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.
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:
- Insurance Companies
- Brokers and Agents
Breakup by Region:
- North America
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
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.
|Base Year of the Analysis
| Historical Period
||Coverage, Distribution Channel, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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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