Crop Insurance Market Size, Industry Overview, Price Trends, Report 2023-2028
IMARC Group, a leading market research company, has recently releases report titled “Crop Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that 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.
How big is the Crop Insurance market?
|Market Size in 2022||US$ 40.7 Billion|
|Market Forecast in 2028||US$ 66.6 Billion|
|Growth rate (2023 to 2028)||CAGR of 5.9%|
|Base Year of the Analysis||2022|
What is Crop Insurance?
Crop insurance refers to comprehensive yield-based policies that protect agriculturists against financial losses on account of uncertainties arising from crop failures or various unforeseen perils beyond their control. In terms of coverage type, they can be segmented into multi-peril crop insurance (MPCI) and crop-hail insurance categories. These crop insurance policies pay for expenses related to crop damage resulting from hail, drought, floods, fire, pests, etc. They even cover risks related to sowing and planting, price fluctuations in the agricultural market, loss to the standing and post-harvest crop, and reduction in crop yield, which affect the income of farmers. As a result, crop insurance plans are in high demand among farmers and ranchers across the globe.
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What are the growth prospects and trends in the crop insurance industry?
The growing incidences of harsh weather conditions, owing to global warming, that adversely affect crop production are primarily driving the crop insurance market. In addition to this, the launch of several initiatives by government bodies aimed at protecting farmers against fluctuations in prices, revenues, and yields of the harvested crops is acting as another significant growth-inducing factor. Apart from this, the introduction of satellites and drones and the escalating integration of artificial intelligence (AI), Internet of Things (IoT), and customized mobile applications that assist in predicting the weather, storing data related to crops, detecting diseased crops, etc., and provide micro-level information of land for harvesting crops are also positively influencing the global market. In line with this, the rising utilization of remote sensing that helps reduce uncertain risks and boosts agricultural yield is anticipated to stimulate the crop insurance market in the coming years.
Crop Insurance Market Report Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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.
What is included in market segmentation?
Breakup by Coverage:
- Multi-Peril Crop Insurance (MPCI)
- Crop-Hail Insurance
Breakup by Distribution Channel:
- Insurance Companies
- Brokers and Agents
- 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
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