Press release
Rising Frequency Of Adverse Weather Events Fuels Growth In The Crop Insurance Market: Strategic Insights Driving Crop Insurance Market Momentum in 2025
Crop Insurance
How Large Will the Crop Insurance Market Size By 2025?
The dimension of the crop insurance market has experienced a robust expansion in the previous years. The figures will escalate from a size of $43.31 billion in 2024, climbing to $46.87 billion in 2025 with an annual compounded rate of growth (CAGR) of 8.2%. This substantial increase in the past timeframe can be credited to the unpredictability of weather trends, contributions established by the government, the worldwide incorporation of agriculture, deregulation of the market, the involvement of financial sectors, various natural calamities, and catastrophes.
How Big Is the Crop Insurance Market Size Expected to Grow by 2029?
In the coming years, the crop insurance market will experience robust expansion. It is projected to reach $65.97 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 8.9%. The predicted growth during this period is due to factors such as the adoption of crop varieties that can withstand changing climates, increased education and awareness initiatives, market responsive insurance solutions, data analysis, and remote sensing, as well as index-based insurance. Key trends during the forecast period are expected to involve integration of technology, the use of blockchain to boost transparency, fusion with agtech solutions, customization and flexibility, data analytics for predictive modeling, and the development of novel premium payment models.
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Which Key Market Drivers Powering Crop Insurance Market Expansion and Growth?
The projected growth of the crop insurance market is expected to rise due to increasing instances of extreme weather conditions. Adverse weather can include catastrophic events like hurricanes, floods, blizzards, disease, wildfires, as well as extremely high or low temperatures. Crop insurance aims to reduce the financial struggles of insured farmers by shielding them from potential losses, due to anticipated crop damage caused by unfavourable atmospheric conditions ranging from rainfall, temperature, frost, to humidity and so on. For example, in July 2023, the World Metrological Organization, which is a Switzerland-based United Nations agency that encourages global collaboration in areas of atmospheric science, climatology, hydrology, and geophysics, reported that Asia experienced 81 weather, climate, and water-related calamities in 2022. These mainly included flood and storm events, accounting for over 83%. These mishaps claimed over 5,000 lives, directly impacted up to 50 million people and amounted to more than $36 billion in economic disaster. Consequently, the surging occurrence of hazardous weather conditions will fuel the crop insurance market.
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What Are the Key Trends Driving Crop Insurance Market Growth?
Introducing innovative products has become a prominent trend in the crop insurance market, garnering substantial attention. The key players in the factoring market are concentrating their efforts on pioneering solutions to maintain their market standing. For example, in October 2022, HDFC ERGO General Insurance Company Ltd., a finance service company based in India, initiated a technologically enhanced farm yield insurance policy tailored for farmers. This unique insurance solution provides extensive coverage at an individual farm level, utilizing a satellite-based index derived from satellite data. It offers comprehensive coverage throughout the entire crop growth cycle, from sowing to harvesting, according to a company press release. The product covers food, oilseed, commercial, and horticultural crops, and is aimed at farmers who have contracts with corporate or farm input companies (FIC).
What Are the Emerging Segments in the Crop Insurance Market?
The crop insurancemarket 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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