Agricultural Insurance Market Scenario & Industry Outlook 2021-2028 | QBE Insurance Group Limited, XL Group Limited, Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft and Tokio Marine Holdings, Inc.

The global agriculture insurance market size is estimated to be over USD 30 billion by 2022. The rising demand for crops for direct human consumption as well as industrial processes has led to a growth in automation and other modern practices in agriculture.

Request sample copy of this report at: https://www.adroitmarketresearch.com/contacts/request-sample/11

Rising incidents of natural calamities across the world has resulted in an increasing number of farmers opting for agriculture insurance to protect their crops, equipment, and livestock. Special emphasis has been witnessed on promoting crop insurance in some of the leading agriculture-oriented countries including India and China.

Agriculture contributed to approximately one-third of the global GDP in 2017. Apart from boosting the economic growth, development in the agriculture sector is also equally important for the growth of the poor population across the globe. According to the World Bank, agriculture is the source of income for 65% of the world’s poor working population. Thus, significant investment in the agriculture sector has become equally important for developing nations, especially for agro-based economies.

The risk involved in agriculture is quite high as the yield is mainly dependent upon the weather. Crop failure due to seasonal variations can severely impact the farmers, as well as the other segments present in the agriculture value chain. Price volatility is another important factor which creates an uncertain environment. Variations in the commodity prices or input prices may impact the profit margin or even cause loss to the agriculture sector. Owing to these factors, investments are being made increasingly in the agriculture insurance sector with high support by the governing as well as international bodies.

Read complete report at: https://www.adroitmarketresearch.com/industry-reports/agricultural-insurance-market

Agricultural insurance began mainly for the livestock insurance for protection against the risk of livestock mortality. Insurance against crop failure due to hail was also prominent earlier, especially in the western part of the globe which soon spread to Japan, Canada, and other countries.

Agriculture insurance is prevalent in the developed economies of North America and Europe due to support by various authorized bodies. Developing economies pose a significant opportunity for growth with significant investments made by local bodies to provide insurance against potential risk for crop failure. Overall, the global agriculture insurance market is anticipated to witness impressive growth over coming years with CAGR 2.8%.

The vendor landscape of the global agricultural insurance market is highly fragmented due to the presence of several local players. Typically, majority of the players cater to their local market with presence in overseas as well. Companies such as People’s Insurance Company (Group) of China Limited (PICC), the Chubb Corporation, QBE Insurance Group Limited, XL Group Limited, Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft and Tokio Marine Holdings, Inc. have a broader presence within the global market.

Get 10% discount on purchase at: https://www.adroitmarketresearch.com/researchreport/purchase/11

Key segments of the global agriculture insurance market

Distribution Channel Overview, 2012 – 2022 (USD Million)

Agency
Broker
Bancassurance
Direct writing

Insurance Type Overview, 2012 – 2022 (USD Million)

Crop/MPCI Insurance
Crop/Hail Insurance
Livestock Insurance
Others

Regional Overview, 2012 – 2022 (USD Million)

North America
USA
Canada
Mexico
Europe
Spain
Poland
Turkey
Italy
Asia-Pacific
China
Japan
Korea
India
Southeast Asia
South America
Brazil
Argentina
Colombia
Middle East and Africa
Tunisia
Algeria
Morocco
Zimbabwe
Egypt
South Africa

Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market's size, key trends, participants and future outlook of an industry. We intend to become our clients' knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code - Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.

Ryan Johnson
Account Manager Global
3131 McKinney Ave Ste 600, Dallas,
TX75204, U.S.A.
Phone No.: USA: +1 210-667-2421/ +91 9665341414

This release was published on openPR.