Crop Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Description
Crop Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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:
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.
Key Questions Answered in This Report:
How has the global crop insurance market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global crop insurance market?
What are the key regional markets?
What is the breakup of the market based on the coverage?
What is the breakup of the market based on the distribution channel?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global crop insurance market and who are the key players?
What is the degree of competition in the industry?
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:
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.
Key Questions Answered in This Report:
How has the global crop insurance market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global crop insurance market?
What are the key regional markets?
What is the breakup of the market based on the coverage?
What is the breakup of the market based on the distribution channel?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global crop insurance market and who are the key players?
What is the degree of competition in the industry?
Table of Contents
142 Pages
- 1 Preface
- 2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
- 3 Executive Summary
- 4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
- 5 Global Crop Insurance Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
- 6 Market Breakup by Coverage
- 6.1 Multi-Peril Crop Insurance (MPCI)
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Crop-Hail Insurance
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 7 Market Breakup by Distribution Channel
- 7.1 Banks
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Insurance Companies
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
- 7.3 Brokers and Agents
- 7.3.1 Market Trends
- 7.3.2 Market Forecast
- 7.4 Others
- 7.4.1 Market Trends
- 7.4.2 Market Forecast
- 8 Market Breakup by Region
- 8.1 North America
- 8.1.1 United States
- 8.1.1.1 Market Trends
- 8.1.1.2 Market Forecast
- 8.1.2 Canada
- 8.1.2.1 Market Trends
- 8.1.2.2 Market Forecast
- 8.2 Asia-Pacific
- 8.2.1 China
- 8.2.1.1 Market Trends
- 8.2.1.2 Market Forecast
- 8.2.2 Japan
- 8.2.2.1 Market Trends
- 8.2.2.2 Market Forecast
- 8.2.3 India
- 8.2.3.1 Market Trends
- 8.2.3.2 Market Forecast
- 8.2.4 South Korea
- 8.2.4.1 Market Trends
- 8.2.4.2 Market Forecast
- 8.2.5 Australia
- 8.2.5.1 Market Trends
- 8.2.5.2 Market Forecast
- 8.2.6 Indonesia
- 8.2.6.1 Market Trends
- 8.2.6.2 Market Forecast
- 8.2.7 Others
- 8.2.7.1 Market Trends
- 8.2.7.2 Market Forecast
- 8.3 Europe
- 8.3.1 Germany
- 8.3.1.1 Market Trends
- 8.3.1.2 Market Forecast
- 8.3.2 France
- 8.3.2.1 Market Trends
- 8.3.2.2 Market Forecast
- 8.3.3 United Kingdom
- 8.3.3.1 Market Trends
- 8.3.3.2 Market Forecast
- 8.3.4 Italy
- 8.3.4.1 Market Trends
- 8.3.4.2 Market Forecast
- 8.3.5 Spain
- 8.3.5.1 Market Trends
- 8.3.5.2 Market Forecast
- 8.3.6 Russia
- 8.3.6.1 Market Trends
- 8.3.6.2 Market Forecast
- 8.3.7 Others
- 8.3.7.1 Market Trends
- 8.3.7.2 Market Forecast
- 8.4 Latin America
- 8.4.1 Brazil
- 8.4.1.1 Market Trends
- 8.4.1.2 Market Forecast
- 8.4.2 Mexico
- 8.4.2.1 Market Trends
- 8.4.2.2 Market Forecast
- 8.4.3 Others
- 8.4.3.1 Market Trends
- 8.4.3.2 Market Forecast
- 8.5 Middle East and Africa
- 8.5.1 Market Trends
- 8.5.2 Market Breakup by Country
- 8.5.3 Market Forecast
- 9 SWOT Analysis
- 9.1 Overview
- 9.2 Strengths
- 9.3 Weaknesses
- 9.4 Opportunities
- 9.5 Threats
- 10 Value Chain Analysis
- 11 Porters Five Forces Analysis
- 11.1 Overview
- 11.2 Bargaining Power of Buyers
- 11.3 Bargaining Power of Suppliers
- 11.4 Degree of Competition
- 11.5 Threat of New Entrants
- 11.6 Threat of Substitutes
- 12 Price Analysis
- 13 Competitive Landscape
- 13.1 Market Structure
- 13.2 Key Players
- 13.3 Profiles of Key Players
- 13.3.1 Agriculture Insurance Company of India Limited
- 13.3.1.1 Company Overview
- 13.3.1.2 Product Portfolio
- 13.3.2 Axa S.A.
- 13.3.2.1 Company Overview
- 13.3.2.2 Product Portfolio
- 13.3.2.3 Financials
- 13.3.2.4 SWOT Analysis
- 13.3.3 Chubb Limited
- 13.3.3.1 Company Overview
- 13.3.3.2 Product Portfolio
- 13.3.3.3 Financials
- 13.3.3.4 SWOT Analysis
- 13.3.4 Great American Insurance Company (American Financial Group Inc.)
- 13.3.4.1 Company Overview
- 13.3.4.2 Product Portfolio
- 13.3.5 ICICI Lombard General Insurance Company Limited (ICICI Bank Limited)
- 13.3.5.1 Company Overview
- 13.3.5.2 Product Portfolio
- 13.3.5.3 Financials
- 13.3.6 Philippine Crop Insurance Corporation
- 13.3.6.1 Company Overview
- 13.3.6.2 Product Portfolio
- 13.3.7 QBE Insurance Group
- 13.3.7.1 Company Overview
- 13.3.7.2 Product Portfolio
- 13.3.7.3 Financials
- 13.3.7.4 SWOT Analysis
- 13.3.8 Santam (Sanlam)
- 13.3.8.1 Company Overview
- 13.3.8.2 Product Portfolio
- 13.3.8.3 Financials
- 13.3.8.4 SWOT Analysis
- 13.3.9 Sompo International Holdings Ltd (Sompo Holdings Inc.)
- 13.3.9.1 Company Overview
- 13.3.9.2 Product Portfolio
- 13.3.10 Tokio Marine HCC
- 13.3.10.1 Company Overview
- 13.3.10.2 Product Portfolio
- 13.3.11 Zurich American Insurance Company
- 13.3.11.1 Company Overview
- 13.3.11.2 Product Portfolio
- 13.3.11.3 Financials
- 13.3.11.4 SWOT Analysis
Pricing
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