Crop Insurance Market by Types (Crop-hail Insurance, Multi-peril Crop Insurance (MPCI), Livestock Insurance, and Others), Distribution Channels (Insurance Companies, Banks, Agents/Brokers, and Others), and Regions (Asia Pacific, North America, Latin America, Europe and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2022 – 2030
The global crop insurance market size was valued at around USD 35 billion in 2021 and is expected to reach USD 54 billion by 2030, expanding at a CAGR of around 6% during the forecast period, 2022 – 2030. The growth of the market is attributed to the increasing financial investment is crops and rising demand for risk management.
Crop insurance is an insurance or a protection policy, which covers farmers, ranchers, and other agricultural producers against unexpected loss of agricultural yields or profits from produce sales due to natural disasters such as hail, draught, floods, fire, pests, and others. Farmers adopting crop insurance can protect themselves from unforeseen setbacks. Crop insurance provide stability of income to farmers by protecting them from losses caused by crop failure. It allows farmers to manage their crop yields and price risks. Crop insurance facilitate farmers to replay their loans. Crop insurance protects farmers against production loss. It aids farmers in understanding effects of natural calamities and ways to protect their farms. Insurance companies work with technological advancements to facilitate farmers to improve their crop production.
Market Trends, Drivers, Restraints, and Opportunities
- Frequent extreme weather conditions across the globe, due to global warming, are expected to drive the global crop insurance market during the forecast period.
- Increasing government initiative to support agricultural sector boosts the market.
- Rising economic stability in the agricultural sector through crop insurance is projected to spur the market during the forecast period.
- Growing adoption of advancing technologies in the agricultural sector and crop insurance are anticipated to boost the market in the coming years.
- Lack of data for the values of indexes such as amount of rainfall, vegetation indexes, and others is anticipated to hamper the growth of the market during the forecast period.
- Reduced arable land and high labor costs are expected to hinder the growth of the market in the coming years.
- Expanding crop insurance product line is expected to offer growth opportunities to the key market players in the coming years.
Scope of the Report
The report on the global crop insurance market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|
Attributes |
Details |
|
Report Title |
Crop Insurance Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
|
Base Year |
2021 |
|
Historic Data |
2019–2020 |
|
Forecast Period |
2022–2030 |
|
Segmentation |
Types (Crop-hail Insurance, Multi-peril Crop Insurance (MPCI), Livestock Insurance, and Others) and Distribution Channels (Insurance Companies, Banks, Agents/Brokers, and Others) |
|
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
|
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
|
Key Players Covered in the Report |
Agriculture Insurance Company of India Limited; Fairfax Financial Holdings Limited; American Financial Group, Inc.; ICICI Lombard General Insurance Company Limited; Tokio Marine HCC; Chubb Limited; Zurich Insurance Group Limited; People’s Insurance Company of China Limited; QBE Insurance Group Limited; Sompo International Holdings Limited; AmTrust Financial Services, Inc.; AXA S.A.; New India Assurance Co., Ltd.; and Others |
Market Segment Insights
The multi-peril crop insurance segment drives the market
Based on Types, the global crop insurance market is divided into crop-hail insurance, multi-peril crop insurance (MPCI), livestock insurance, and others. The multi-peril crop insurance (MPCI)segment is anticipated to expand at a rapid pace during the forecast period, as it is a comprehensive insurance that covers most agricultural risks. Increasing support of governments to adopt MPCI by offering subsidies on the premium is expected to drive the segment in the coming years.
Insurance companies segment holds a key share in the market
In terms of distribution channels, the market is segregated into insurance companies, banks, agents/brokers, and others. The insurance companies segment is projected to boost the market during the forecast period, due to innovative range of distribution techniques and multiple channels supporting crop insurance services by insurance companies. Insurance companies have multiple tie-ups with brokers, agents, banks, and others, which aid in the expansion of the segment.
