Global Crop Weather Index Insurance Market Overview:
Crop weather index insurance is the insurance coverage that aims at mitigating the hindrances and hardships of the insured farmers against the heavy financial loss due to anticipated crop loss/uncertainty emerging from adverse weather conditions such as wind, temperature, rainfall, humidity, etc. This type of insurance is yield based policy appropriate to compensate the farers' losses due to production problems, it covers major weather perils, sharecroppers, tenant farmers, and risk period. This insurance can be structured to protect against the potential index deviations affecting crop loss. A certain amount of indemnity is paid every time the realized value of the index exceeds a pre-decided threshold. As the weather conditions globally are changing frequently with growing environmental problems the market for crop weather index insurance will see a boost during the forecasted period.
Growth Drivers
- Changing Weather/Environment Conditions Globally
- Need for Mitigating the Huge Losses and Hardships for Farmers and Sharecroppers Against the Crop Failure Due to Weather
Roadblocks
- Problems in Some Underdeveloped Countries and Region to Implement the Crop Weather Index Insurance Affectively
Opportunities
- Introduction of Various Government Initiated Programs for Crop Weather Index Insurance for Tabilising the Farmer's Income
- Adoption of New Technologies in Agriculture Sector for Improved Production of Crops will Boost the Crop Weather Index Insurance Market
Challenges
- Stiff Competition in the Crop Weather Index Insurance Market
Competitive Landscape:
Some of the key players profiled in the report are Zurich Insurance Group (Switzerland), Chubb (Switzerland), AXA (France), Swiss Re (Switzerland), ICICI Lombard (India), HDFC ERGO (India), Farmers Mutual Hail (United States), QBE Insurance Group Limited (Australia), Sompo Holdings (Bermuda), OKO Insurance ( Luxembourg), Blue Marble Microinsurance Limited (United Kingdom) and Crop Risk Underwriting Pty Ltd (Australia). Analyst at AMA Research see Switzerland Players to retain maximum share of Global Crop Weather Index Insurance market by 2027. Considering Market by Crops, the sub-segment i.e. Major Food Crops {Cereals, Millets & Pulses, Oilseeds) will boost the Crop Weather Index Insurance market. Considering Market by Coverage, the sub-segment i.e. Crops Covered {Seasonally} will boost the Crop Weather Index Insurance market.
Latest Market Insights:
On 11th August 2020, Hillridge Technology has signed a technology agreement with Crop Risk Underwriting to bring Weather Index Insurance to Australian farm gates. With this deal, farmers can now buy Weather Index Insurance for as little as USD1,000, putting it within reach of thousands of Australian farmers for the first time.
On 16th August 2021, Blue Marble, an insurtech delivering affordable insurance protection programs to benefit low-income families and small businesses in emerging markets, announced that it has launched a first-of-its-kind weather index insurance pilot program for smallholder farmers in rural Pakistan. The pilot program, which will cover 500 farmers, is organized in partnership with Asia Insurance, a local insurer, and Reap Agro, a Pakistan-based microfinance organization that specializes in lending to smallholder farmers.
"Corn farmers who “split-apply” nitrogen now have another option for insurance coverage. The U.S. Department of Agriculture’s (USDA) Risk Management Agency (RMA) announced the details of its Post Application Coverage Endorsement (PACE) in certain states for non-irrigated corn, providing coverage for producers who use this practice that saves producers money and is considered better for natural resources. This new crop insurance option builds upon RMA’s efforts to encourage the use of conservation practices, including cover crops."
What Can be Explored with the Crop Weather Index Insurance Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Crop Weather Index Insurance Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Crop Weather Index Insurance
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Crop Weather Index Insurance market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Crop Weather Index Insurance market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Crop Weather Index Insurance Providers, Crop Weather Index Insurance Industry Association, Research and Development Institutes, Potential Investors, Regulatory Bodies and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.