Global Crop Insurance Market was valued at USD 34.30 Billion in 2021 and is expected to reach USD 48.59 Billion by the year 2028, at a CAGR of 5.1%
Crop insurance protects farmers from losing money due to price drops in agricultural products and crop losses caused by natural disasters such as drought, hail, disease, and wildlife, floods, fire, and pests. It requires the involvement of a large number of insureds, including farmers, ranchers, and other agricultural producers. Furthermore, many countries have made coverage mandatory for farmers who take out market-based crop loans.
Leading Key Players Covered In Crop Insurance Market:
PICC,Zurich,Chubb,QBE,China United Property Insurance,American Financial Group,Prudential,XL Catlin,Everest Re Group,Endurance Specialty,CUNA Mutual,Agriculture Insurance Company of India,Tokio Marine,CGB Diversified Services,Farmers Mutual Hail,Archer Daniels Midland,New India Assurance,ICICI Lombard and Other Major Players.
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Segmentation of Crop Insurance market:
By Type:
- Multi-Peril Crop Insurance (MPCI)
- Crop-Hail Insurance
By Application:
- Banks
- Brokers / Agents
- Insurance Companies
- Others
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Geographic Segment Covered in the Report
- North America (U.S., Canada, Mexico)
- Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
- Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
- Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
- Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
- South America (Brazil, Argentina, Rest of SA)
Covid-19 Impact on Crop Insurance Market
Crop insurance demand has increased as a result of the Covid-19 pandemic’s disrupted supply chain and effects on crop revenue in major countries including India and Brazil. Crop development activities have been disrupted due to a shortage of laborers for harvesting and other activities, which has increased the need for market. During the pandemic, the need for regulatory reform arose to address the problems faced by insurers and policy adopters. Policymakers also concentrated their energies on reforming the system.
Key benefits of the report
- This study presents the analytical depiction of the global Crop Insurance industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Crop Insurance market share.
- The current market is quantitatively analyzed from 2023 to 2030 to highlight the Crop Insurance market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed Crop Insurance market analysis based on the present and future competitive intensity of the market.
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