Dublin, Sept. 14, 2023 (GLOBE NEWSWIRE) -- The "Global Agriculture Reinsurance Market by Crop Insurance Type, Product, Type - Cumulative Impact of COVID-19, Russia Ukraine Conflict, and High Inflation - Forecast 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The Global Agriculture Reinsurance Market size was estimated at USD 15.44 billion in 2022, USD 17.53 billion in 2023, and is projected to grow at a Compound Annual Growth Rate (CAGR) of 13.70% to reach USD 43.15 billion by 2030.
In this report, 2018 to 2021 are considered as historical years, 2022 is base year, 2023 is estimated year, and years from 2024 to 2030 are considered as forecast period.
The report considers the ongoing political and economic uncertainty in Eastern Europe caused by the Russia-Ukraine Conflict and its potential implications for demand-supply balances, pressure on pricing variants, and import/export and trading. Additionally, the report addresses the impact of High Inflation on the global economy and details fiscal policies measuring and reducing its effects on demand, supply, cash flow, and currency exchange.
The Market Share Analysis offers an insightful look at the current state of vendors in a particular market space. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share.
The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
Market Segmentation & Coverage:
This research report categorizes the Global Agriculture Reinsurance Market in order to forecast the revenues and analyze trends in each of the following sub-markets:
- Based on Crop Insurance Type, the market is studied across Crop Price Reinsurance, Crop Revenue Reinsurance, and Crop Yield Reinsurance. Crop Revenue Reinsurance commanded the largest market share of 27.27% in 2022, followed by Crop Yield Reinsurance.
- Based on Product, the market is studied across Aquaculture Insurance, Bloodstock Insurance, Forestry Insurance, Greenhouse Insurance, Livestock Insurance, Managed Crop Hail Insurance, and Multi-Peril Crop Insurance. The Multi-Peril Crop Insurance commanded the largest market share of 22.12% in 2022, followed by Livestock Insurance.
- Based on Type, the market is studied across Excess-of-Loss Reinsurance, Facultative Coverage, Loss-occurring Coverage, Non-proportional Reinsurance, Proportional Reinsurance, Reinsurance Treaty, and Risk-Attaching Reinsurance. Risk-Attaching Reinsurance commanded the largest market share of 21.21% in 2022, followed by Non-proportional Reinsurance.
- Europe, Middle East & Africa commanded largest market share of 40.15% in 2022, followed by Asia-Pacific.
The report provides insights on the following pointers:
- Market Penetration: Provides comprehensive information on the market offered by the key players
- Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
- Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
- Market Trends: Provides comprehensive understanding of the Cumulative Impact of COVID-19, the Russia-Ukraine Conflict, and the High Inflation
- Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
- Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
Market Dynamics
Drivers
- Perpetual Demand for Food from the Ever-Rising Population: The continuous increase in the global population drives a constant demand for food, creating a driver for the agricultural insurance sector.
- Increasing Potential for Livestock Insurance and Shortfall Risk of Interconnected Stakeholders: The growing potential for livestock insurance and the interconnected risks faced by stakeholders in the agricultural industry contribute to the momentum of the market.
- Growing Environmental Risks on Agriculture Sector: The escalating environmental risks faced by the agriculture sector, including climate change and natural disasters, act as drivers for the adoption of agricultural insurance.
Restraints
- Lack of Trust in Insurance Companies: A lack of trust in insurance companies, possibly due to historical reasons or perceptions, serves as a restraint on the widespread adoption of agricultural insurance.
Opportunities
- Government Support for Agricultural Reinsurance and Compulsive Programs on Crop & Livestock Insurance: Opportunities emerge from government initiatives that support agricultural reinsurance and implement compulsory programs focused on crop and livestock insurance.
- New Insurance Policies Launches by the Companies: The launch of new and innovative insurance policies by companies presents opportunities for expansion and growth in the agricultural insurance market.
Challenges
- Lack of Awareness of the Farmers in Developing Economies: The challenge of insufficient awareness among farmers in developing economies about the benefits and mechanisms of agricultural insurance inhibits its adoption and utilization.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 190 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $17.53 Billion |
| Forecasted Market Value (USD) by 2030 | $43.15 Billion |
| Compound Annual Growth Rate | 13.7% |
| Regions Covered | Global |
Competitive Portfolio:
- African Reinsurance Corporation
- Allianz Group
- Aon PLC
- Arch Capital Group Ltd.
- AXA Group
- AXIS Capital Group
- Berkshire Hathaway Inc.
- Everest Re Group Ltd.
- Gallagher Re
- Hannover Re Group
- MS Amlin AG
- Munich Re
- PartnerRe Ltd.
- QBE Insurance Group Limited
- Scor SE
- Sompo Holdings, Inc.
- Swiss Re
For more information about this report visit https://www.researchandmarkets.com/r/yu7d9t
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