Market Snapshot:
Agricultural crop insurance is a financial instrument that protects farmers from risk or losses caused by unforeseen events such as drought, floods, hail, or pests and diseases. Climate change variability across the globe and increasing pest and disease outbreaks in plants is expected to primarily drive the market growth. Moreover, government of various countries especially in emerging economies are also supporting through crop insurance programs and creates awareness among the farmers for better agricultural developments. Now a days insurance companies are integrating digital technologies to streamline process and also partnering or acquiring to expand coverage and reach underserved markets.
Highlights from Agricultural Crop Insurance Market Study
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The key Players profiled in the report are 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), ICICI Lombard (India), Farmers Mutual Hail Insurance Co. (United States), Fairfax Financial Holdings (Canada), American International Group, Inc. (United States), Arthur J. Gallagher & Co (United States), Chubb Limited (Switzerland), Munich Re (Germany), Swiss Re (Switzerland) and Allianz (Germany).
Geographic Breakdown and Segment Analysis
The Global Agricultural Crop Insurance market presents a comprehensive analysis of the Agricultural Crop Insurance market by product type (Insurance and Reinsurance), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Agricultural Crop Insurance industry. Investors and Players can easily understand the inherent opportunities and challenges for their products in geographical region of interest.
For instance, while the holds majority of market share of the Agricultural Crop Insurance market
Analyst at AMA have segmented the market study of Global Agricultural Crop Insurance market by Type, Application and Region.
Influencing Trend:
Growing Digitalization Across the Insurance Sector and Adoption of Online Platforms Among End Users for Claim Filing and Other Crop Insurance Related Processes
Market Growth Drivers:
Incidence of Plant Diseases and Pest Outbreaks, Increasing Climate Variability and Extreme Weather Events Across the Globe and Demand of Multi-Peril Crop Insurance (MPCI) Due to Its Wide Range of Risk Coverage
Challenges:
Insufficiency or Delay in Claim Processing May Create Hurdles for the Market
Restraints:
Crop Insurance Premium is Not Affordable for Small Farmers With Limited Resources
Opportunities:
Growing Awareness About Crop Insurance and Government Support for Agricultural Development in Developing Economies
The market is fragmented with a large number of insurance and reinsurance service providers. Further, the companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.