Press release
Agriculture Insurance Market to Reach USD 70.02 Billion by 2033 | DataM Intelligence
Agriculture Insurance Market
The Global Agriculture Insurance Market was valued at USD 41.47 billion in 2024 and is projected to reach USD 70.02 billion by 2033, expanding at a CAGR of 5.96% from 2025 to 2033, according to DataM Intelligence. The market growth is primarily driven by the escalating frequency of climate-related disasters such as floods, droughts, pest outbreaks, and hurricanes, which have intensified risks for farmers across the globe. Agricultural insurance is increasingly viewed as a critical safety net, protecting farmers against unpredictable losses and ensuring financial stability amid growing environmental volatility.
North America dominated the global agriculture insurance market in 2024, accounting for 40.68% of total revenue, while Asia Pacific is anticipated to record the fastest growth through 2033. The multi-peril crop insurance (MPCI) segment led the market by covering a wide range of natural and biological risks, while public insurance providers captured a 77.58% share owing to strong government support and subsidies.
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Key Highlights from the Report
➤ Global agriculture insurance market to reach USD 70.02 billion by 2033 at a CAGR of 5.96% (2025-2033).
➤ North America held the largest market share (40.68%) in 2024, with the U.S. projected to record the fastest growth rate.
➤ Multi-Peril Crop Insurance (MPCI) segment accounted for the highest market share (59.89%) in 2024.
➤ Public insurance providers dominated with 77.58% share due to subsidy-driven participation.
➤ Banks led distribution channels, owning 48.17% share through credit-linked insurance systems.
➤ Asia Pacific expected to witness the fastest regional growth led by India, China, and Indonesia.
Market Segmentation
Product Type Insights
The multi-peril crop insurance (MPCI) segment led the global agriculture insurance market, covering losses from drought, floods, pests, and diseases. Governments in India, the U.S., and China continue to promote MPCI through subsidies and awareness programs, driving higher adoption among farmers. In contrast, the livestock insurance segment is projected to grow at the fastest CAGR due to the rising occurrence of animal diseases and increasing livestock valuation in rural economies. Globally, premium subsidies and mandatory lending-linked insurance policies are improving livestock coverage penetration.
Provider Insights
The public insurance segment dominated the market in 2024, supported by government-owned schemes that mitigate catastrophic risk and offer premium discounts to smallholder farmers. Public programs such as India's Pradhan Mantri Fasal Bima Yojana (PMFBY) and the U.S. Federal Crop Insurance Program continue to enhance trust and transparency in the insurance ecosystem. Meanwhile, private insurers are increasing their footprint through tailored products, digital claims systems, and participation in public-private partnerships (PPPs).
Distribution Channel Insights
Banks are the leading distribution channel, integrating crop and livestock insurance products into agricultural loans. This linkage ensures both credit security and insurance adoption among rural borrowers. Additionally, collaborations between financial institutions and insurance providers streamline disbursement and claims. The insurance company channel is expected to expand rapidly as digital tools such as IoT sensors and satellite imagery enable data-driven risk pricing and improved claims processing.
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Regional Insights
North America dominated the global agriculture insurance market in 2024, accounting for more than 40% of total revenue. Increased investments in digital agriculture, combined with advanced disaster compensation models and AI-based risk assessment, make North America a frontrunner in agricultural risk management.
The United States leads in innovation within crop and livestock insurance, with evolving pilot programs addressing climate-resilient farming and parametric coverage. The U.S. Department of Agriculture's recent USD 2 billion initiative to aid specialty crops also reinforces structured support for producers facing climate-induced losses.
The Asia Pacific region is the fastest-growing market, driven by rising vulnerability to floods, cyclones, and heatwaves. Countries such as India, China, and Indonesia are leading through farmer awareness programs, government premium subsidies, and aggressive public-private collaborations. For example, India's Karnataka Government disbursed USD 7.4 million in insurance claims to over 200,000 farmers in 2025.
