Crop Insurance Market Outlook
According to the report by Expert Market Research (EMR), the global crop insurance market size reached a value of USD 43.12 billion in 2023. Aided by the increasing frequency of extreme weather events, growing awareness of climate risks, and rising demand for financial protection among farmers, the market is projected to further grow at a CAGR of 6% between 2024 and 2032 to reach a value of USD 73.17 billion by 2032.
Crop insurance is a risk management tool designed to protect farmers against the financial losses resulting from crop failure, yield reductions, or damage caused by natural disasters, pests, diseases, and other adverse events. Crop insurance policies provide indemnity payments to farmers based on predefined coverage parameters, such as crop type, yield, and loss trigger events, to help them recover from losses and maintain their livelihoods. By providing a safety net against unpredictable risks, crop insurance promotes investment in agricultural productivity, resilience, and sustainability.
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Climate change is leading to more frequent and severe weather events, including droughts, floods, storms, and heatwaves, which pose significant risks to agricultural production and livelihoods. Crop insurance helps farmers mitigate the financial impact of weather-related losses by providing compensation for crop damage or yield losses caused by adverse weather conditions, thereby promoting resilience and adaptation to climate change, leading to crop insurance market expansion.
Many governments around the world offer crop insurance programs and subsidies to incentivise farmers to purchase insurance coverage and mitigate agricultural risks. Government-sponsored crop insurance schemes often provide premium subsidies, reinsurance support, and risk-sharing mechanisms to make insurance more affordable and accessible to smallholder farmers and encourage wider adoption of insurance as a risk management tool.
Advances in satellite imagery, remote sensing, weather forecasting, and data analytics are driving innovation in crop insurance products and services. Technology-enabled solutions such as parametric insurance, index-based insurance, and mobile-based insurance platforms enable faster and more accurate assessment of crop losses, streamlined claims processing, and improved transparency and efficiency in insurance operations, enhancing the value proposition for farmers and insurers alike, leading to crop insurance market development.
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The increasing involvement of private sector insurers, reinsurers, and agribusinesses in the crop insurance market is expanding insurance coverage, improving product offerings, and enhancing risk management capabilities. Private insurers leverage their expertise in risk assessment, underwriting, and claims management to develop tailored insurance solutions, offer complementary risk management services, and expand market reach, driving competition and innovation in the crop insurance sector.
The rise of commercial farming is resulting in higher financial investments in crops, leading to an increased need for risk management and subsequently driving the crop insurance market growth. Additionally, the growing threat of new and foreign pests and diseases that pose a risk to crops is fuelling the demand for crop insurance, further propelling market expansion. Furthermore, the incorporation of advanced technologies like machine learning (ML) in crop management for early detection of potential issues in farmland and crop protection is contributing to market growth. These technologies are also capable of forecasting crop yields to identify risks and opportunities for farmers and agricultural stakeholders. As a result, the utilisation of such technologies in crop insurance is stimulating the growth of the sector.
As per the crop insurance market analysis, the agricultural sector, a crucial sector in countries like the United States and India, is facing obstacles due to factors such as reduced arable land, climate change, and high labour costs. This has led to an increased risk in agriculture. To counter this, governments are implementing favourable measures to support the agricultural sector, which in turn is contributing to the growth of the market.
One such measure is the promotion of economic stability through crop insurance. This initiative aims to raise awareness among farmers about the importance of insurance and assist them in obtaining coverage. As a result, the crop insurance sector is experiencing significant growth. For example, the Canadian and Saskatchewan governments recently announced enhancements to their Crop Insurance Program for 2021. These enhancements provide farmers with increased coverage and ensure they have the necessary risk management tools for their growth and stability. Such initiatives are playing a vital role in boosting the market growth for crop insurance.
Crop Insurance Market Segmentation
The market can be divided based on the coverage, distribution channel, and region
Market Breakup by Coverage
- Multiple Peril Crop Insurance (MPCI)
- Crop-hail Insurance
Market Breakup by Distribution Channel
- Banks
- Insurance Companies
- Brokers/Agents
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in global crop insurance market. Some of the major players explored in the report by Expert Market Research are as follows:
- Agriculture Insurance Company of India Limited
- Great American Insurance Company
- ICICI Lombard General Insurance Company Limited
- The Philippine Crop Insurance Corporation
- Sompo International Holdings Ltd.
- Others
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