Agricultural (Agriculture) Insurance Market 2018 Overview By Key Players- People’s Insurance Company (Group) of China Limited (PICC), Rural Community Insurance Agency, Inc. (RCIS), The Chubb Corporation, QBE Insurance Group Limited, American Financial G

Global Agriculture Insurance Market 2018-2022:
Reasons for the study
• The global agriculture insurance market study aims a providing a detailed outlook of the industry

• While evaluating the global insurance market, we noticed that non-life insurance was witnessing tremendous growth over the past few years

• While studying the non-life insurance sector at a country level, we observed that agriculture insurance premiums were increasing year-on-year with more number of users

• We studied the banking and financial sector which includes different types of insurance solutions provided by various banks & financial institutions and found that agriculture insurance is gaining tremendous importance due to the growing demand for agricultural production

• The growth of the global agriculture insurance market is being driven due to policies
implemented by various government to protect farmers from loss levied due to abrupt climate changes or disasters

• Also, the risk of climate change can affect adversely not only the primary producers, but also the stakeholders in the agricultural value chain

• Recent adversities faced by farmers across the world due to natural calamities have forced them to opt for agriculture insurance to protect their crops, equipment and livestock

This report contains analysis of several players in the agriculture insurance market including:
• People’s Insurance Company (Group) of China Limited (PICC)
• Rural Community Insurance Agency, Inc. (RCIS)
• The Chubb Corporation
• QBE Insurance Group Limited
• American Financial Group, Inc.
• XL Group Limited
• Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft
• Anhua Agricultural Insurance Co., Ltd.
• Agriculture Insurance Company of India
• Tokio Marine Holdings, Inc.
• Others

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Key industry insights
• The global agriculture insurance market size is anticipated to grow at a 2.8% CAGR during the forecasted period between 2017 to 2022. This can be attributed to the fact that government support increased in the form of subsidies and growing demand for reinsurance.

• Agriculture insurance is quite prevalent across the West, especially in the U.S. and Europe. The agriculture insurance market is matured in developed economies which is well supported by the government for sustained growth.

• Developing economies pose a lucrative opportunity for growth with significant investments made by local bodies to provide insurance against potential risk for crop failure

• Although Asia Pacific was the second largest market for crop insurance, the region has the highest potential for proliferation of insurance as it is more prone to natural calamities such as earthquake, floods, cyclones etc. Also, agriculture is the most important contributor to the Asian economy and in order to mitigate the pricing and production risks, increasing number of farmers are opting for agricultural insurance.

• In 2016, the premiums collected from crop/ MPCI (Multi-Peril Crop Insurance) accounted for 64.9% of the total agriculture insurance market revenue share in 2016. Multi-Peril Crop Insurance is among the preferred category of agriculture insurance owing to the fact that crops face on the highest losses due to natural disasters.

• The 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) are the key vendors operating in the agriculture insurance market.

• Acquisition, collaboration, digitalization of services and product upgrade are some of the main strategies that have been in effect. For instance, 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. Field insights, a tool to assist farmers with updated information that affects the crop condition such as soil moisture & temperature, precipitation, wind speeds & weather radar.

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Key segments:
Distribution Channel Overview, 2016 – 2023 (USD Million)
• Agency
• Broker
• Bancassurance
• Direct writing

Type Overview, 2012 – 2022 (USD Million)
• Crop/MPCI Insurance
• Crop/Hail Insurance
• Livestock Insurance
• Other Insurance

Regional Overview, 2012 – 2022 (USD Million)
• North America
• Asia-Pacific
• Middle East and Africa
• South America

What does this report include?
• Driving and restraining factors have been discussed in the global agriculture insurance market study. Additionally, the report discusses the opportunities available for the market in the foreseeable future.
• The global agriculture insurance study covers a detailed analysis of the complete value chain right from the agricultural producers to the end-users, noting trends of integration, if any
• The study covers a PESTEL analysis for the agriculture insurance market
• Trend analysis of the global agriculture insurance market on the basis of type and distribution channel across different geographies has been included in the study
• Key companies have been profiled in the study along with their strategies

Who should buy the report?
This study is apposite for stakeholders present in the insurance market, who want a deep understanding of the global agriculture insurance market trends. The report will be of interest to:
• Private insurance companies, agencies, and cooperative organizations who want to expand their product portfolio
• Government organizations and agricultural departments who take decisions related to subsidies for agricultural producers
• Educational institutions and universities for studies in the field of agriculture and commerce
• Venture capitalists wanting to associate themselves with agriculture insurance firms
• Analysts, researchers, industry experts, academic institutions, and strategy managers looking for a detailed picture of the current market scenario to determine strategies

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Some Point from TOC:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. Agriculture Insurance Overview, By Type
Chapter 5. Agriculture Insurance Market Overview, By Distribution Channel
Chapter 6. Agriculture Insurance Market Overview, By Region
Chapter 7. Company Profiles
….Continued

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