Dublin, Nov. 01, 2023 (GLOBE NEWSWIRE) -- The "Global Crop Reinsurance Market 2023" report has been added to ResearchAndMarkets.com's offering.
The global crop reinsurance market is poised for significant growth, with projections indicating an increase from $36.2 billion in 2022 to $38.8 billion in 2023, boasting a compound annual growth rate (CAGR) of 7.3%. By 2027, the market is expected to reach $49.9 billion, growing at a CAGR of 6.5%.
The growth of the crop reinsurance market is primarily attributed to the surge in natural disasters worldwide. Natural disasters, including earthquakes, floods, hurricanes, wildfires, and other catastrophic events, have been on the rise, leading to widespread damage and loss of life. Crop reinsurance plays a crucial role in providing financial protection to crop insurers, offering support to farmers and agricultural entities when their crops are adversely affected by these events.
Notably, statistics from the International Federation of Red Cross and Red Crescent Societies reveal the significant impact of natural disasters on millions of individuals and thousands of fatalities in recent years. Moreover, climate disasters in the United States have caused billions of dollars in damages and numerous fatalities. This surge in natural disasters underscores the importance of crop reinsurance.
Reinsurance Practices as a Key Trend
Innovations in reinsurance practices are gaining momentum in the crop reinsurance market. Leading companies in the sector are actively developing inventive reinsurance practice solutions to strengthen their market positions. For instance, MS Amlin Ltd. introduced an agriculture and weather index reinsurance practice in 2021, encompassing crop insurance, livestock insurance, aquaculture insurance, forestry goods, and weather index products. This practice offers protection to farmers in major agriculture markets across the globe, promoting financial stability, crop yield insurance, and crop revenue insurance.
Regional Dynamics
In 2022, North America dominated the crop reinsurance market. However, Europe is expected to be the fastest-growing region during the forecast period. The market report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, and the Middle East and Africa. Countries featured in the report encompass Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, the USA, Italy, Spain, and Canada.
Major Players in the Market
Prominent players in the crop reinsurance market include Munich Re Group, Swiss Reinsurance Company Ltd., Tokio Marine Holdings Inc., Chubb Group of Insurance Companies, Zurich Insurance Group Ltd., and many others. Strategic developments, such as mergers and acquisitions, new product launches, and expansion efforts, are key areas of focus for these market leaders.
Notable Acquisition
In July 2023, American Financial Group (AFG), a US-based insurance holding company, acquired Crop Risk Services for $240 million. This acquisition aims to bolster AFG's presence in the crop insurance business, enhance customer service, and establish a stronger market foothold. Crop Risk Services is a US-based risk management agency specializing in crop reinsurance services.
In conclusion, the global crop reinsurance market is witnessing robust growth, driven by the increasing frequency of natural disasters and the development of innovative reinsurance practices. Europe is expected to emerge as a significant growth hub, and major players are actively pursuing strategic initiatives to fortify their positions in the market. The acquisition of Crop Risk Services by American Financial Group reflects the industry's commitment to expansion and improved service offerings. For a comprehensive understanding and in-depth analysis, the complete market report is recommended.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2023-2027 |
| Estimated Market Value (USD) in 2023 | $38.8 Billion |
| Forecasted Market Value (USD) by 2027 | $49.9 Billion |
| Compound Annual Growth Rate | 6.5% |
| Regions Covered | Global |
Key Topics Covered
1. Executive Summary
2. Crop Reinsurance Market Characteristics
3. Crop Reinsurance Market Trends and Strategies
4. Crop Reinsurance Market - Macro Economic Scenario
4.1. Impact of High Inflation on Online Therapy Services Market
4.2. Ukraine-Russia War Impact on Online Therapy Services Market
4.3. COVID-19 Impact on Online Therapy Services Market
5.1. Global Crop Reinsurance Historic Market Size and Growth, 2017-2022, Value ($ Billion)
5.2. Global Crop Reinsurance Forecast Market Size and Growth, 2022-2027, 2032F, Value ($ Billion)
5.3. Global Crop Reinsurance Market Drivers and Restraints
5.3.1. Drivers of the Market
5.3.2. Restraints of the Market
6. Crop Reinsurance Market Segmentation
6.1. Global Crop Reinsurance Market, Segmentation by Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Crop Yield Reinsurance
- Crop Price Reinsurance
- Crop Revenue Reinsurance
6.2. Global Crop Reinsurance Market, Segmentation by Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Multi-Peril Crop Insurance (MPCI)
- Crop Hail
- Livestock
- Forestry
6.3. Global Crop Reinsurance Market, Segmentation by Distribution Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Banks
- Insurance Companies
- Brokers and Agents
- Other Distribution Channels
7. Crop Reinsurance Market Regional and Country Analysis
7.1. Global Crop Reinsurance Market, Split by Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Crop Reinsurance Market, Split by Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/9tno0v
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