance market size reached US$ 40.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 66.6 Billion by 2028, exhibiting a growth rate (CAGR) of 5.9% during 2023-2028.

Crop insurance is a comprehensive yield-based policy that protects agriculturists against financial losses due to uncertainties arising from crop failures or unforeseen perils beyond their control. It pays for expenses related to crop damage resulting due to local calamities, such as drought, hail, disease and wildlife, floods, fire, and pests. Crop insurance also covers risks related to sowing and planting, loss to the standing and post-harvest crop, price fluctuations in the agricultural market, and reduction in crop yield, thus, affecting the income of farmers. It involves massive participation by a diverse group of insureds, including farmers and ranchers.

Global Crop Insurance Market

Crop Insurance Market Trends:

Frequent extreme weather conditions due to global warming represent one of the key factors driving the market growth. Crop insurance is widely adopted to mitigate the hardship of insured farmers against the likelihood of financial and crop loss due to the increasing incidence of adverse weather conditions, such as rainfall, temperature, frost, and humidity. Additionally, the implementation of various government initiatives toward protecting farmers against fluctuations in revenues, prices, and yields of the harvested crops is creating a positive outlook for the market. Apart from this, rapid technological advancements, such as the introduction of satellites and drones, and the integration of the Internet of Things (IoT), artificial intelligence (AI), and mobile applications, are providing a thrust to the market growth. Such digital innovations assist in predicting the weather, detecting diseased crops, and storing data related to crops and micro-level information of land for harvesting crops. In line with this, the utilization of remote-sensing and advanced technologies helps reduce several uncertain risks and boosts the effectiveness, which, in turn, is positively influencing the market growth. Other factors, including the increasing need for food security, significant growth in the agriculture industry, and widespread product adoption to promote agricultural financial stability through enhanced farmer awareness, are supporting the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global crop insurance market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on coverage and distribution channel.

Breakup by Coverage:

  • Multi-Peril Crop Insurance (MPCI)
  • Crop-Hail Insurance
     

Breakup by Distribution Channel:

  • Banks
  • Insurance Companies
  • Brokers and Agents
  • Others
     

Breakup by Region:

  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Agriculture Insurance Company of India Limited, Axa S.A., Chubb Limited, Great American Insurance Company (American Financial Group Inc.), ICICI Lombard General Insurance Company Limited (ICICI Bank Limited), Philippine Crop Insurance Corporation, QBE Insurance Group, Santam (Sanlam), Sompo International Holdings Ltd (Sompo Holdings Inc.), Tokio Marine HCC and Zurich American Insurance Company.

Report Coverage:

Report Features Details
Base Year of the Analysis 2022
 Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Segment Coverage Coverage, Distribution Channel, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Agriculture Insurance Company of India Limited, Axa S.A., Chubb Limited, Great American Insurance Company (American Financial Group Inc.), ICICI Lombard General Insurance Company Limited (ICICI Bank Limited), Philippine Crop Insurance Corporation, QBE Insurance Group, Santam (Sanlam), Sompo International Holdings Ltd (Sompo Holdings Inc.), Tokio Marine HCC and Zurich American Insurance Company
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report

The global crop insurance market was valued at US$ 40.7 Billion in 2022.

We expect the global crop insurance market to exhibit a CAGR of 5.9% during 2023-2028.

The rising need for food security, along with the widespread adoption of crop insurance that covers risks related to price fluctuations in the agricultural industry, is primarily driving the global crop insurance market.

The sudden outbreak of the COVID-19 pandemic has led to the growing demand for crop insurance to mitigate the hardships of insured farmers against the financial loss, owing to the non-availability of skilled labor during the lockdown scenario.

Based on the coverage, the global crop insurance market can be bifurcated into Multi-Peril Crop Insurance (MPCI) and crop-hail insurance. Currently, Multi-Peril Crop Insurance (MPCI) holds the largest market share.

On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.

Some of the major players in the global crop insurance market include Agriculture Insurance Company of India Limited, Axa S.A., Chubb Limited, Great American Insurance Company (American Financial Group Inc.), ICICI Lombard General Insurance Company Limited (ICICI Bank Limited), Philippine Crop Insurance Corporation, QBE Insurance Group, Santam (Sanlam), Sompo International Holdings Ltd (Sompo Holdings Inc.), Tokio Marine HCC, and Zurich American Insurance Company.

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Crop Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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