Agriculture Reinsurance Market by Crop Insurance Type (Crop Price Reinsurance, Crop Revenue Reinsurance, Crop Yield Reinsurance), Product (Aquaculture Insurance, Bloodstock Insurance, Forestry Insurance), Type - Global Forecast 2024-2030
Description
Agriculture Reinsurance Market by Crop Insurance Type (Crop Price Reinsurance, Crop Revenue Reinsurance, Crop Yield Reinsurance), Product (Aquaculture Insurance, Bloodstock Insurance, Forestry Insurance), Type - Global Forecast 2024-2030
The Agriculture Reinsurance Market size was estimated at USD 17.53 billion in 2023 and expected to reach USD 19.92 billion in 2024, at a CAGR 13.73% to reach USD 43.15 billion by 2030.
Agriculture reinsurance refers to the risk management practice where an insurance business transfers a portion of its agricultural insurance liabilities to a reinsurance company. This transaction helps the primary insurer mitigate the risk of large claims or catastrophic events arising from agricultural uncertainties such as natural disasters, disease outbreaks in livestock, or significant price volatility in agricultural commodities. Reinsurance arrangements in agriculture help insurers stabilize their financial performance, manage their risk exposure, and maintain solvency while offering comprehensive coverage to farmers and agribusinesses. The elevating frequency of extreme weather events is driving demand for reinsurance services. In addition, subsidies and support programs for agriculture insurance make reinsurance more accessible to insurers. However, the multifaceted nature of agricultural risks makes policy design and risk transfer challenging for providers of agriculture reinsurance. In addition, seasonal variations and cyclic prices affect the predictability and stability of the agriculture reinsurance market. Nevertheless, developing advanced models to assess and predict climate-related risks with greater accuracy and creating customized reinsurance products for niche markets within agriculture are expanding the usage of agriculture reinsurance solutions.
Regional Insights
The Asia Pacific agricultural sector is characterized by a high reliance on agriculture with a strong need for insurance products tailored to small-scale farmers, who require protection against crop failures due to extreme weather events. The significant investments in agritech startups and smart farming solutions across the region have propelled the demand for agriculture reinsurance in the Asia-Pacific. Numerous public-private partnership initiatives are underway in the Asia-Pacific to enhance crop insurance penetration and farmer financial literacy programs. The Americas represents a highly developing agricultural reinsurance market with strong risk management practices and reinsurance mechanisms. Farmers in these regions tend to engage well with insurance products, reflecting a maturity in understanding the importance of safeguarding their operations. In addition, government-led crop insurance schemes influence the market dynamics of agriculture reinsurance. The European has a well-established Common Agricultural Policy (CAP) influencing insurance purchasing behavior. In the EU, demand for sophisticated insurance products that accommodate various agricultural practices and compliance with environmental standards is growing due to increased consumer awareness and adoption of insurance solutions. The ongoing investments by the vendors and supportive government initiatives for the agricultural sector are expected to enhance the availability of agriculture reinsurance in the EMEA region.
Market Insights
- Market Dynamics
The market dynamics represent an ever-changing landscape of the Agriculture Reinsurance Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.- Market Drivers
- Perpetual Demand for Food from the Ever-Rising Population
- Increasing Potential for Livestock Insurance and Shortfall Risk of Interconnected Stakeholders
- Growing Environmental Risks on Agriculture Sector
- Market Restraints
- Lack of Trust in Insurance Companies
- Market Opportunities
- Government Support for Agricultural Reinsurance and Compulsive Programs on Crop & Livestock Insurance
- New Insurance Policies Launches by the Companies
- Market Challenges
- Lack of Awareness of the Farmers in Developing Economies
- Market Segmentation Analysis
- Crop Insurance Type: Growing preference for crop price reinsurance to ensure guaranteed crop price
- Product: Penetration of agriculture reinsurance for livestock coverage
- Type: Adoption of risk-attaching reinsurance in the dynamic environment of agricultural risks
- Market Disruption Analysis
- Porter’s Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Agriculture Reinsurance Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Agriculture Reinsurance Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments- One Acre Fund Launches Reinsurance Scheme to Safeguard Smallholders Impacted by Climate Crisis
One Acre Fund established One Acre Fund Re – a reinsurance fund set to debut in 2024. This fund is the product of strategic collaborations with major financial institutions like the International Finance Corporation, US International Development Finance Corporation, and African Risk Capacity to insure over one million farmers. One Acre Fund Re aims to capitalize on the organization's extensive field presence and sophisticated data analytics, offering insurance products intricately tailored to the lived reality of the farmers.