North America dominates the market
On the basis of regions, the global crop insurance market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is estimated to hold a significant share in the market, due to increasing number of farmers and rancher availing prominent crop insurance coverage in the region. Rising awareness of insurance packages, growing risk management policies, and increasing investment in technological advancements are estimated to fuel the market in North America. The market in Asia Pacific is anticipated to register a high CAGR during the forecast period, as increasing population and rising food demand drive the agricultural production; thus, boosting the market in the region.
Segments
The global crop insurance market has been segmented on the basis ofTypes
- Crop-hail Insurance
- Multi-peril Crop Insurance (MPCI)
- Livestock Insurance
- Others
- Insurance Companies
- Banks
- Agents/Brokers
- Others
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
- Agriculture Insurance Company of India Limited
- Fairfax Financial Holdings Limited
- American Financial Group, Inc.
- ICICI Lombard General Insurance Company Limited
- Tokio Marine HCC
- Chubb Limited
- Zurich Insurance Group Limited
- People’s Insurance Company of China Limited
- QBE Insurance Group Limited
- Sompo International Holdings Limited
- AmTrust Financial Services, Inc.
- AXA S.A.
- New India Assurance Co., Ltd.
- Others
Competitive Landscape
Key players in the global crop insurance market includes Agriculture Insurance Company of India Limited; Fairfax Financial Holdings Limited; American Financial Group, Inc.; ICICI Lombard General Insurance Company Limited; Tokio Marine HCC; Chubb Limited; Zurich Insurance Group Limited; People’s Insurance Company of China Limited; QBE Insurance Group Limited; Sompo International Holdings Limited; AmTrust Financial Services, Inc.; AXA S.A.; New India Assurance Co., Ltd.; and others, who use business strategies such as product launches, collaborations, partnerships, acquisitions, and mergers to strengthen their hold on the market. For example, in February 2022, Fairfax Financial Holdings Limited acquired Fairfax India Holdings Limited, which enables it to exercise control over the subordinate voting shares and multiple voting shares. In January 2022, American Financial Group, Inc acquired Verikai, Inc., a machine learning and artificial intelligence company, to utilize a predictive risk tool by Verikai for assessing insurance risk.
2. Assumptions and Acronyms Used
3. Research Methodology
4. Crop Insurance Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Crop Insurance Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Crop Insurance Market - Supply Chain
4.5. Global Crop Insurance Market Forecast
4.5.1. Crop Insurance Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Crop Insurance Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Crop Insurance Market Absolute $ Opportunity
5. Global Crop Insurance Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Crop Insurance Market Size and Volume Forecast by Types
5.3.1. Crop-hail Insurance
5.3.2. Multi-peril Crop Insurance (MPCI)
5.3.3. Livestock Insurance
5.3.4. Others
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Crop Insurance Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Crop Insurance Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Crop Insurance Demand Share Forecast, 2019-2026
7. North America Crop Insurance Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Crop Insurance Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Crop Insurance Market Size and Volume Forecast by Types
7.4.1. Crop-hail Insurance
7.4.2. Multi-peril Crop Insurance (MPCI)
7.4.3. Livestock Insurance
7.4.4. Others
7.5. Basis Point Share (BPS) Analysis by Types
7.6. Y-o-Y Growth Projections by Types
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Crop Insurance Demand Share Forecast, 2019-2026
8. Latin America Crop Insurance Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Crop Insurance Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Crop Insurance Market Size and Volume Forecast by Types
8.4.1. Crop-hail Insurance
8.4.2. Multi-peril Crop Insurance (MPCI)
8.4.3. Livestock Insurance
8.4.4. Others
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Crop Insurance Demand Share Forecast, 2019-2026
9. Europe Crop Insurance Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Crop Insurance Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Crop Insurance Market Size and Volume Forecast by Types
9.4.1. Crop-hail Insurance
9.4.2. Multi-peril Crop Insurance (MPCI)
9.4.3. Livestock Insurance
9.4.4. Others
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Crop Insurance Demand Share Forecast, 2019-2026
10. Asia Pacific Crop Insurance Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Crop Insurance Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Crop Insurance Market Size and Volume Forecast by Types
10.4.1. Crop-hail Insurance
10.4.2. Multi-peril Crop Insurance (MPCI)
10.4.3. Livestock Insurance
10.4.4. Others
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Crop Insurance Demand Share Forecast, 2019-2026
11. Middle East & Africa Crop Insurance Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Crop Insurance Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Crop Insurance Market Size and Volume Forecast by Types
11.4.1. Crop-hail Insurance
11.4.2. Multi-peril Crop Insurance (MPCI)
11.4.3. Livestock Insurance
11.4.4. Others
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Crop Insurance Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Crop Insurance Market: Market Share Analysis
12.2. Crop Insurance Distributors and Customers
12.3. Crop Insurance Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. Agriculture Insurance Company of India Limited
