Dallas, Texas, April 23, 2019 (GLOBE NEWSWIRE) -- Increasing incidences of natural calamities across the globe have resulted in ever more farmers opting for agriculture insurance to protect their crops, equipment, and livestock
The global agriculture insurance market is projected to grow with a CAGR of 2.8% over the forecast period. The market was valued at USD 29.27 billion in 2018. Countries in the Asia Pacific, especially China and India are spending high to build a strong risk management system, owing to which, the global agriculture insurance market is anticipated to boom over coming years.
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The market research report on agriculture insurance market assesses the market demand and scenario for the period ranging from 2015 to 2025. The report highlights the historic trends from 2015 to 2017 and market forecast from 2019 to 2022. The report studies the current status and future prospects of the market at the global and regional level. The global agriculture insurance market is segmented on the basis of type, distribution channel, and geography.
The report also covers detailed competition analysis, which includes company profiles of major players operating in the global agriculture insurance market. Further, the study covers several qualitative aspects of the agriculture insurance industry and also throw light on regional growth opportunities.
The “Global Agricultural Insurance Market Size 2017 By Distribution Channel (Agency, Broker, Bancassurance, Direct writing), By Type (Crop/MPCI Insurance,Crop/Hail Insurance, Livestock Insurance, Other Insurance), By Region and Forecast 2019 to 2025” study provides an elaborative view of historic, present and forecasted market estimates.
As per World Bank data, agriculture is the source of earnings for 65.0% of the world’s poor working population. Thus, substantial investment in the agriculture sector has become equally significant for emerging nations, particularly for agricultural-based economies. The risk in agriculture occupational is quite high as the yield is mainly reliant on the weather. Crop failure owing to seasonal variations can sternly impact the farmers and other agro-based aftermarkets. Price volatility is another important factor, which creates an uncertain environment. Variations in the commodity prices or input prices may impact the profit margin or even cause loss to the agriculture sector. Owing to these factors, investments are being made increasingly in the agriculture sector with high support by the governing as well as international bodies.
By type, the agriculture insurance market is segmented as Crop/MPCI Insurance, Crop/Hail Insurance, Livestock Insurance, and Other Insurance. Multi-Peril Crop Insurance is among the preferred category of agriculture insurance owing to the fact that crop faces high losses due to a natural disaster. MPCI offers insurance against crop disease, drought, flood, fire, insect damage among others.
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On the basis of the regional analysis of the agriculture insurance industry, North America has the most developed agriculture insurance sector across the globe. Federal Crop Insurance Program, a part of agriculture risk management program by the U.S. is amongst the largest subsidized agriculture insurance program. In this program, high subsidies were offered which initially boosted the regional market growth.
Some of the key players in the global agriculture insurance market are Companies such as The Chubb Corporation, The People’s Insurance Company (Group) of China Limited, ARMtech Insurance Services, (Subsidiary of Sompo Holdings Inc.), QBE Insurance Group Limited, Tokio Marine Holdings, Inc (HCC), and Rural Community Insurance Agency, Inc., (Subsidiary of Zurich Insurance Group).
Major points from Table of Contents:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. Agricultural Insurance Market Overview, By Fish Type (Tons) (USD Million)
Chapter 5. Agricultural Insurance Market Overview, By Type (Tons) (USD Million)
Chapter 6. Agricultural Insurance Market Overview, By End-use (Tons) (USD Million)
Chapter 7. Agricultural Insurance Market Overview, By Region
Chapter 8. Marketing Channel Overview
Chapter 9. Competitive Environment
Chapter 10. Company Profiles
Continued…
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