Wilmington, Delaware, Jan. 10, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Crop Insurance Market by Coverage (Multi-Peril Crop Insurance (MPCI) and Crop-hail Insurance), and Distribution Channel (Banks, Insurance Companies, Brokers/Agents, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032”. According to the report, the global crop insurance market size was valued at $ 39.1 billion in 2022 and is projected to reach $ 88 billion by 2032, growing at a CAGR of 8.7% from 2023 to 2032.
Request Research Report Sample & TOC: https://www.alliedmarketresearch.com/request-sample/7156
(We are providing report as per your research requirement, including the Latest Industry Insight's Evolution, Potential and COVID-19 Impact Analysis)
99 – Tables
53 – Charts
325 – Pages
Crop insurance is a type of protection policy, which covers agricultural producers against unexpected loss of projected crop yields. Although crop insurance can be expensive, it provides flexible coverages based on the type of crop, size of land, and seasonal imbalances in the particular region. Crop insurance providers are enhancing the awareness & benefits of crop insurance plans and educating the buyers about available products and services, which fuel the growth of the crop insurance market.
Prime Determinants of Growth
The crop insurance market is expected to witness notable growth owing to an increase in digital initiatives in crop insurance and rise in government support in the form of subsidies. Moreover, the expansion of the crop insurance product line and untapped potential of emerging economies are expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, low awareness of insurance & high cost of premiums limit the growth of the crop insurance market.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $ 39.1 billion |
| Market Size in 2032 | $ 88 billion |
| CAGR | 8.7% |
| No. of Pages in Report | 325 |
| Segments Covered | Coverage, Distribution Channel, and Region. |
| Drivers | Increase in digital initiatives in crop insurance Rise in government support in the form of subsidies |
| Opportunities | Low awareness of insurance & high cost of premiums |
| Restraints | Expansion of crop insurance product line Untapped potential of emerging economies |
Inquiry before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/7156
The multiple peril crop insurance (MPCI) segment to maintain its leadership status throughout the forecast period
Based on the coverage, the multiple peril crop insurance (MPCI) segment held the highest market share in 2022, accounting for more than two-thirds of the global crop insurance market revenue and is estimated to maintain its leadership status throughout the forecast period. This is because it offers broad coverage against various risks such as natural disasters, pests, and yield losses, providing comprehensive protection for farmers' crops throughout the growing season. It's popular because it covers a wide range of potential problems that can harm crops, giving farmers peace of mind against different risks. However, the crop-hail insurance segment is projected to manifest the highest CAGR of 11.1% from 2023 to 2032. This is because it specifically focuses on protection against hailstorms, which can cause sudden and severe damage to crops. With changing weather patterns and an increase in extreme weather events such as hailstorms, more farmers are seeking this specialized coverage to shield their crops from this specific risk, especially in regions prone to hail damage. As hail can swiftly devastate crops, this insurance's rapid growth is driven by the need for targeted and immediate protection against this specific threat.
The insurance companies segment to maintain its leadership status throughout the forecast period
By distribution channel, the insurance companies segment held the highest market share in 2022, accounting for nearly half of the global crop insurance market revenue. This is due to their direct engagement with farmers and their substantial reach. These companies offer diverse insurance products tailored to farmers' needs, providing direct access to coverage options and services. However, the brokers/agents segment is projected to manifest the highest CAGR of 11.1% from 2022 to 2032. This is owing to its personalized approach and increasing reliance on intermediaries for insurance guidance. Brokers and agents often work closely with farmers, offering personalized advice, explaining policy details, and helping them navigate through various insurance options. This personalized assistance fosters trust and enables farmers, especially in regions with lower awareness, to better understand and access suitable insurance products, thus driving the projected growth in this segment.
North America to maintain its dominance by 2032
By region, North America held the highest market share for more than two-fifths of the global crop insurance market in terms of revenue in 2022. This is due to its well-established agricultural practices and robust insurance infrastructure. The region has a long history of offering extensive crop insurance programs, backed by advanced technologies and strong government support, which encourages farmers to opt for insurance coverage. However, Asia-Pacific is expected to witness the fastest CAGR of 11.3% from 2023 to 2032. This is due to increase in awareness about the significance of crop insurance, particularly in emerging economies where agriculture plays a vital role. With farmers facing heightened risks from climate variability and natural disasters, governments and insurers are focusing more on expanding insurance coverage, utilizing technological advancements, and providing subsidies, all of which contribute to the projected rapid growth in Asia-Pacific during the forecast period.
Leading Market Players: -
- Agriculture Insurance Company of India Limited (AIC)
- American Financial Group, Inc.
- Chubb
- Fairfax Financial Holdings Limited
- ICICI Lombard General Insurance Company Limited
- PICC
- QBE Insurance Group Limited
- Sompo International Holdings Ltd
- Tokio Marine HCC
- Zurich
The report provides a detailed analysis of these key players in the global crop insurance market. These players have adopted different strategies such as product launch and agreement to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Buy This Report (325 Pages PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/48QN0nj
Key Benefits for Stakeholders
- This crop insurance market report provides a quantitative analysis of the crop insurance market segments, current trends, estimations, and dynamics of the crop insurance market forecast from 2023 to 2032 to identify the prevailing crop insurance market opportunity.
- Crop insurance Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the crop insurance market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region for the crop insurance market are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the crop insurance market players.
- The crop insurance market report includes an analysis of the regional as well as global crop insurance market trends, key players, crop insurance market segments, application areas, and crop insurance market growth strategies.
Crop Insurance Market Key Segments:
By Distribution Channel:
- Banks
- Insurance Companies
- Brokers/Agents
- Others
By Coverage:
- Multi Peril Crop Insurance (MPCI)
- Crop-hail Insurance
By Region:
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
Trending Reports in BFSI Industry (Book Now with 10% Discount + Covid-19 scenario):
Generative AI in Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report by Component (Solution, Service), by Technology (Generative Adversarial Networks (GANs), Transformers, Variational Auto-encoders, Diffusion Networks, Others), by Application (Personalized Insurance Policies, Automated Underwriting, Claims Processing Automation, Fraud Detection and Prevention, Virtual Assistants and Customer Support, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.
B2B2C Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report by Type (Life Insurance, Non-life Insurance), by Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises), by Distribution Channel (Online, Offline), by Application (Individual, Corporate): Global Opportunity Analysis and Industry Forecast, 2023-2032.
Insurance Third Party Administrator Market By Service Type (Claims Management, Policy Management, Commission Management, Others), By End User (Life and Health Insurance, Property and Casualty Insurance), By Enterprise Size (Large Enterprises, Small and Medium-Sized Enterprises): Global Opportunity Analysis and Industry Forecast, 2023-2032.
Insurance Brokerage Market Size, Share, Competitive Landscape and Trend Analysis Report by Insurance Type (Life Insurance, Property and Casualty Insurance), by Brokerage Type (Retail, Wholesale): Global Opportunity Analysis and Industry Forecast, 2023-2032.
Agriculture Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report by Product (Crop hail insurance, Multi-peril crop insurance, Green house insurance, Aquaculture insurance, Forestry insurance, Others), by Organization (Government organization, Private organization) and by DISTRIBUTION CHANNEL (Agency, Broker, Bancassurance, Direct writing): Global Opportunity Analysis and Industry Forecast, 2023-2032.
Farm Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report by Coverage (Multi Peril Crop Insurance, Crop Hail Insurance) and by Distribution Channel (Banks, Insurance Companies, Broker/Agents, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington,
New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
