Crop Insurance Market Report by Coverage (Multi-Peril Crop Insurance (MPCI), Crop-Hail Insurance), Distribution Channel (Banks, Insurance Companies, Brokers and Agents, and Others), and Region 2024-2032

Crop Insurance Market Report by Coverage (Multi-Peril Crop Insurance (MPCI), Crop-Hail Insurance), Distribution Channel (Banks, Insurance Companies, Brokers and Agents, and Others), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A6372
Buy Now

Market Overview:

The global crop insurance market size reached US$ 43.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 69.9 Billion by 2032, exhibiting a growth rate (CAGR) of 5.1% during 2024-2032. The rising frequency of extreme weather events, such as droughts, floods, and storms, increasing international trade of agricultural products, and the growing introduction of mobile applications are some of the major factors propelling the market.

Report Attribute 
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 43.7 Billion
Market Forecast in 2032
US$ 69.9 Billion
Market Growth Rate (2024-2032) 5.1%


Crop insurance is a risk management tool designed to safeguard agricultural producers against financial losses caused by various perils. It involves a contractual agreement between farmers and insurance providers, wherein farmers pay a premium in exchange for coverage against potential losses due to factors like adverse weather conditions, pests, diseases, and other unforeseen events. It relies on a predetermined premium structure with costs influenced by factors like coverage level, crop type and historical yield data. It enhances the resilience of farmers and contributes to food security by ensuring a stable supply of crops. Additionally, crop insurance involves indemnity payments to compensate policyholders in case of covered losses, which helps alleviate financial strain.

Global Crop Insurance Market

Rapid urbanization, altered land use patterns and the increasing exposure to new risks are positively influencing the market. Additionally, the evolving preferences of individuals for diverse and high-quality produce are encouraging farmers to invest in crop insurance to ensure consistent supply and quality. Apart from this, the rising international trade of agricultural products is driving the need for risk protection against potential disruptions, which, in turn, is catalyzing the demand for crop insurance. Furthermore, advancements in reinsurance techniques are allowing insurers to manage their own risk exposure more effectively and support the expansion of crop insurance offerings. Moreover, the rising awareness among farmers about the benefits of availing crop insurance is favoring the market growth.

Crop Insurance Market Trends/Drivers:

Increasing climate volatility and uncertainties

The rising frequency of extreme weather events, such as droughts, floods, and storms, are resulting in higher risks of agricultural yield, which, in turn, is catalyzing the demand for crop insurance. Additionally, the increasing susceptibility of crops to diseases and pests due to changing climate patterns is driving the demand for risk mitigation measures. Along with this, the rising awareness among farmers about the climate change impacts on agriculture is encouraging them to seek protection against yield uncertainties. Apart from this, the unpredictable rainfall patterns are impacting planting and harvesting seasons and elevating the need for financial protection against yield losses.

Technological advancements in agricultural practices

The increasing adoption of modern farming techniques like precision planting and data-driven practices is driving the need for innovative insurance solutions tailored to specific farm needs. Additionally, the rising use of advanced technologies is enabling accurate crop monitoring and allowing insurers to assess losses quickly and efficiently. Apart from this, the development of disease identification technology is enabling insurers to get timely compensation for disease-related losses. Furthermore, the integration of satellite data to track crop health and weather conditions is facilitating precise damage assessment and claims processing. Moreover, the introduction of mobile applications aids in simplifying insurance enrollment, claims submission, and communication between insurers and farmers.

Government support and agricultural policy initiatives

The governing authorities and the regulatory bodies of various countries are undertaking various initiatives to increase awareness among farmers about the benefits of crop insurance policies. They are also offering premium subsidies to encourage participation in crop insurance programs. Additionally, they are streamlining regulatory frameworks to attract new insurers and enhance competition and innovation in crop insurance policies and claim processing. Along with this, they are continuously focusing on making crop insurance more accessible to farmers across diverse socio-economic backgrounds. Moreover, strategic collaborations between government agencies and insurers are facilitating data sharing and enabling accurate assessments and streamlined claims processing.

Crop Insurance Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global crop insurance market report, along with forecasts at the global, regional and country levels from 2024-2032. Our report has categorized the market based on coverage and distribution channel.

Breakup by Coverage:

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

Multi-peril crop insurance dominates the market

The report has provided a detailed breakup and analysis of the market based on the coverage. This includes multi-peril crop insurance (MPCI) and crop-hail insurance. According to the report, multi-peril crop insurance holds the majority of the market share as it offers protection against a wide range of perils, including adverse weather, pests, diseases, and other unforeseen events. Additionally, this comprehensive coverage resonates with farmers seeking a holistic risk management solution. Apart from this, it minimizes the financial impact of crop losses caused by unpredictable events and aids in promoting financial stability among farmers and supporting sustainable farming practices. Moreover, it simplifies the claims process by covering a spectrum of risks under a single policy and reduces administrative complexities for insurers and farmers. Furthermore, multi-peril crop insurance programs receive support and subsidies from government agencies.

