Agriculture Crop Insurance Market Scope
Agriculture is the mainstay of various economies including India, Brazil, China, United States, South Korea etc. and considered to be a catalyst for the overall economic development of the nation. Numerous countries’ governments have entered into a partnership with private crop insurance providers indemnify the insured against losses which occur during the crop year. Crop insurance is considered as a risk management tool for farmers in both emerging and emerged economies. As per World Bank, demand for food will increase by 70% by 2050, at least 80 billion dollar annual investments will be needed to meet this demand. In the current scenario, only a fraction of farmers opt for crop insurance because of its irregular payouts in developing nations. According to the World Bank, agriculture finance empowers poor farmers to increase their wealth and food production to be able to feed 9 billion people by 2050
According to AMA, the Global Agriculture Crop Insurance market is expected to see growth rate of 2.9% Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Agriculture Crop Insurance market throughout the predicted period.
Zurich American Insurance Co. (United States), Chubb Limited (United States), QBE Insurance (Australia), China United Property Insurance (China), American Financial Group (United States), Prudential Financial (United States), AXA SA (France), Everest Re Group (Bermuda), Sompo Holdings Inc. (Japan), CGB (United States), Agriculture Insurance Company of India (India) and ICICI Lombard (India) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Tokio Marine Holdings (Japan), CGB Diversified Services (United States), Farmers Mutual Hail (United States) and Archer Daniels Midland (United States).
Segmentation Overview
The study have segmented the market of Global Agriculture Crop Insurance market by Type (Crop/MPCI Insurance, Crop/Hail Insurance, Livestock Insurance and Others), by Application (Agencies, Brokers, Bancassurance and Digital & Direct Channel) and Region with country level break-up.
On the basis of geography, the market of Agriculture Crop Insurance 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).
Influencing Trend:
Increased Sustainable Productivity, Particularly Through Climate-Smart Approaches
Market Growth Drivers:
Surging Demand of Food, its Flexibility and Availability and Stringent Rules and Regulations Regarding Agriculture Crop Insurance
Challenges:
The Limited Availability of Insurance Products that Meet the Needs of Poor and Low-Income Farmers, Insufficiently Funding by Government Scheme and Lack of Policy Clarity as to Role of MNOs Serving as Insurance Agents
Restraints:
Lack of Awareness and Understanding About Insurance Among Households and High Overhead Costs Associated with the Collection of Actuarial Data, Monitoring for Moral Hazard, and the Validation and Payment of Claims
Opportunities:
Increasing Client Understanding About Insurance to Improve Claims and Payout, Developing Economies and Significant Investments Made by Local Bodies to Provide Insurance Against Potential Risk for Crop Failure
In April 2018, QBE NAU Crop Insurance, a subsidiary of QBE Insurance Group limited launched “filed insights” in addition to Iteris Clearag spray advisor and crop growth stage models
In Uganda, the USAID Commodity Production and Marketing (CPM) Activity used mobile technology to collect biographical information on smallholder farmers and connect them to a range of digital financial services, bundling crop insurance and production loans to increase client value.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.