Crop Insurance Market Size
| Study Period | 2019-2029 |
| Market Size (2024) | USD 38.10 Billion |
| Market Size (2029) | USD 50.43 Billion |
| CAGR (2024 - 2029) | 5.77 % |
| Fastest Growing Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Crop Insurance Market Analysis
The Crop Insurance Market size in terms of premium value is expected to grow from USD 38.10 billion in 2024 to USD 50.43 billion by 2029, at a CAGR of 5.77% during the forecast period (2024-2029).
Crop insurance provides coverage for risks such as adverse weather conditions, natural disasters, pests, and diseases that can lead to yield or revenue losses for farmers. The crop insurance sector is increasingly integrating technology for data analytics, satellite imagery, and weather forecasting. These technologies help insurers in accurate risk assessment and enable more efficient claims processing.
The impact of climate change, including more frequent and severe weather events, has influenced the crop insurance market. Insurers are adapting their products and risk models to account for changing climate patterns. The crop insurance market has seen growth in recent years as awareness of climate-related risks has increased. Governments and insurers are working to expand coverage and reach more farmers to enhance the resilience of the agricultural sector. Challenges in the crop insurance market include the affordability of premiums for small-scale farmers, the accuracy of risk assessment models, and ensuring that insurance products meet the diverse needs of different crops and regions.
Crop insurance is a vital component of risk management in agriculture, providing financial protection to farmers and contributing to the overall stability of the food supply chain. The market continues to evolve to address the challenges and opportunities presented by changing agricultural and climatic conditions.
Crop Insurance Market Trends
Increasing Value Crop Protection Globally
The increasing value of crop protection globally can have a notable impact on the crop insurance market. Crop protection involves the use of various measures, including pesticides and other agricultural inputs, to safeguard crops from pests, diseases, and other threats. Effective crop protection measures reduce the risk of yield losses due to pests and diseases. As the value of crop protection increases globally, it contributes to risk mitigation in agriculture, potentially lowering the frequency and severity of claims in the crop insurance market. Improved crop protection practices often lead to enhanced crop productivity. Higher yields mean that farmers may have more to lose in the event of a crop failure, making crop insurance more appealing as a risk management tool. The increased value of crops, resulting from enhanced protection and productivity, may positively impact farmers’ financial conditions. This improves the affordability of crop insurance premiums, making it more feasible for a larger number of farmers to invest in insurance coverage.
Asia-Pacific is the leading Region in Crop Protection Insurance
Governments in the Asia-Pacific region play a pivotal role in promoting crop protection practices through supportive policies and regulations. This can create a conducive environment for the growth of the crop insurance market with aligned government-backed initiatives. A leading position in crop protection can contribute to the overall growth of the agriculture sector. This growth may extend to the crop insurance market, with an increasing number of farmers seeking coverage as the value of their crops rises. The quality and safety of crops may influence the Asia-Pacific region’s role in global agricultural trade. Effective crop protection practices can enhance the quality of harvested crops, impacting global trade dynamics and influencing the demand for insurance coverage.
Crop Insurance Industry Overview
The crop insurance market is relatively fragmented. The key players are emerging to improve their products and delivery through the different insurance options and enhance their products to have a competitive edge over others. Competitiveness in premium rates is a key aspect of the landscape. This section is inclusive of the company profiles of the key players and industry analysis. Crop Insurance is offered by Agriculture Insurance Company of India Limited (AIC), American Financial Group, Inc., Chubb, Fairfax Financial Holdings Limited, ICICI Lombard General Insurance Company Limited, etc.
Crop Insurance Market Leaders
Agriculture Insurance Company of India Limited (AIC)
American Financial Group, Inc.
Chubb
Fairfax Financial Holdings Limited
ICICI Lombard General Insurance Company Limited
*Disclaimer: Major Players sorted in no particular order
Crop Insurance Market News
- September 2023: The Shrimp Crop Insurance scheme developed by the Agricultural Insurance Company was launched in India. The insurance cover starts from the initial stage to 130 days till the shrimps are ready.
- July 2023: American Financial Group (AFG) completed the purchase of Crop Risk Services (CRS) from AIG. CRS is a primary crop insurance general agent and is the seventh-largest provider of multi-peril crop insurance in the United States.
