PUBLISHER: DataM Intelligence | PRODUCT CODE: 1272797
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1272797
Global Agricultural Insurance Market - 2023-2030
Market Overview
The global agricultural insurance market reached US$ 3214.7 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 5,482.2 million by 2030. The market is growing at a CAGR of 6.9% during the forecast period (2023-2030).
Growing awareness of the benefits of agriculture insurance is fueling demand for these products and driving growth in the global agriculture insurance market. The agriculture insurance market is highly dynamic, with new players entering the market and existing players expanding their offerings to capture a larger share of the market. The agriculture insurance market is expected to continue growing at a steady pace, driven by increasing demand for risk management solutions and the ongoing evolution of the industry. The agriculture insurance market is characterized by a high degree of regulation, with governments and industry bodies playing a key role in shaping the market landscape.
Market Dynamics
Technological Advancements Drive the Agricultural Insurance Market Growth
As technology continues to advance, the agriculture insurance market is expected to grow rapidly. New products and services are being developed to meet the evolving needs of farmers and agribusinesses. For instance, on July 7, 2022, Wingsure, an insurtech firm that utilizes artificial intelligence and deep technology to safeguard farmers worldwide, partnered with Agriculture Insurance Company of India Limited (AICIL), a nationalized insurance company operating under the Ministry of Finance, Government of India, in a three-year collaboration. Through the partnership, Wingsure will leverage its cutting-edge technological capabilities to enhance the availability of insurance products and services to Indian farmers, promote AICIL's diverse range of agriculture insurance products, and empower its distribution channels, including groups and partner brokers, to distribute them via its mobile app.
Changing Weather Patterns and Other Climate-related Risks Drive the Agricultural Insurance Market Growth
As the impact of climate change continues to grow, the demand for agriculture insurance products and services that address climate-related risks is expected to increase. The agriculture insurance market is also being shaped by the development of new risk models and tools that enable more accurate assessment of climate-related risks, such as crop yield models and climate risk maps. For instance, on July 14th, 2022, the Insurance Regulatory and Development Authority of India (IRDAI) announced an extension of the 'Use and File' procedure to cover insurance products related to Agriculture and its related activities. This decision is expected to provide insurance companies with greater flexibility in designing and introducing new and innovative products for these sectors, enabling them to meet the evolving needs of policyholders in a more timely and efficient manner.
COVID-19 Impact Analysis
COVID-19 has impacted the agriculture insurance market through its effects on agricultural production and yields. This has led to reduced yields and lower-quality crops, which can affect the insurability of these crops and increase the risk exposure of farmers and agribusinesses. The pandemic has also led to changes in consumer behavior, reducing demand for certain crops and leading to lower prices and revenues for farmers and agribusinesses.
Ukraine-Russia War Impact Analysis
The Ukraine-Russia war has created significant challenges for the agriculture insurance market, as it has disrupted agricultural production and supply chains, increased political and economic uncertainty, and led to heightened risk exposure for farmers and agribusinesses in the affected regions. The conflict has resulted in damage to farmland, infrastructure, and livestock, leading to lower yields and quality of crops and increasing the likelihood of insurance claims.
Artificial Intelligence Impact Analysis
Artificial intelligence (AI) is transforming the agriculture insurance market by enabling insurers to offer more efficient and accurate risk management solutions. With the ability to analyze vast amounts of data from sources such as weather patterns, crop yields, and market trends, AI-powered tools can help insurers to assess risks more accurately and tailor their products and services to the specific needs of farmers and agribusinesses.
Segment Analysis
The global agricultural insurance market is segmented based on the product, organization, distribution channel, and region.
High Demand for Crop Protection Against Hail Damage is Expected to Drive the Segment Growth
Managed crop hail insurance segment held the largest share of the agriculture insurance market, driven by the high demand for crop protection against hail damage. This policy type is a popular choice among farmers and agribusinesses in regions prone to hailstorms, such as the Great Plains in the United States. The growth of the agriculture insurance market has also contributed to the popularity of managed crop hail insurance, as insurers are expanding their offerings to include this policy type.
