extreme weather conditions due to global warming is driving the Crop Insurance Market

Latest News:- Crop Insurance Market: Indemnity-based is expected to lead the Product segment during 2024-2028

Technavio analyzes that the Crop Insurance Market is expected to grow at a CAGR of 6.22% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 14.62 billion.There are various factors that contribute to the growth of the market. The agricultural sector faces significant challenges due to the increasing frequency and severity of extreme weather events, which are largely attributed to global warming. Crop insurance plays a crucial role in mitigating the financial risks associated with these conditions, safeguarding farmers against potential losses. As climate patterns continue to shift, the importance of robust crop insurance markets becomes increasingly evident. These markets provide a vital safety net for farmers, enabling them to continue producing food despite the uncertainties brought about by a changing climate.

In the agricultural sector, indemnity-based crop insurance serves as a vital risk management tool for farmers. This type of insurance shields policyholders from financial losses due to crop damage resulting from perils such as fire, diseases, and pest infestations. The calculation of claims under indemnity-based insurance is based on the actual losses incurred. Two common types of indemnity-based crop insurance are Multi-Peril Crop Insurance (MPCI) and peril insurance. MPCI is a comprehensive coverage that safeguards farmers against yield losses caused by natural disasters, with the entirety of the losses typically covered. The administration of indemnity-based crop insurance is complex, requiring extensive underwriting and farm assessments to determine loss amounts and indemnity payouts. Farmer premium rates are influenced by the risk profile of their agricultural commodity and historical market crop loan data. 

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Crop Insurance Market Segmentation

• Product
  • Indemnity-based
  • Index-based
• Type
  • Crop yielded insurance
  • Crop revenue insurance
• Geography
  • North America
  • APAC
  • Europe
  • South America
  • Middle East and Africa

Top Performing Companies

As per our research findings, here are some of the key competitors that are leading the industry

• Agriculture Insurance Co. of India Ltd.
• Allianz SE
• American International Group Inc.
• Aon plc
• AXA Group
• Bajaj Finserv Ltd.
• Chubb Ltd.
• Everest Re Group Ltd.
• Hannover Re
• ICICI Bank Ltd.
• Indian Farmers Fertiliser Cooperative Ltd.
• MARSH LLC
• Munich Reinsurance Co.
• QBE Insurance Group Ltd.
• Reliance Industries Ltd.
• Sompo Holdings Inc.
• State Bank of India
• Sundaram Finance Ltd.
• Swiss Re Ltd.
• Willis Towers Watson Public Ltd. Co.

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Research Analysis Overview

The Crop Insurance Market plays a crucial role in safeguarding farmers' income against uncertainties caused by various factors affecting agricultural produce. Import-export rates, weather conditions, farming techniques, and seasonal crops are some of the influencing factors. Advanced technologies like satellites, drones, and artificial intelligence are used for forecasting and mitigating risks from natural calamities such as droughts, hail, floods, fire, diseases, and pest infestations. Farmers can avail of market crop loans, farmer premium rates, crop yield insurance, and crop revenue insurance under the revenue policy to secure their valuable and specialty crops during the forecasted period. Financial assistance from the government and cutting-edge technologies help stabilize farmers' incomes and protect them from local calamities.

Market Research Overview

The global crop insurance market is a significant segment of the larger specialized consumer services market, according to Technavio's market research. This market encompasses agricultural produce-related insurance services, influenced by import-export rates, weather conditions, farming techniques, and the adoption of advanced technologies. Technavio's analysis of the global specialized consumer services market size includes revenue generated by various providers, such as residential services, home security services, legal services, personal services, renovation and interior design services, consumer auction services, wedding services, and funeral services. However, it excludes consumer services categorized under casino and gaming, hotel, resorts, and cruise lines; leisure facilities; restaurants; and education services.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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Technavio Research
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