Global Agricultural Insurance- Market Overview:
Farmers are financially protected by agricultural insurance against production losses brought on by natural calamities including drought, excessive moisture, hail, cold, wind, and wildlife. Agricultural insurance is a useful business risk management instrument. Agriculture insurance is a sort of protection plan that pays for losses brought on by damage to livestock, crops, and farm machinery. It gives farmers financial assistance for unanticipated circumstances and tax exemption advantages, which boosts the market's effectiveness for agricultural insurance. In addition, increasing demand for loss protection in the agriculture industry and rising adoption of farm insurance are anticipated to be important drivers of the market's expansion. Agricultural insurance providers also raise consumer knowledge of the advantages of agricultural insurance plans and inform customers about the goods and services they may purchase, all of which contribute to the market's expansion.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Historical Period | 2017-2021 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Growing Awareness of Benefits of Crop Insurance by Providers and Increased Technological Development by Several Government
Market Growth Drivers:
Rise in Adoption of Agriculture Insurance and Increasing Need for Protection from Loss in Agriculture Business
Challenges:
Lack of Transparency, Delay in Conducting Crop Cutting Experiments and Non-Payment/Delayed Payment of Claims to Farmers
Restraints:
High Premium
Opportunities:
Rapid Development in Public and Private Partnership in Agriculture sector
Competitive Landscape:
Global Agricultural Insurance is a fragmented market due to the presence of various players. The players are focusing on planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
Some of the key players profiled in the report are Agriculture Insurance Company of India (India), American Financial Group (United States), Chubb Limited (Switzerland), Fairfax Financial Holdings Limited (Canada), ICICI Lombard General Insurance Company Limited (India), People's Insurance Company of China (China), Zurich Insurance Group (Switzerland), China United Property Insurance (China), Everest Re Group (Bermuda), CUNA Mutual Group (United States), Farmer Mutual Hail (United States) and New India Insurance (India). Considering Market by Distribution Channels, the sub-segment i.e. Banks will boost the Agricultural Insurance- market.
Latest Market Insights:
In January 2022, American Financial Group acquired Verikai, Inc., a machine learning and artificial intelligence company that utilizes a predictive risk tool for assessing insurance risk.
In August 2022, despite the rising premium burden under the Prime Minister’s Crop Insurance Scheme (Pradhan Mantri Fasal Bima Yojana-PMFBY) and the Centre gradually reducing its share of premium subsidy, the Tamil Nadu government has sanctioned around USD 296 million towards its share of premium subsidy for the current year.
What Can be Explored with the Agricultural Insurance- Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Agricultural Insurance- Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Agricultural 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 Agricultural 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 Agricultural 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.
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.