Dallas, Texas, Oct. 17, 2022 (GLOBE NEWSWIRE) -- The ability to help farmers fight poverty and prevent severe financial loss due to natural disasters will significantly boost the global agricultural insurance market. Agricultural insurance helps farmers to compensate for the loss that occurred due to damaged caused by natural disasters and reinvests in farming and cultivation. The insurance policies relieve farmers from the burden of worrying about damages and focus on product improvement and quality. Farmers can implement the latest technologies to simplify and ease agricultural processes with the help of various insurance policies.
Agricultural insurance allows farmers to absorb monetary shock in case of technological failures. Agricultural insurance enables farmers to use efficient tools and technology to increase their productivity and maximize revenue. Farmers can sustain smooth cash flow throughout their business due to the excellent coverage provided by insurance companies.
The global agricultural insurance market estimated to reach USD 72 Billion with an expected CAGR of 7.65% by 2030.
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Furthermore, the agricultural insurance market can be classified into livestock, crop-hail, and multi-peril types of insurance coverage. The ability to provide farm animal’s mortality coverage will expand demand for livestock insurance coverage. Livestock insurance provides coverage protection against natural disasters, theft, and earthquake. Farmers do not worry about reduced livestock prices due to the presence of excellent livestock insurance policies. Livestock insurance protects the farm animals as well as the living of the farmers.
Global Agricultural insurance market scope:
| Metrics | Details |
| Study Period | 2020-2030 |
| Market Size in 2030 | USD 72 Billion |
| Segment Covered | by Type, By Region, |
| by Type Covered | Bancassurance, Digital & Direct Channel, Broker, and Agency |
| Application Covered | Crop/MPCI, Crop/Hail, Livestock and Others |
| Regions Covered | North America, Europe, Asia Pacific, Middle East, and Africa and South America |
| Key Players Profiled | PICC, Zurich (RCIS), Chubb, QBE, China United Property Insurance, American Financial Group, Prudential and XL Catlin, Everest Re Group, Sompo International (Endurance Specialty), UNA Mutual, Agriculture Insurance Company of India, Tokio Marine, CGB Diversified Services, Farmers Mutual Hail, Archer Daniels Midland, New India Assurance, and ICICI Lombard among others. |
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The insurance guarantees to cover uncertainties leading to financial loss or damage caused to the livestock. Poor and small-scale operating farmers immensely benefit due to the presence of agricultural insurance policies which majorly contributes to the growth of the global agricultural insurance market. Crops hail insurance is beneficial due to its providence of coverage based on the actual value of crops. The crop hail insurance supports farmers during the loss of crops and damage caused due to hail storms. The insurance enables farmers to obtain coverage even for minor damage caused due to hails. The ability to benefit from the complete agricultural process and provide coverage against several farming operations will significantly boost the global agricultural insurance market.
The global market has attained greater heights due to recent expansions and innovations. Whole-Farm Revenue Protection and Micro Farm have announced to provide improved insurance services to America’s agricultural producers in August 2022. India Post Payments Bank and the Agricultural Association of India collaborated in October 2020 to provide enhanced insurance schemes to the farmers. Some of the major advancements and collaborations adopted by key market players will contribute to the growth of the global market.
A momentous amount of the global market will be seized by North America in 2030. The expanding focus on agricultural risk management policies and government initiatives to enable farmers to implement advanced agriculture techniques will immensely boost the regional agricultural insurance market. The need to provide the best quality food products will lead to the increasing demand for better agricultural processes. The implementation of advanced techniques by farmers will grow the demand for agricultural insurance policies in this region.
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Important Points from Table of Contents:
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Executive Summary
Chapter 4 Market Outlook
Chapter 5 Agricultural Insurance Market by Type
Chapter 6 Agricultural Insurance Market by Application
Chapter 7 Agricultural Insurance Market By Region
Chapter 8 Competitive Landscape
Chapter 9 Company Profiles
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Adroit Market Research is a global business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code– Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
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