Agricultural Insurance Market Size, Demand, Analysis, On-Going Trends, Status, Forecast 2022-2028

Market Summary:

The global agricultural insurance market had a strong performance in 2020 and is expected to experience significant revenue growth throughout the forecast period. This growth is primarily driven by factors such as increasing global population, rising food demand, climate change effects, and frequent natural disasters like excess rain, floods, droughts, hail, snow, and erosion that adversely impact agricultural activities. Crop insurance, a comprehensive policy that compensates for losses and crop failure, plays a crucial role in mitigating these risks. It covers pre-sowing and post-harvest losses caused by rainfall deficits, cyclonic rains, and flooding.

Market Dynamics: Drivers: The increasing occurrence of unusual climatic events and growing awareness about agricultural insurance have led to more small-scale farmers and players in the agriculture sector opting for coverage. This has prompted insurance companies to expand their offerings and portfolios to cater to these needs. Government support in safeguarding farmers against crop failure due to natural causes further contributes to market growth. Additionally, awareness campaigns promoting agricultural insurance among farmers of all types have a significant impact on market expansion.

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Agricultural insurance serves as protection for agricultural producers against crop and livestock losses caused by natural disasters, climate changes, floods, heavy rains, diseases, and pests. Rising food demand, government funding, and support for agricultural insurance adoption are key factors that drive market growth. Mandatory agricultural insurance in some countries also boosts market expansion.

Restraints: Lack of awareness about agricultural insurance products and schemes poses a significant obstacle to market growth. Moreover, reducing arable land and land acquisition due to urbanization and the development of smart cities, commercial projects, and residential projects, particularly in developing countries, hinder agriculture activities and impact market growth to some extent.

Market Insights: Coverage Outlook: The Multi-peril Crop Insurance (MPCI) segment is projected to achieve the highest revenue compound annual growth rate (CAGR) during the forecast period. This is attributed to the benefits offered and the fact that many farmers cultivate different crops seasonally and in rotation to enhance output and profitability.

Distribution Channel Outlook: Among the application segments, insurance companies accounted for the largest revenue share in the global market in 2020.

Region Outlook: The North America market is expected to hold a substantially larger revenue share during the forecast period. Emerging economies, increasing awareness about insurance packages and risk management policies, and investments in technological advancements by manufacturers drive growth in the agricultural insurance market in North America. The Asia Pacific market registered a rapid CAGR in 2020, a trend that is projected to continue. Factors such as a focus on increasing agricultural production, a growing population, and the presence of major market players contribute to this growth.

Companies profiled in the market report: Key players in the global agricultural insurance market include PICC, Zurich (RCIS), Chubb Limited, QBE Insurance, China United Property Insurance, American Financial Group, Prudential Financial, Axa XL, Everest Re Group, Fairfax Financial, Sompo International, CUNA Mutual, Agriculture Insurance Company of India, Tokio Marine, Diversified Crop Insurance Services, Farmers Mutual Hail, New India Assurance, and ICICI Lombard. These companies adopt various strategies, such as mergers, acquisitions, partnerships, and new product development, to maintain a competitive edge, expand their market footprint, and increase revenue share.

Segments covered in the report: The global agricultural insurance market report provides historical data, forecasts, and revenue growth at global, regional, and country levels. It includes analysis of industry trends, consumption patterns, and details for each region, major country, and segment from 2018 to 2028. The report encompasses industry analysis, competitive landscape, company financials, and impact analysis.

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