Global Crop Insurance Market 2018-2022
About this market
Factors such as rising number of government initiatives being launched for insurance for agriculture. Will drive the crop insurance industry during our forecast period. Governments of various countries across the globe are offering subsidies on the premium for crop insurance, which is expected to fuel the growth of the market. These factors are driving the investments in agriculture in efforts to increase the annual yield and boost the growth of the global crop insurance market. The global crop insurance market is expected to grow at a CAGR of almost 4% during the forecast period.
Increasing investment in agriculture requiring protection
The increase in the use of machinery and precision agriculture technologies, the cost of farming has increased. The increasing costs, the protection of crops has become essential and is encouraging a large number of farmers to opt for crop insurance scheme.
High cost of manual verification of claims
The insurance requires underwriting of the policy after an assessment of individual farms. The cost of administering this type of insurance is high. The verification of these claims are done by manual labor in the developing countries, to pass down to the customer as higher premium, thus impacting te potential adoption of MPCI schemes.
For the detailed list of factors that will drive and challenge the growth of the crop insurance market during the 2018-2022, view our report.
The market appears to be fragmented owing to the presence of several established and regional vendors. The rise in government initiatives has led the vendors to promotes efficiency and cost savings in insurance. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
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