Crop Insurance Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Government Support, Including Subsidies and Initiatives, is a Significant Driver
4.3 Market Restraints
4.3.1 Instances of Fraud or Misreporting can Impact the Integrity of the Crop Insurance System
4.4 Market Opportunities
4.4.1 Develop Microinsurance Products Tailored for Smallholder Farmers Who Have Limited Resources
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Bargaining Power of Suppliers
4.5.2 Bargaining Power of Buyers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitutes
4.5.5 Intensity of Competitive Rivalry
4.6 Insights on Consumer Behavior Analysis
4.7 Insights on Regulatory Trends Shaping the Market
4.8 Insights on impact of technology in the Market
4.9 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Multiple Peril Crop Insurance
5.1.2 Actual Production History
5.1.3 Crop Revenue Coverage
5.2 By Coverage
5.2.1 Localized Calamities
5.2.2 Sowing/Planting/Germination Risk
5.2.3 Standing Crop Loss
5.2.4 Post-harvest Losses
5.3 By Distribution Channel
5.3.1 Banks
5.3.2 Insurance Companies
5.3.3 Brokers and Agents
5.3.4 Other Distribution Channels
5.4 By Region
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Rest of North America
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 France
5.4.2.3 UK
5.4.2.4 Italy
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 India
5.4.3.2 China
5.4.3.3 Japan
5.4.3.4 South Korea
5.4.3.5 Rest of Asia-Pacific
5.4.4 Middle East & Africa
5.4.4.1 UAE
5.4.4.2 Saudi Arabia
5.4.4.3 Israel
5.4.4.4 South Africa
5.4.4.5 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Agriculture Insurance Company of India Limited (AIC)
6.2.2 American Financial Group, Inc.
6.2.3 Chubb
6.2.4 Fairfax Financial Holdings Limited
6.2.5 ICICI Lombard General Insurance Company Limited
6.2.6 PICC
6.2.7 QBE Insurance Group Limited
6.2.8 Sompo International Holdings Ltd.
6.2.9 Tokio Marine HCC
6.2.10 Zurich*
- *List Not Exhaustive
7. MARKET FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Crop Insurance Industry Segmentation
Crop insurance is an easy way for farmers to protect themselves against financial losses due to uncertainties that may arise due to crop failures or losses caused by unforeseen perils that are beyond their control.
The study gives a brief description of the crop insurance market and includes details on types of coverage, climate change impacts, and financial stability for farmers. The crop insurance market is segmented by type, coverage, distribution channel, and geography. By type, the market is segmented into multiple peril crop insurance, actual production history, and crop revenue coverage. By coverage, the market is segmented into localized calamities, sowing/planting/germination risk, standing crop loss, and post-harvest losses. By distribution channel, the market is segmented into banks, insurance companies, brokers, agents, and others. By geography, the market is segmented into North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa.
The report offers market size and forecasts for the crop insurance market in value (USD) for all the above segments.
| By Type | |
| Multiple Peril Crop Insurance | |
| Actual Production History | |
| Crop Revenue Coverage |
| By Coverage | |
| Localized Calamities | |
| Sowing/Planting/Germination Risk | |
| Standing Crop Loss | |
| Post-harvest Losses |
| By Distribution Channel | |
| Banks | |
| Insurance Companies | |
| Brokers and Agents | |
| Other Distribution Channels |
| By Region | ||||||||
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Crop Insurance Market Research FAQs
How big is the Crop Insurance Market?
The Crop Insurance Market size is expected to reach USD 38.10 billion in 2024 and grow at a CAGR of 5.77% to reach USD 50.43 billion by 2029.
What is the current Crop Insurance Market size?
In 2024, the Crop Insurance Market size is expected to reach USD 38.10 billion.
Who are the key players in Crop Insurance Market?
Agriculture Insurance Company of India Limited (AIC), American Financial Group, Inc., Chubb, Fairfax Financial Holdings Limited and ICICI Lombard General Insurance Company Limited are the major companies operating in the Crop Insurance Market.
Which is the fastest growing region in Crop Insurance Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2029).
What years does this Crop Insurance Market cover, and what was the market size in 2023?
In 2023, the Crop Insurance Market size was estimated at USD 35.90 billion. The report covers the Crop Insurance Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Crop Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Crop Insurance Industry Report
Statistics for the 2024 Crop Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Crop Insurance analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
