Crop Insurance Market Growth Outlook And Opportunity Analysis- Industry Trends, Developments, Companies, And Market Size Forecast To 2029

Market Overview

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 is a comprehensive yield-based policy that protects farmers against financial losses due to crop failures or unforeseen risks. It covers costs associated with crop damage caused by natural disasters such as drought, hail, disease and animals, floods, fire, and pests. Crop insurance also covers risks associated with sowing and planting, crop loss during the growing season and after harvest, price variations on the agricultural market, and crop yield reduction, all of which affect the income of farmers.

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Market Dynamics

Driver

Quick digital initiatives that predict weather, detect unhealthy crops, save data pertaining to crops, and collect micro-level information on land for crop harvesting. Hence, the need for crop insurance coverage in the global market is driven by the features supplied by technologies such as satellites, drones, the Internet of Things (IoT), artificial intelligence, mobile applications, and other web-based platforms. In addition, an increase in government support for protecting farmers against variations in incomes, prices, and yields of harvested crops drives the growth of the crop insurance market.

Opportunity

The worldwide crop insurance business has developed as a result of the adoption of ICT, which has made insurance readily available and enabled a number of other benefits. The rapid growth of the crop insurance sector is directly attributable to the extensive use of A.I. technology for tailoring policies to specific farmers. Through these tests, it is possible to predict production and profit using CCE and A.I., as well as to acquire many ecological insights, such as those related to water stress and crop health. Thus, Increasing advancement technology in the Agriculture Sector the major opportunity for the Crop Insurance Market.

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The Report Will Include A Major Chapter

•Patent Analysis
•Regulatory Framework
•Technology Roadmap
•BCG Matrix
•Heat Map Analysis
•Price Trend Analysis
•Investment Analysis
•Company Profiling and Competitive Positioning
•Industry Value Chain Analysis
•Market Dynamics and Factors
•Porter's Five Forces Analysis
•Pestle Analysis

Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to understand the market direction and movement in the current and upcoming years.

Market Segmentation

By Type:

•Multi-Peril Crop Insurance (MPCI)
•Crop-Hail Insurance

By Application:

•Banks
•Brokers / Agents
•Insurance Companies
•Others

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North America To Continue It's Lead Position During the Prediction Period

In terms of region, North America accounted for more than two-fifths of the global crop insurance market in 2019, and this trend is expected to continue by 2027. This is attributed to farmers and ranchers in the United States attempting to sustain cost-effective crop production by purchasing. However, due to an increase in agricultural production activity and the implementation of advanced technologies in the region, Asia-Pacific is projected to have the highest CAGR of 5.9% in the years to come.

By Region:

•North America (U.S., Canada, Mexico)
•Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
•Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
•Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
•South America (Brazil, Argentina, Rest of SA)

Key Players For The Global 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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Reasons to Purchase this Report

•Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
•Provision of market value (USD Billion) data for each segment and sub-segment
•Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
•Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
•Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled

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