New York, July 19, 2023 (GLOBE NEWSWIRE) -- The global Agricultural Insurance Market is expected to witness significant growth at a CAGR of 7.1% during the forecast period of 2023-2030. This growth is attributed to the increasing adoption of technology in the agricultural sector.
According to a recent report by Consegic Business Intelligence, the agricultural insurance market is poised for strong expansion and is expected to reach USD 65,654.02 million by 2030. The market, which was valued at USD 38,221.36 million in 2022, is projected to grow at a compound annual growth rate of 7.1% during the period 2023-2030. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the agricultural insurance market.
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Agriculture insurance includes the protection of agricultural producers, farmers, and agribusinesses against various risks and perils that can impact crops, livestock, agricultural assets as well as niche sectors such as organic farming or aquaculture.
The agricultural insurance market includes insurance companies, brokers, and agents specializing in agricultural insurance products. These entities work to underwrite policies, assess risks, provide claims management services, and offer risk management advice to farmers. Furthermore, the market has experienced steady growth owing to the increasing challenges from climate change, market volatility, and evolving farming practices.
Global Agricultural Insurance Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Million) | 65,654.02 Million |
| CAGR (2023-2030) | 7.1% |
| By Type | Crop Insurance (Multi-Peril Crop Insurance, Named Peril Insurance, and Index-Based Insurance), Livestock Insurance, Machinery Insurance, and Others |
| By Provider | Banks, Insurance Companies, Brokers/Agents, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Region | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | Great American Insurance Company, Chubb, QBE Insurance (Australia) Ltd., Himalayan Everest Insurance CO.LTD., Agriculture Insurance Company of India Limited, Munich Re, Zurich American Insurance Company, Asian Development Bank, HUB International Limited, AXA SA, American Agricultural Insurance Company, AgroBrasil, and Haughn & Associates |
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Global Agricultural Insurance Market Segmentation Details:
Based on Type, in 2022, the crop insurance segment contributed the largest market shares in the agricultural insurance market. Climate changes have led to more frequent and severe weather events that pose a significant threat to crop protection. For instance, the Food and Agriculture Organization (FAO) of the United Nations reported that floods were the second gravest agricultural disaster. As a result, the growing impact of climate change on crop production leading to food security concerns is fostering the growth of the segment.
Based on Provider, in 2022, the insurance companies segment contributed the largest market shares in the agricultural insurance market. The growth of the segment is attributed to the increasing awareness related to the benefits of agriculture insurance. Several factors such as unpredictable weather patterns, diseases, pests, and more lead to financial losses. Insurance companies are responding to this growing demand by developing tailored agriculture insurance products and services, in turn proliferating segment growth.
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Based on Region, in 2022, North America accounted for the largest share contribution of 36.15% to the market growth driven by the legislative changes including premium subsidies, as well as the introduction of new insurance products. Moreover, according to the article published by the U.S. DEPARTMENT OF AGRICULTURE, starting in 2016, insured acres began to rise rapidly, reaching 444 million acres for the 2021 crop year. This recent rise was due to the introduction of policies for Pasture, Rangeland, and Forage (PRF) coverage. Therefore, the aforementioned factors are contributing to the growing demand for agricultural insurance in the region.
Competitive Landscape
As per the research, Great American Insurance Company, Asian Development Bank, and American Agricultural Insurance Company among others are the major market players that comprise the latest market circumstances. These companies are continuously leveraging new technologies to develop innovative solutions that are more efficient, and cost-effective. Further, the agricultural insurance market is expected to grow steadily due to the increasing volatility and unpredictability of weather patterns. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships.
Recent Developments
- In August 2020, American Agricultural Insurance Company changed its logo and branding to AmericanAg.
- In March 2021, QBE Australia (QBE) formed a new partnership with Australia Post and was selected as the general insurance provider for Australia’s largest postal service provider.
Key Market Takeaways
- The global agricultural insurance market size is estimated to exceed USD 65,654.02 million by 2030 with a CAGR of 7.1% during the forecast period (2023-2030).
- Based on type, the crop insurance segment accounted for the highest market share of 38.50% in the agricultural insurance market statistics in 2022.
- Based on provider, the insurance companies segment accounted for the highest market share in the agricultural insurance market statistics in 2022.
- Asia Pacific is expected to grow at the fastest CAGR of 8.1% during the forecast period due to the increase in awareness among farmers regarding the benefits of agricultural insurance.
- North America accounted for the highest market share of 36.15% and was valued at USD 13,817.02 million and is expected to reach USD 23,884.93 million in 2030.
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List of Major Global Agricultural Insurance Market:
- Great American Insurance Company
- Chubb
- QBE Insurance (Australia) Ltd.
- Himalayan Everest Insurance CO.LTD.
- Agriculture Insurance Company of India Limited
- Munich Re
- Zurich American Insurance Company
- Asian Development Bank
- HUB International Limited
- AXA SA
- American Agricultural Insurance Company
- AgroBrasil
- Haughn & Associates
Global Agricultural Insurance Market Segmentation:
- By Type
- Crop Insurance
- Multi-Peril Crop Insurance
- Named Peril Insurance
- Index-Based Insurance
- Livestock Insurance
- Machinery Insurance
- Others
- Crop Insurance
- By Provider
- Banks
- Insurance Companies
- Brokers/Agents
- Others
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Frequently Asked Questions in the Agricultural Insurance Market Report
- What was the market size of agricultural insurance in 2022?
- In 2022, the market size of agricultural insurance was USD 38,221.36 million.
- What will be the potential market valuation for agricultural insurance by 2030?
- In 2030, the market size of agricultural insurance is expected to reach 65,654.02 million.
- What is the key restraint hampering the growth of the agricultural insurance market?
- The low access and acceptability of agricultural insurance in developing countries is a significant factor restricting market growth.
- What is the dominant segment in the agricultural insurance market, by provider?
- In 2022, the insurance companies segment accounted for the highest market share in the overall agricultural insurance market.
- Based on current market trends, which geographical region contributed the largest share in the market?
- North America accounted for the largest market share in the agricultural insurance market.
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