About Crop Reinsurance-
Reinsurance is a type of insurance that is purchased by insurance companies to reduce risk, the term crop reinsurance refers to safety net, protecting them from major financial losses caused by widespread crop failures. Crop reinsurance offers the agriculture sector important financial stability in the face of weather and environmental threats. Further, the concept makes up for those losses by transferring some of their risks to other parties. It makes up for pre-sowing and post-harvest losses from cyclonic rains and rainfall deficits. These regulations have been introduced to protect farmers from financial loss due to the drop in agricultural production caused by these losses.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Competition among existing players is due to the crop reinsurance market share occupied by leading players. The industry leader is engaged in offering innovative and superior quality products to cater to the ever-growing demand for crop reinsurance Market. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Munich Re Group or Munich Reinsurance Company (Germany), Swiss Re Ltd (Switzerland), Hannover Re (Germany), PartnerRe (United States), SCOR (France), MAPFRE (Spain), Berkshire Hathaway Inc. (United States), Everest Group, Ltd (United States), Korean Reinsurance Company (South Korea), China Reinsurance Corporation (China) and AXA SA or its affiliates (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are QBE Insurance Group Limited (Australia), Tokio Marine Holdings, Inc, (Japan) and Others.
Segmentation Overview
AMA Research has segmented the market of Global Crop Reinsurance- market by , Application (Crop Hail, MPCI, Forestry and Others) and Region.
On the basis of geography, the market of Crop Reinsurance- has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Type, the sub-segment i.e. Crop Price Reinsurance will boost the Crop Reinsurance- market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Distribution Channel, the sub-segment i.e. Direct Sale will boost the Crop Reinsurance- market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Integration of technology. and The focused on sustainable agricultural initiatives.
Market Growth Drivers:
The growing frequency of extreme weather catastrophes such as floods, droughts, and typhoons has raised the demand for crop reinsurance. and Increased government initiatives and assistance to farmers in managing crop losses.
Challenges:
Lack of basic data, and variety of agricultural practices.
Restraints:
Accurately assessing agricultural risks can be difficult
Opportunities:
Technological advancement such as AI and ML and Customization and product diversification.
Market Leaders and their expansionary development strategies
In July 2023, American Financial Group (AFG) has acquired of Crop Risk Services (CRS) from AIG. Agricultural-insurance-crop Illinois-based, CRS is a primary crop insurance general agent and is the seventh largest provider of multi-peril crop insurance in the United States. The acquisition is a great strategic fit with existing crop insurance operations and provide the opportunity to continue to benefit from economies of scale.
In August 2021, MS Amlin AG Launched New Agriculture Reinsurance Offering with Strategic Hire. The agriculture reinsurance offering has been available globally and coverage includes five core products: crop insurance, livestock insurance, aquacultural insurance, and forestry. The launch comes as part of MS AAG’s wider global diversification strategy.
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Strategic Business Planners, Government Regulatory, Research Organizations, End-Use Industries and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.