12.4.2. Fairfax Financial Holdings Limited
12.4.3. American Financial Group, Inc.
12.4.4. ICICI Lombard General Insurance Company Limited
12.4.5. Tokio Marine HCC
12.4.6. Chubb Limited
12.4.7. Zurich Insurance Group Limited
12.4.8. People’s Insurance Company of China Limited
12.4.9. QBE Insurance Group Limited
Types
- Crop-hail Insurance
- Multi-peril Crop Insurance (MPCI)
- Livestock Insurance
- Others
- Insurance Companies
- Banks
- Agents/Brokers
- Others
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
- Agriculture Insurance Company of India Limited
- Fairfax Financial Holdings Limited
- American Financial Group, Inc.
- ICICI Lombard General Insurance Company Limited
- Tokio Marine HCC
- Chubb Limited
- Zurich Insurance Group Limited
- People’s Insurance Company of China Limited
- QBE Insurance Group Limited
- Sompo International Holdings Limited
- AmTrust Financial Services, Inc.
- AXA S.A.
- New India Assurance Co., Ltd.
- Others
Key players in the global crop insurance market includes Agriculture Insurance Company of India Limited; Fairfax Financial Holdings Limited; American Financial Group, Inc.; ICICI Lombard General Insurance Company Limited; Tokio Marine HCC; Chubb Limited; Zurich Insurance Group Limited; People’s Insurance Company of China Limited; QBE Insurance Group Limited; Sompo International Holdings Limited; AmTrust Financial Services, Inc.; AXA S.A.; New India Assurance Co., Ltd.; and others, who use business strategies such as product launches, collaborations, partnerships, acquisitions, and mergers to strengthen their hold on the market. For example, in February 2022, Fairfax Financial Holdings Limited acquired Fairfax India Holdings Limited, which enables it to exercise control over the subordinate voting shares and multiple voting shares. In January 2022, American Financial Group, Inc acquired Verikai, Inc., a machine learning and artificial intelligence company, to utilize a predictive risk tool by Verikai for assessing insurance risk.
Our Clients
FAQ Section
Some frequently asked quetions about this report!
The market is estimated to register CAGR of around 6% during the forecast period.
The global crop insurance market size was valued at around USD 35 billion in 2021.
Crop-hail insurance, multi-peril crop insurance (MPCI), livestock insurance, and others are the types of crop insurance.
Crop insurance is a type of insurance or a protection policy, which covers farmers, ranchers, and other agricultural producers against unexpected loss of crop yields or profits from produce sales due to natural disasters such as hail, draught, floods, fire, pests, and others.
North America dominates the global crop insurance market.
Agriculture Insurance Company of India Limited; Fairfax Financial Holdings Limited; American Financial Group, Inc.; ICICI Lombard General Insurance Company Limited; Tokio Marine HCC; and Chubb Limited are some of the key players in the market.
Related Reports
Some other reports from this category!
