Press release
Crop Insurance Market Poised for 9 % Growth, Set to Hit $66.45 Billion by 2029
Crop Insurance Market
The escalating frequency of unfavorable weather conditions is anticipated to spur the advancement of the crop insurance market. Such conditions include risky weather phenomena like hurricanes, floods, intense heat or cold, blizzards, wildfires, and diseases. Farmers can alleviate their financial stress through crop insurance that shields them from the potential monetary losses caused by predicted crop damage due to undesirable weather changes, such as humidity, temperature, frost, rainfall, and the likes. For example, the World Metrological Organization, a Swiss agency under the United Nations that fosters global cooperation on atmospheric science, climatology, hydrology, and geophysics, recorded in 2022 that Asia witnessed 81 weather, climate, and water-related catastrophes, wherein over 83% were flood and storm incidents. These calamities led to the death of over 5,000 individuals, directly affected more than 50 million people, and inflicted an economic loss worth more than $36 billion. As such, the escalating frequency of harsh weather incidences is set to boost the crop insurance market.
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What growth opportunities are expected to drive the crop insurance market's CAGR through 2034?
In recent times, the dimension of the agricultural insurance market has experienced significant growth. There will be an increase from $43.31 billion in 2024 to $47.06 billion in 2025, indicating a compound annual growth rate(CAGR) of 8.7%. Factors driving this growth in the preceding years include unpredictable weather conditions, government assistance schemes, agricultural globalization, liberalization of markets, involvement of financial sectors, and occurrences of natural disasters.
The anticipated robust expansion of the crop insurance market shall propel the market size to $66.45 billion by 2029, rising at a compound annual growth rate (CAGR) of 9.0%. Numerous factors such as the creation of climate-resilient crops, expanded education and awareness initiatives, market-responsive insurance policies, comprehensive data analytics, remote sensing and index-linked insurance contribute to this growth trajectory. The forecast period will see a flurry of trends like the integration of technology, blockchain usage for increased transparency, cooperation with agtech solutions, adaptability and customization, data analytics applied to predictive models, and unconventional premium payment schemes.
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What are the emerging trends shaping the future of the crop insurance market?
A significant trend gaining traction in the crop insurance market today is product innovation. Companies that have a major presence in the factoring market, are prioritizing the development of innovative solutions to maintain their market positions. In a prime example, HDFC ERGO General Insurance Company Ltd., a financial service provider based in India, introduced a unique farm yield insurance policy in October 2022. This distinctive insurance solution is bolstered by technology, offering coverage at the farm level based on a satellite data-driven index. It ensures comprehensive protection throughout the entire crop life cycle, from sowing to harvesting, according to the company's press release. Available for food, oilseed, commercial or horticultural crops, it caters to farmers under contracts with corporate enterprises or farm input companies (FIC).
Which growth-oriented segments of the crop insurance market are leading the industry's development?
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
Subsegments:
1) By Crop Yield Insurance: Actual Production History (APH) Insurance, Yield Protection (YP) Insurance, Revenue Protection (RP) Insurance
2) By Crop Revenue Insurance: Revenue Protection (RP) Insurance, Revenue Assurance (RA) Insurance, Income Protection (IP) Insurance
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What regions are leading the charge in the crop insurance market?
North America was the largest region in the crop insurance market in 2024. The regions covered in the crop insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What companies are at the forefront of innovation in the crop insurance market?
Major companies operating in the crop insurance market include 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.
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What Is Covered In The Crop Insurance Global Market Report?
• Market Size Forecast: Examine the crop insurance market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the crop insurance market for a structured understanding.
• Key Players Overview: Analyze major players in the crop insurance market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the crop insurance market.
• Segment Contributions: Evaluate how different segments drive overall growth in the crop insurance market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the crop insurance market.
• Industry Challenges: Identify potential risks and obstacles affecting the crop insurance market.
• Competitive Landscape: Review strategic developments in the crop insurance market, including expansions, agreements, and new product launches.
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