Lexasure’s InsurTech and AgriG8’s FinTech Merge Forces
The Lexasure Financial Group Limited and AgriG8 announced a memorandum of understanding to enhance the financial ecosystem for rice farmers in Indonesia. This collaboration aims to merge AgriG8's agricultural fintech capabilities with Lexasure's innovative reinsurance and InsurTech solutions, providing a broad array of services including credit, crop insurance, and agricultural advisement through an intuitive mobile platform.
Rokstone Announces USD 25 Million Allianz-backed Partnership
Rokstone, the international insurance and reinsurance MGA under Aventum Group, fortified its presence in the North American market through a significant alliance with Allianz Commercial. This partnership is highlighted by Allianz committing a robust USD 25 million facility to support Rokstone's expansion within North American Marine operations.
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Agriculture Reinsurance Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Agriculture Reinsurance Market, highlighting leading vendors and their innovative profiles. These include African Reinsurance Corporation, Agritask, AIR Worldwide Corporation, Allianz Group, American Agricultural Insurance Company, Aon PLC, Arch Capital Group Ltd., AXA Group, AXIS Capital Group, Berkshire Hathaway Inc., Canopius Managing Agents Limited, Continental Reinsurance Plc, Core Specialty Insurance Holdings, Inc., Everest Re Group Ltd., Gallagher Re, Guy Carpenter & Company, LLC, Hannover Re Group, MS Amlin AG, Munich Re, PartnerRe Ltd., QBE Insurance Group Limited, R+V Versicherung AG, Scor SE, Sompo Holdings, Inc., and Swiss Re.
Market Segmentation & Coverage
This research report categorizes the Agriculture Reinsurance Market to forecast the revenues and analyze trends in each of the following sub-markets:- Crop Insurance Type
- Crop Price Reinsurance
- Crop Revenue Reinsurance
- Crop Yield Reinsurance
- Product
- Aquaculture Insurance
- Bloodstock Insurance
- Forestry Insurance
- Greenhouse Insurance
- Livestock Insurance
- Managed Crop Hail Insurance
- Multi-Peril Crop Insurance
- Type
- Excess-of-Loss Reinsurance
- Facultative Coverage
- Loss-occurring Coverage
- Non-proportional Reinsurance
- Proportional Reinsurance
- Reinsurance Treaty
- Risk-Attaching Reinsurance
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
Please Note: PDF & Excel + Online Access - 1 Year
- Americas
- Market Drivers
Table of Contents
185 Pages
- 1. Preface
- 1.1. Objectives of the Study
- 1.2. Market Segmentation & Coverage
- 1.3. Years Considered for the Study
- 1.4. Currency & Pricing
- 1.5. Language
- 1.6. Stakeholders
- 2. Research Methodology
- 2.1. Define: Research Objective
- 2.2. Determine: Research Design
- 2.3. Prepare: Research Instrument
- 2.4. Collect: Data Source
- 2.5. Analyze: Data Interpretation
- 2.6. Formulate: Data Verification
- 2.7. Publish: Research Report
- 2.8. Repeat: Report Update
- 3. Executive Summary
- 4. Market Overview
- 5. Market Insights
- 5.1. Market Dynamics
- 5.1.1. Drivers
- 5.1.1.1. Perpetual Demand for Food from the Ever-Rising Population
- 5.1.1.2. Increasing Potential for Livestock Insurance and Shortfall Risk of Interconnected Stakeholders
- 5.1.1.3. Growing Environmental Risks on Agriculture Sector