Europe is witnessing steady growth, with the EU prioritizing sustainable agriculture and risk protection incentives under its Common Agricultural Policy. Spain, in particular, has emerged as a regional benchmark in structured farmer insurance systems.
Latin America and the Middle East & Africa (MEA) markets are gradually expanding with state-backed schemes and cooperative-based insurance programs. The Saudi Arabian government's 2024 cooperative agricultural insurance initiative underscores regional momentum toward food security and agricultural resilience.
Market Dynamics
Market Drivers:
Frequent climate disruptions, global food supply challenges, and heightened weather volatility underpin strong demand for agricultural insurance. The collective role of government subsidies, public-private models, and increased farmer education is transforming insurance from a niche product into a mainstream financial necessity.
Market Restraints:
Despite policy support, limited penetration in smallholder communities and high premium costs remain challenges. The lack of adequate claim infrastructure and awareness in emerging economies further restrains growth.
Market Opportunities:
Digital disruption presents significant opportunities. Tools such as satellite mapping, drones, AI-based analytics, and parametric insurance models improve underwriting precision and claims settlement speed. Expanding adoption of index-based products in Africa, Asia, and Latin America opens new insurance frontiers.
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Reasons to Buy the Report
✔ Insights into global market trends, size, and growth across product and provider segments.
✔ Identification of major regional opportunities and government-supported schemes.
✔ Evaluation of innovative technologies reshaping agricultural risk management.
✔ Profiles of major players and industry mergers driving competitive advantage.
✔ Data-driven projections to support strategic product and investment decisions.
Frequently Asked Questions (FAQs)
◆ How big is the global agriculture insurance market in 2025?
◆ What is the projected CAGR of the agriculture insurance market through 2033?
◆ Who are the leading players in the global agriculture insurance industry?
◆ Which region dominates the agriculture insurance market?
◆ What are the main factors driving demand for multi-peril crop insurance (MPCI)?
Company Insights
Zurich Insurance Company Ltd.
Tokio Marine HCC (HCC Insurance Holdings, Inc.)
Farmers Mutual Hail Insurance Company of Iowa
Sompo International Holdings Ltd.
Allianz SE
Munich Re
AXA SA
ICICI Lombard General Insurance Company Ltd.
HDFC ERGO General Insurance Company Ltd.
Anhua Agricultural Insurance Co., Ltd.
Suncorp Group Ltd.
Agro Nacional Seguros S.A.
MAPFRE S.A.
Recent Developments:
In January 2025, the Government of India extended major crop insurance schemes-PMFBY and RWBCIS-until 2026 and announced a USD 92.94 million Fund for Innovation and Technology (FIAT) to infuse advanced technology into agriculture insurance.
In November 2024, Farmers Edge launched its Managed Technology Services platform to streamline crop insurance and agribusiness operations using AI-driven data architecture and real-time farm analytics.
Conclusion
The global agriculture insurance market is positioned for strong growth through 2033 as climate variability, digital transformation, and government-led programs reshape the agricultural ecosystem. Increased farmer awareness, financial inclusion, and the integration of technology in risk assessment are making insurance a cornerstone of global food security. Backed by public-private innovation and expanding coverage in emerging regions, agriculture insurance will remain vital in safeguarding farmer livelihoods and ensuring resilient agricultural production worldwide.
Contact Us
Mr. Sai Kiran
DataM Intelligence 4market Research LLP Ground floor
DSL Abacus IT Park, Industrial Development Area
Uppal, Hyderabad, Telangana 500039
USA: +1 877-441-4866
Email: Sai.k@datamintelligence.com
Visit Our Website: https://www.datamintelligence.com
About Us
DataM Intelligence 4Market Research is a comprehensive market intelligence platform offering syndicated and customized reports along with expert consulting across multiple industries, including chemicals, healthcare, agriculture, food & beverages, and more. With extensive experience and a strategy-focused approach, DataM provides businesses and individuals with reliable market insights, statistical forecasts, and personalized research solutions to help them make informed decisions and successfully bring innovations to market.
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