Global Crop Insurance Market to Reach US$ 69.9 Billion by 2032, Stimulated by Changing Environment Conditions

July 24, 2023 | BFSI

According to the latest report by IMARC Group, titled “Crop Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” the global crop insurance market size reached US$ 43.7 Billion in 2023. Crop insurance refers to a risk management tool designed to protect farmers and agricultural businesses from financial losses resulting from crop damage or failure. It provides a safety net for farmers by offering compensation for losses caused by various perils, including adverse weather conditions, natural disasters, pests, diseases, and other unforeseen events that can significantly impact crop production. Crop insurance policies are typically purchased before the planting season and cover the crops throughout their growth cycle until harvest. Additionally, the coverage amount is determined based on factors, such as crop type, historical yields, and market prices. It plays a crucial role in mitigating the inherent risks and uncertainties faced by farmers, who are highly dependent on weather patterns and other external factors beyond their control. Moreover, crop insurance acts as a crucial tool in safeguarding the interests of farmers, promoting agricultural stability, and ensuring food security for communities and nations.


Global Crop Insurance Market Trends:

The global crop insurance market is witnessing robust growth, driven by the increasing occurrence and intensity of extreme weather events across the globe. Climate change has led to more frequent and severe droughts, floods, heat waves, and storms, posing significant risks to agricultural production. In this scenario, crop insurance plays a critical role in helping farmers recover from losses caused by these climate-related events and adapt to the changing environment. Along with this, the growing global population and the consequent rise in food demand are exerting immense pressure on farmers to enhance their productivity and crop yields. To meet this demand, farmers are increasingly adopting modern agricultural practices, advanced technologies, and genetically modified crops. Additionally, crop insurance provides farmers with the necessary support and financial protection, enabling them to invest confidently in modern farming techniques and technologies, which is positively influencing the demand. In addition, government support and policies are significant contributors to the expansion of the market. Recognizing the crucial role of agriculture in ensuring food security and economic stability, governments have implemented favorable regulations and initiatives to promote crop insurance adoption. Many governments provide subsidies, premium support, and risk-sharing programs to make crop insurance affordable and accessible to farmers, thereby impacting the market favorably. Apart from this, continual innovations in remote sensing, satellite imagery, and data analytics enable more accurate assessment of crop conditions, yield predictions, and damage assessments. Furthermore, digital platforms and mobile applications facilitating easier policy purchase, claims filing, and communication between farmers and insurers are creating a positive market outlook. Looking forward, the market value is projected to reach US$ 69.9 Billion by 2032, expanding at a CAGR of 5.1% during 2024-2032.


Market Summary:

  • Based on the coverage, the market has been segmented into multi-peril crop insurance (MPCI) and crop-hail insurance.
  • On the basis of the distribution channel, the market has been segregated into banks, insurance companies, brokers and agents, and others.
  • Region-wise, the market has been segmented into 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.
  • The competitive landscape of the market has also been examined, with some 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 Scope:

Report Features Details
Base Year of the Analysis 2023
 Historical Period 2018-2023
Forecast Period 2024-2032
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
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Global Crop Insurance Market to Reach US$ 69.9 Billion by 2032, Stimulated by Changing Environment Conditions
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