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Increasing Subsidiaries Would Drive The Agriculture Insurance Market Worldwide 2018-2023

09-19-2018 07:14 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Reports Monitor

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Agricultural Insurance Market

Agricultural Insurance Market

The agriculture insurance market has grown rapidly since the past several years and can be expected to grow at the same rate over the coming years. The increasing demand for food has resulted in various factors such as the availability of food and its flexibility. This growth can be attributed to the factors such as increasing government support to increase the agricultural production, for instance, a number of subsidies are now being provided by the government; increasing income of farmers across the globe; and natural calamities hampering the agriculture output. Moreover, growing demand for food from the increasing population across the globe is most likely to fuel the awareness about the benefits offered by agriculture reinsurance.

The agriculture insurance is showing a steady growth in developed countries owing to the support by the government for sustained growth. Whereas, developing economies surge immense opportunities for growth with significant investments made by local bodies to provide insurance against potential risk for crop damage.

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Multi-Peril Crop Insurance To Be The Largest Dominant Segment

Considering the insurance type, crop/MPCI (multi-peril crop insurance) insurance attributed to the highest market share in the global agriculture insurance market. The growth was due to increasing awareness among farmers against loss of crop yield by ensuring a specific percentage of the previously produced crop.

High Demand From Emerging Economies

North America is growing considerably over the past few years and is expected to grow over the coming years. The growth can be attributed to factors such as government regulations coupled with increasing subsidiaries to reduce agriculture risk in a comprehensive way. Furthermore, the introduction of revenue-based crop insurance is a major factor expected to boost the demand of the agriculture insurance market in the region.

In the Asia-Pacific, agriculture is one of the main contributors to GDP of several economies across the countriessuch as India and China. The emerging economies across the globe whose major source of economy is agriculture, are on the verge of danger in production, due to which agro insurance has emerged as a risk management tool for farmers, agricultural producers, and other stakeholders.

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The Asia-Pacific is the second largest market for crop insurance and the region has the highest potential owing to natural calamities such as an earthquake, floods, cyclones, etc. Moreover, agriculture is the significant contributor to the Asian economy. Increase in the number of farmers in the region are likely to fuel the demand for agriculture insurance.

Launch Of New Products To Significantly Boost The Market Growth

The largescale players in the market are focusing on acquisition, collaboration, and digitization of services and product upgradation. For instance, in 2018, QBE NAU Crop Insurance, a subsidiary of QBE Insurance Group Limited, launched “Field Insights”, in addition to Iteris ClearAg Spray Advisor and Crop Growth Stage Models. Field insights, a tool designed to aid farmers, gives them updated information that affects the crop condition like soil moisture, wind speeds & weather radar. Moreover, adoption of new strategies and launch of new schemes by the crop insurance companies will drive the growth of the market in the coming years.

The leading players are focusing on various key strategies to boost the growth of the market. The key vendors in the market include Chubb Corporation, The People’s Insurance Company (Group) of China Limited, ARMtech Insurance Services, QBE Insurance Group Limited, Rural Community Insurance Agency, Inc., and Tokio Marine Holdings, Inc (HCC) among others.

Avail complete report of this research with TOC and List of Figures @ https://www.reportsmonitor.com/report/86486/Global-Agricultural-Insurance-Market

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