Crop Insurance Market To Hit a Revenue of US$ 69.9 Billion by 2032 | Exclusive Report (2024)

How Big is the Crop Insurance Market?

The latest research study "Crop Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032" by IMARC Group, finds that the global crop insurance market size reached US$ 43.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 69.9 Billion by 2032, exhibiting a growth rate (CAGR) of 5.1% during 2024-2032.

What is Crop Insurance?

Crop insurance is a policy that farmers purchase to safeguard themselves against crop loss resulting from natural calamities like hail, droughts, and floods, as well as revenue losses. It is available in two main types, including crop-yield insurance, which covers the loss of crops due to natural disasters, and crop-revenue insurance covers the losses due to price declines. It includes coverage choices, premium costs, and indemnity levels, which are provided by various private as well as government agencies. It is crucial for farmers as it provides them with financial security, ensuring that they can recover from losses and carry on with their activities. It is also an important aspect of the agricultural industry, as it helps to maintain the stability and sustainability of food production.

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What are the growth prospects and trends in the crop insurance industry?

At present, the increasing integration of technological advancements, such as satellite imagery, drones, and big data analytics in crop insurance, to assess risks and determine insurance premiums more accurately is impelling the market growth. These technologies allow for precise monitoring of soil health, weather patterns, and crop conditions, leading to more tailored insurance solutions for farmers. Furthermore, the rising recognition of the importance of crop insurance as a tool for mitigating the effects of climate change is bolstering the market growth. The growing unpredictability of weather patterns, including extended droughts, unseasonal rains, and intense storms, is driving the demand for crop insurance. Additionally, the increasing initiatives by various governments around the world are making crop insurance more affordable for small-scale farmers. These efforts aim to ensure food security and stabilize the agricultural sector of economies. Moreover, the growing awareness and educational campaigns targeting farmers, explaining the benefits and intricacies of crop insurance, are positively influencing the market. Apart from this, the rising adoption of genetically modified crops and precision agriculture are reshaping the insurance needs of the agricultural community. In addition, the increasing collaborations between governments and private insurers aim to develop and distribute comprehensive insurance products that are cost-effective and tailored to specific regional needs. Furthermore, the growing emphasis on educating farmers about insurance products, best farming practices, financial literacy, and risk management is offering a favorable market outlook. Besides this, the rising emergence of micro-insurance models in regions with historically low prevalence of insurance is contributing to the market growth. These models cater to small-scale farmers, offering them basic coverage at affordable rates. Furthermore, the increasing advent of agri-tech startups and the incorporation of technology in agriculture, such as artificial intelligence (AI), machine learning (ML), and blockchain, are creating innovative insurance products that are more accurate, transparent, and user-friendly. This is making crop insurance more accessible to farmers and allowing insurance companies to process claims more efficiently and accurately.

Competitive Landscape:

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.)
•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:
•Banks
•Insurance Companies
•Brokers and Agents
•Others

By Geography:
•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

Key highlights of the report:
•Market Performance
•Market Outlook
•Porter's Five Forces Analysis
•Market Drivers and Success Factors
•SWOT Analysis
•Value Chain
•Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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This release was published on openPR.