Agriculture Insurance Market Analysis 2019 Global Insights, Size, Type, Industry Demand, Growth Rate, Opportunity, Top Manufacturers, Current Trends, Forecast 2026 | StraitsResearch

The global agriculture insurance market is expected to grow at a CAGR of 2.8% during the forecast period (2019–2026). Farmers can purchase agriculture insurance to protect crops and agriculture-related products against natural disaster such as flood, drought and hail or the loss of revenues due to declines in the prices of agriculture commodities. Agricultural risks affect farmers as well as the whole agribusiness value chain. Further, they apply to livestock, bloodstock, forestry, aquaculture, and greenhouses.

Greater commercialisation of farming / contract farming worldwide is the major growth factor driving the growth of the global agriculture insurance market. Uncertainty of nature, government support for agricultural activities and increasing traction of risk assessment and management are some of the other factors contributing to the growth of the global agriculture insurance market.

Furthermore, the increasing incidences of unfavorable weather events are expected to surge the demand for insurance coverage of losses. The insurance industry is mindful of increasing exposure and is, subsequently, exploring new financial instruments to better manage this exposure. However, the lack of standardized systems and low awareness about the concept of agriculture insurance act as prominent restraints for the global agriculture insurance market. Agriculture insurance companies are launching new schemes and adopting new strategies in the insurance sector alongside significant investments, which is expected to drive market growth in the years to come.

Agriculture insurance can be a key step towards battling and eradicating poverty. Natural disasters are unpredictable, and in the event of a disaster, farmers who have made significant investments in agriculture suffer massive losses and often incur debts. In such a case, if the farmer invests in agriculture insurance, he/she can recover losses from the insurer. With compensation, farmers are in a place to reinvest in farming and other agricultural activities.

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The Major Players Covered in this Report: Allianz SE, American Agricultural Insurance Company, Aries Argo Limited, HDFC ERGO General Insurance Company Limited, Philippines Crop Insurance Corporation, Rural Community Insurance Company, Tata AIG General Insurance Company Limited. The People's Insurance Company of China and Universal Sompo General Insurance Co. Ltd., & More...

By Product, Managed Crop Hail Insurance, Multi-Peril Crop Insurance, Greenhouse Insurance, Aquaculture Insurance, Forestry Insurance, Others
By Organization, Government, Private

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Growing Domestic Demand and Expanding Pharmaceutical Sector to Drive the Demand for Agriculture Insurance in the APAC Region
Asia-Pacific region is anticipated to hold the largest market share in the global Agriculture Insurance market during the forecast period 2019-2026. The growth in this region can be attributed to the presence of emerging economies like India, China, Japan, Vietnam, and Indonesia, which account for the largest share in this region. India is one of the largest producers of Agriculture Insurance and a major exporter of the product to various countries across the globe. India accounts for around 80% of the world’s exports of Agriculture Insurance. The favorable climatic conditions and growth of agricultural inputs and allied services like cold storage and warehousing in India are prompting higher production.

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Why Buy This Report?
Globally, agricultural insurance is strategically important for eradicating extreme poverty and boosting shared prosperity. According to the World Bank Group, there are an estimated 500 million smallholder farming households – representing 2.5 billion people – relying on agricultural production for their livelihoods.

Therefore, promoting agriculture insurance to the crowd-in private sector, enhancing access to suitable financial services to farmers – particularly smallholders – and agricultural small and medium enterprises (SMEs) as a way to increase agricultural productivity and income are extremely important.

This report offers key insights pertaining to the agriculture insurance market with emphasis on recent developments across geographies and development strategies adopted by prominent market participants. The following sections have specifically been covered in the report.

Competitor Analysis
Market Concentration of Top Five Players
Potential Ventures

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This release was published on openPR.