Press release
Crop Insurance Industry Outlook 2025-2029: Market Set to Cross $66.45 Billion Milestone
Crop Insurance
How Large Will the Crop Insurance Market Size By 2025?
The market size of crop insurance has seen robust growth in the past few years. A rise from $43.31 billion in 2024 to $47.06 billion in 2025, marking a Compound Annual Growth Rate (CAGR) of 8.7%, is expected. Factors contributing to the growth during the historic period include erratic weather conditions, government-backed programs, the internationalization of agriculture, market deregulation, involvement of the financial sector, and instances of natural calamities and catastrophes.
How Big Is the Crop Insurance Market Size Expected to Grow by 2029?
In the forthcoming years, a significant surge in the crop insurance market size is anticipated. Projected to reach $66.45 billion by 2029, it will register a compound annual growth rate (CAGR) of 9.0%. The expected growth during the prediction period is credited to elements such as climate-hardy crop types, educational programs, awareness initiatives, innovative insurance solutions geared by the market, insights from data analysis, and remote sensing, along with index-based insurance. Key trends to watch out for during this forecast period include incorporating technology, utilizing blockchain for transparency, collaborations with agtech solutions, offering customizability and flexibility, the use of data analytics for future predictions, and creative premium payment methods.
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Which Key Market Drivers Powering Crop Insurance Market Expansion and Growth?
The crop insurance market's expansion is predicted to be fueled by a rise in adverse weather events. Adverse weather involves threatening weather situations including hurricanes, floods, snowstorms, diseases, wildfires, and temperatures that are exceedingly high or exceedingly low. Crop insurance plays a vital role in reducing the financial hardships of insured farmers by shielding them from potential monetary losses as a result of anticipated crop failure due to unfavorable weather conditions such as rainfall, temperature, frost, humidity, etc. For instance, the World Metrological Organization, a Switzerland-based United Nations agency promoting international collaboration in atmospheric science, climatology, hydrology, and geophysics, indicated that Asia underwent 81 weather, climate, and water-related catastrophes in 2022, with over 83% constituting flood and storm incidents. These calamities resulted in over 5,000 fatalities, directly affecting more than 50 million people, and causing more than $36 billion in economic losses. Thus, the rise in the incidence of adverse weather events will stimulate the growth of the crop insurance market.
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Which Fast-Growing Trends Are Poised to Disrupt the Crop Insurance Market?
In the crop insurance market, product innovation has surfaced as a significant trend gaining traction. Major players in the factoring market are prioritizing groundbreaking solutions to maintain their standing within the market space. To illustrate, in October 2022, HDFC ERGO General Insurance Company Ltd., a financial service company from India, introduced an innovative, technology-driven farm yield insurance policy for agriculturists. This novel insurance solution offers farm-level coverage, utilizing a satellite-based index derived from satellite data, granting comprehensive protection throughout the entire crop cycle, from sowing to reaping. According to a company press release, the solution covers food crops, oilseeds, commercial, or horticultural crops and is specifically designed for farmers engaged in corporate/farm input company (FIC) agreements.
What Are the Emerging Segments in the Crop Insurance Market?
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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Who Are the Global Leaders 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.
Which are the Top Profitable Regional Markets for the Crop Insurance Industry?
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
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