Latest News- Crop Insurance Market: Indemnity-based is expected to lead the Product segment during 2025-2029

The Crop Insurance Market is being driven by Extreme weather conditions due to global warming

The Crop Insurance Market is expected to grow at a CAGR of 6.3% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 15.62 billion. In the burgeoning crop insurance market, advanced technology is revolutionizing the industry through enhanced Internet connectivity and mobile phone usage. In developed agricultural regions, this digital transformation enables farmers to transmit real-time crop condition data to insurers, significantly reducing monitoring costs. For instance, Indonesia's Rice Insurance Application (RIA) empowers farmers to send images of their crops to insurers for assessment. Furthermore, satellite imagery is utilized on a global scale to monitor field and weather conditions for accurate rain forecasting and index-based insurance data collection. This technological integration streamlines processes, fosters efficiency, and ultimately benefits both farmers and insurers. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Indemnity-based
  • Index-based
• Type
  • Crop yielded insurance
  • Crop revenue insurance
• Distribution Channel
  • Direct sales
  • Brokers
  • Bancassurance
• Geography
  • North America
    • Canada
    • US
  • APAC
    • China
    • India
    • Japan
  • Europe
    • Germany
    • UK
    • France
  • South America
    • Brazil
    • Argentina
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Extreme weather conditions due to global warming
• Rise in government support for crop insurance
• Expansion of crop insurance product lines

However, the market also witnesses some limitations, which are as follows:

• Problems of moral hazards and adverse selection on crop insurance
• Insurance balance sheet and pricing and rating system-related issues
• High cost of manual verification of claims

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Market Scope in Crop Insurance Market Research Report

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Research Analysis Overview

The Crop Insurance Market is witnessing significant developments, including yield variability analysis, the adoption of weather derivatives and index insurance, innovative agricultural insurance products, and payout calculation methods. Government schemes, risk management strategies, and microinsurance solutions are also gaining popularity. Climate change adaptation and data-driven decision making are driving the need for index insurance effectiveness and affordability. Risk-based pricing models, insurance regulation compliance, and policyholder satisfaction are crucial for insurers. Agricultural technology adoption, disaster risk financing, and reinsurance capacity are key factors influencing crop insurance penetration. Farmer risk perception and insurance claim settlement are also important considerations.

Market Research Overview

The Crop Insurance Market encompasses index insurance design, yield prediction models, parametric insurance policies, and weather index insurance. According to our market analysis, this sector generates revenue for specialized providers, including agricultural consultancies and insurance firms. Our report calculates the global Crop Insurance Market size based on the income generated by these entities, excluding those in the casino and gaming, hotel, resort, and cruise lines; leisure facilities; restaurants; and education services sectors. Technavio's research covers agricultural revenue streams derived from index insurance solutions, yield prediction models, parametric insurance policies, and weather index insurance.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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