Breakup by Distribution Channel:

  • Banks
  • Insurance Companies
  • Brokers and Agents
  • Others
     

A detailed breakup and analysis of the market based on the distribution channel has also been provided in the report. This includes banks, insurance companies, brokers and agents, and others.

Banks offer crop insurance as an integrated part of their financial services portfolio. Additionally, banks promote insurance options during loan application processes by leveraging their existing relationships with farmers. Apart from this, banks provide a seamless way for farmers to secure insurance while managing their financial needs.

Direct interaction with insurance companies allows farmers to customize coverage based on their specific needs. Insurance companies offer a range of policies catering to different crop types and risks. Additionally, insurance companies empower farmers to choose tailored solutions and ensure their protection aligns closely with their farming practices and risk exposure.

Insurance brokers act as intermediaries between farmers and insurers, offering expert advice on policy selection and coverage nuances. Brokers have an in-depth understanding of various insurance offerings, enabling them to guide farmers in making informed decisions. Apart from this, agents offer personalized consultations, clarify doubts, and facilitate policy enrollment. They also bridge the gap between insurers and farmers, which makes insurance options more accessible and comprehensible within local contexts.

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
     

North America exhibits a clear dominance, accounting for the largest crop insurance market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America accounted for the largest market share.

North America held the biggest market share since the region has well-established financial institutions that facilitate seamless integration of crop insurance into financial planning and ensure ease of access. Additionally, the presence of a competitive private insurance sector alongside government programs enhances choices for farmers and promotes innovation and tailored coverage options. Apart from this, the agricultural heritage of the region cultivates an ingrained understanding of risk management in farming, further driving the demand for crop insurance to protect livelihoods. Furthermore, robust government-backed programs, like the Federal Crop Insurance Corporation (FCIC) in the U.S., provide substantial subsidies and incentives to farmers . This proactive support encourages high adoption rates among North American farmers.

Competitive Landscape:

Leading companies are conducting workshops, webinars, and informational campaigns to educate farmers about the benefits and intricacies of crop insurance, which is empowering farmers to make informed decisions about their risk management strategies. Additionally, many insurers are working on climate-resilient insurance offerings that address the evolving risks associated with changing weather patterns and extreme events. Apart from this, many companies are offering user-friendly digital platforms for policy enrollment, claims submission, and communication to enhance the overall customer experience and make insurance processes more accessible and efficient for farmers. Furthermore, they are utilizing data analytics to create more precise risk assessment models and attract a wider consumer base.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the 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
  • Zurich American Insurance Company

Recent Developments:

  • In May 2022, Zurich American Insurance Company announced that its crop insurance business – Rural Community Insurance Services (RCIS) – has added Climate FieldView™ to its list of precision agriculture providers available to RCIS customers.
  • In November 2022, Chubb Ltd. announced it has received regulatory approval from the China Banking and Insurance Regulatory Commission to increase the company’s ownership in Huatai Insurance Group Co. Ltd. from 47.3% to 83.2%.

Crop Insurance Market Report Scope:

Report Features Details
Base Year of the Analysis 2023
 Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Scope of the Report Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
  • Coverage
  • Distribution Channel
  • Region
Coverages Covered Multi-Peril Crop Insurance (MPCI), Crop-Hail Insurance
Distribution Channels Covered Banks, Insurance Companies, Brokers and Agents, Others
Regions 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, Zurich American Insurance Company etc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
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 Benefits for Stakeholders:

  • IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the orthodontic consumables market from 2018-2032.
  • The research report provides the latest information on the market drivers, challenges, and opportunities in the global crop insurance market.
  • The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
  • Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the crop insurance industry and its attractiveness.
  • Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

Key Questions Answered in This Report

The global crop insurance market was valued at US$ 43.7 Billion in 2023.

We expect the global crop insurance market to exhibit a CAGR of 5.1% during 2024-2032.

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.

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Crop Insurance Market Report by Coverage (Multi-Peril Crop Insurance (MPCI), Crop-Hail Insurance), Distribution Channel (Banks, Insurance Companies, Brokers and Agents, and Others), and Region 2024-2032
Purchase options




Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us
UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-713-2163

Email: sales@imarcgroup.com

Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More
KRISHAK BHARTI CO-OP LTD

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More
Stax

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More