Press release
Crop Insurance Market Growth, Size, Overview By 2024-2033
Crop Insurance Market
The crop insurance market size is expected to see strong growth in the next few years. It will grow to $60.66 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to climate-resilient crop varieties, education and awareness programs, market-driven insurance solutions, data analytics and remote sensing, index-based insurance.. Major trends in the forecast period include technological integration, blockchain for transparency, integration with agtech solutions, customization and flexibility, data analytics for predictive modeling, innovative premium payment models..
Market Overview -
Crop insurance is a comprehensive, yield-based policy designed to cover losses incurred by farmers as a result of production issues. It covers losses caused by climatic conditions, accidents, or any other unfavorable conditions that result in a decrease in a farmer's revenue.
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Rising Frequency Of Adverse Weather Events Fuels Growth In The Crop Insurance Market
The increasing incidence of adverse weather conditions is expected to propel the growth of the crop insurance market going forward. Adverse weather refers to hazardous weather conditions, such as hurricanes, floods, blizzards, disease, wildfires, and extremely hot or extremely cold temperatures. Crop insurance helps to lessen the hardship of the insured farmers by protecting them against the possibility of financial loss due to predicted crop loss brought on by the occurrence of an unfavorable weather conditions such as rainfall, temperature, frost, humidity, etc. For instance, in August 2021, according to the World Metrological Organization, a Switzerland-based agency of the United Nations responsible for promoting international cooperation on atmospheric science, climatology, hydrology, and geophysics, over the previous 50 years, there has been an average of one weather, climate, or water-related disaster per day, with 115 fatalities and daily losses of $ 202 million. Therefore, the increasing incidence of adverse weather conditions will drive the crop insurance market.
Competitive Landscape -
Major companies operating in the crop insurance market report are Agriculture Insurance Company of India Limited, American Financial Group Inc., Chubb Corporation, ICICI Lombard General Insurance Company Limited, QBE Insurance Group Limited, Sompo International Holdings Ltd., Tokio Marine Holdings Inc., Zurich Insurance Company Ltd., Philippine Crop Insurance Corporation, AXA S.A., People's Insurance Company of China (Group) Co. Ltd., Fairfax Financial Holdings Limited, American International Group Inc., AmTrust Financial Services Inc., Santam Limited, China United Property Insurance Company Limited, XL Group Ltd., Everest Reinsurance Holdings Inc., Endurance Specialty Holdings Ltd., CUNA Mutual Group, CGB Diversified Services Inc., Farmers Mutual Hail Insurance Company, Archer Daniels Midland Company, Swiss Reinsurance Company Ltd., Munich Reinsurance Company, Bajaj Allianz General Insurance Company Limited, Marsh & McLennan Companies Inc., Willis Towers Watson Holdings plc, Lockton Companies, Brown & Brown Insurance and Risk Management, HUB International Limited, Arthur J. Gallagher & Co. .
Product Innovation For Comprehensive Crop Protection
Product innovation has emerged as the major trend gaining popularity in the crop insurance market. Major companies operating in the factoring market are focused on innovative solutions to sustain their position in the market. For instance, in October 2022, HDFC ERGO General Insurance Company Ltd., an India-based financial service provider, launched a technology-backed farm yield insurance policy for farmers. It's a first-of-its-kind insurance solution that provides coverage at the farm level using a satellite-based index based on satellite-based data and gives thorough coverage across the whole crop life cycle, from planting to harvesting. In a press statement, the business stated. The product is valid for food, oilseed, commercial, or horticultural crops and is intended for farmers under corporate/farm input company (FIC) contracts.
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Key Segments -
The crop insurance market covered in this report is segmented -
1) By Type: Crop Yield Insurance, Crop Revenue Insurance
2) By Coverage: Multi-Peril Crop Insurance (MPCI), Crop-Hail Insurance
3) By Distribution Channel: Banks, Insurance Companies, Brokers Or Agents, Other Distribution Channels
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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"Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
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Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model "
"Want To Know More About The Business Research Company?
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialise in various industries including manufacturing, healthcare, financial services, chemicals, and technology.
Global Market Model - World's Most Comprehensive Database
The Business Research Company's flagship product, Global Market Model (www.thebusinessresearchcompany.com/global-market-model) is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps"
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