- 5.1.2. Restraints
- 5.1.2.1. Lack of Trust in Insurance Companies
- 5.1.3. Opportunities
- 5.1.3.1. Government Support for Agricultural Reinsurance and Compulsive Programs on Crop & Livestock Insurance
- 5.1.3.2. New Insurance Policies Launches by the Companies
- 5.1.4. Challenges
- 5.1.4.1. Lack of Awareness of the Farmers in Developing Economies
- 5.2. Market Segmentation Analysis
- 5.2.1. Crop Insurance Type: Growing preference for crop price reinsurance to ensure guaranteed crop price
- 5.2.2. Product: Penetration of agriculture reinsurance for livestock coverage
- 5.2.3. Type: Adoption of risk-attaching reinsurance in the dynamic environment of agricultural risks
- 5.3. Market Trend Analysis
- 5.4. Cumulative Impact of Russia-Ukraine Conflict
- 5.5. Cumulative Impact of High Inflation
- 5.6. Porter’s Five Forces Analysis
- 5.6.1. Threat of New Entrants
- 5.6.2. Threat of Substitutes
- 5.6.3. Bargaining Power of Customers
- 5.6.4. Bargaining Power of Suppliers
- 5.6.5. Industry Rivalry
- 5.7. Value Chain & Critical Path Analysis
- 5.8. Regulatory Framework Analysis
- 5.9. Client Customization
- 6. Agriculture Reinsurance Market, by Crop Insurance Type
- 6.1. Introduction
- 6.2. Crop Price Reinsurance
- 6.3. Crop Revenue Reinsurance
- 6.4. Crop Yield Reinsurance
- 7. Agriculture Reinsurance Market, by Product
- 7.1. Introduction
- 7.2. Aquaculture Insurance
- 7.3. Bloodstock Insurance
- 7.4. Forestry Insurance
- 7.5. Greenhouse Insurance
- 7.6. Livestock Insurance
- 7.7. Managed Crop Hail Insurance
- 7.8. Multi-Peril Crop Insurance
- 8. Agriculture Reinsurance Market, by Type
- 8.1. Introduction
- 8.2. Excess-of-Loss Reinsurance
- 8.3. Facultative Coverage
- 8.4. Loss-occurring Coverage
- 8.5. Non-proportional Reinsurance
- 8.6. Proportional Reinsurance
- 8.7. Reinsurance Treaty
- 8.8. Risk-Attaching Reinsurance
- 9. Americas Agriculture Reinsurance Market
- 9.1. Introduction
- 9.2. Argentina
- 9.3. Brazil
- 9.4. Canada
- 9.5. Mexico
- 9.6. United States
- 10. Asia-Pacific Agriculture Reinsurance Market
- 10.1. Introduction
- 10.2. Australia
- 10.3. China
- 10.4. India
- 10.5. Indonesia
- 10.6. Japan
- 10.7. Malaysia
- 10.8. Philippines
- 10.9. Singapore
- 10.10. South Korea
- 10.11. Taiwan
- 10.12. Thailand
- 10.13. Vietnam
- 11. Europe, Middle East & Africa Agriculture Reinsurance Market
- 11.1. Introduction
- 11.2. Denmark
- 11.3. Egypt
- 11.4. Finland
- 11.5. France
- 11.6. Germany
- 11.7. Israel
- 11.8. Italy
- 11.9. Netherlands
- 11.10. Nigeria
- 11.11. Norway
- 11.12. Poland
- 11.13. Qatar
- 11.14. Russia
- 11.15. Saudi Arabia
- 11.16. South Africa
- 11.17. Spain
- 11.18. Sweden
- 11.19. Switzerland
- 11.20. Turkey
- 11.21. United Arab Emirates
- 11.22. United Kingdom
- 12. Competitive Landscape
- 12.1. Market Share Analysis, 2023
- 12.2. FPNV Positioning Matrix, 2023
- 12.3. Competitive Scenario Analysis
- 12.3.1. One Acre Fund Launches Reinsurance Scheme to Safeguard Smallholders Impacted by Climate Crisis
- 12.3.2. Lexasure’s InsurTech and AgriG8’s FinTech Merge Forces
- 12.3.3. Rokstone Announces USD 25 Million Allianz-backed Partnership
- 13. Competitive Portfolio
- 13.1. Key Company Profiles
- 13.2. Key Product Portfolio
Pricing
Currency Rates
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