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Global Crop Reinsurance Market 2023 Industry Dynamics, Regional Segments, Share Analysis And Forecast To 2032 | Major Players Are Munich Re Group, Swiss Reinsurance Company Ltd., Tokio Marine Holdings Inc., Chubb Group of Insurance Companies, Zurich Insur
Crop Reinsurance Market
The Business Research Company's Crop Reinsurance Global Market Report 2023 identifies An increase in natural disasters as the major driver for the Crop Reinsurance Market's growth in the forecast period. Natural disasters refer to extreme and catastrophic events that occur in the natural environment and cause significant damage, destruction, and loss of life. These events are typically triggered by natural forces and processes rather than human intervention, such as earthquakes, floods, hurricanes, and wildfires. Crop reinsurance provides financial protection to crop insurers against losses caused by natural disasters and support to farmers or agricultural entities when their crops are damaged or destroyed due to these events.
The global crop reinsurance market is expected to grow from $36.2 billion in 2022 to $38.8 billion in 2023 at a compound annual growth rate (CAGR) of 7.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The crop reinsurance market is expected to reach $49.9 billion in 2027 at a CAGR of 6.5%.
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Major competitors in the crop reinsurance market are Munich Re Group, Swiss Reinsurance Company Ltd., Tokio Marine Holdings Inc., Chubb Group of Insurance Companies, Zurich Insurance Group Ltd., Sompo Holdings Inc., Hannover Re Group, SCOR SE, Allianz SE, Aon PLC, Everest Re Group Ltd., Axa XL, Arch Capital Group Ltd., Korean Reinsurance Co, American Financial Group Inc., PartnerRe Ltd., AXIS Capital Group, Lloyds of London, Hudson Insurance Group, MS Amlin AG, African Reinsurance Corporation, ProAg, Farmers Mutual Hail Insurance Company of Iowa, AgriLogic Insurance Services, Rain and Hail Insurance Service Inc., AgriSompo North America, National Crop Insurance Services, and Gallagher Re.
A key trend in the Crop Reinsurance Market includes Reinsurance practice. Major companies operating in the crop reinsurance market are focused on developing innovative reinsurance practice solutions to sustain their position in the market. For instance, in September 2021, MS Amlin Ltd., a UK-based Insurance company, launched its agriculture and weather index reinsurance practice. Crop insurance, livestock insurance, aquaculture insurance, forestry goods, and weather index products are the five main things this new practice will offer globally. It can provide insurance to farmers in all significant agriculture markets worldwide. The practice's deep technical expertise and financial strength make it a reliable partner for farmers seeking protection against crop losses. Additionally, it benefits financial stability, crop yield insurance, and crop revenue insurance.
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The Crop Reinsurance Market is segmented -
By Type: Crop Yield Reinsurance, Crop Price Reinsurance, Crop Revenue Reinsurance
By Application: Multi-Peril Crop Insurance (MPCI), Crop Hail, Livestock, Forestry
By Distribution Channel: Banks, Insurance Companies, Brokers And Agents, Other Distribution Channels
By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Crop Reinsurance Market.
The Business Research Company's "Global Crop Reinsurance Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Crop Reinsurance Market Include:
1. Executive Summary
2. Crop Reinsurance Market Characteristics
3. Crop Reinsurance Market Trends And Strategies
4. Crop Reinsurance Market - Macro Economic Scenario
5. Global Crop Reinsurance Market Size and Growth
……
32. Global Crop Reinsurance Market Competitive Benchmarking
33. Global Crop Reinsurance Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Crop Reinsurance Market
35. Crop Reinsurance Market Future Outlook and Potential Analysis
36. Appendix
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