Geographical Analysis
Increased Adoption of Various Insurance Policies in North America is Expected to Drive the Market Growth in This Region
North America dominated the agriculture insurance market in 2022, fueled by a range of market factors that have contributed to the region's market share. The region boasts a highly developed agriculture sector, a diverse crop range, and a high degree of market maturity, making it an attractive market for insurers. For instance, on November 25, 2022, Absolute, a plant bioscience firm, introduced the country's first do-it-yourself insurance, called 'Digifasal.' This innovative product will be offered through Upaj, Absolute's agcloud ecosystem, which provides a comprehensive range of services to over one million farmers at every stage of crop production.
Competitive Landscape
The major global agriculture insurance market players include Insurance Company of India, Prudentisl and XL Callin, China United Property Insurance, American Insurance Group, Tokio Mariane, New India Assurance, Farmers Mutual Hail, Everest Re Group, ICICI Lombard, and Chubb.
Why Purchase the Report?
- To visualize the global agricultural insurance market segmentation based on the product, organization, distribution channel, and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of agricultural insurance market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The global agricultural insurance market report would provide approximately 61 tables, 59 figures, and 120 Pages.
Target Audience 2023
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
Table of Contents
1. Methodology and Scope
- 1.1. Research Methodology
- 1.2. Research Objective and Scope of the Report
2. Definition and Overview
3. Executive Summary
- 3.1. Snippet by Product
- 3.2. Snippet by Organization
- 3.3. Snippet by Distribution Channel
- 3.4. Snippet by Region
4. Dynamics
- 4.1. Impacting Factors
- 4.1.1. Drivers
- 4.1.1.1. Increasing awareness of the need for risk management solutions drives the market growth
- 4.1.2. Restraints
- 4.1.2.1. Lack of awareness among farmers and agribusinesses hamper the market growth
- 4.1.3. Opportunity
- 4.1.3.1. Growing demand for sustainable agriculture practices drives the market growth
- 4.1.4. Impact Analysis
- 4.1.1. Drivers
5. Industry Analysis
- 5.1. Porter's Five Forces Analysis
- 5.2. Supply Chain Analysis
- 5.3. Pricing Analysis
- 5.4. Regulatory Analysis
6. COVID-19 Analysis
- 6.1. Analysis of COVID-19
- 6.1.1. Before COVID-19 Scenario
- 6.1.2. Present COVID-19 Scenario
- 6.1.3. Post COVID-19 or Future Scenario
- 6.2. Pricing Dynamics Amid COVID-19
- 6.3. Demand-Supply Spectrum
- 6.4. Government Initiatives Related to the Market During Pandemic
- 6.5. Manufacturers Strategic Initiatives
- 6.6. Conclusion
7. By Product
- 7.1. Introduction
- 7.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product
- 7.1.2. Market Attractiveness Index, By Product
- 7.2. Managed Crop Hail Insurance*
- 7.2.1. Introduction
- 7.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 7.3. Multi-Peril Crop Insurance
- 7.4. Greenhouse Insurance
- 7.5. Aquaculture Insurance
- 7.6. Others
8. By Organization
- 8.1. Introduction
- 8.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Organization
- 8.1.2. Market Attractiveness Index, By Organization
- 8.2. Government*
- 8.2.1. Introduction
- 8.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 8.3. Private
9. By Distribution Channel
- 9.1. Introduction
- 9.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 9.1.2. Market Attractiveness Index, By Distribution Channel
- 9.2. Digital & Direct Channel*
- 9.2.1. Introduction
- 9.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 9.3. Broker
- 9.4. Agency
- 9.5. Others
10. By Region
- 10.1. Introduction
- 10.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Region
- 10.1.2. Market Attractiveness Index, By Region
- 10.2. North America
- 10.2.1. Introduction
- 10.2.2. Key Region-Specific Dynamics
- 10.2.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product
- 10.2.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Organization
- 10.2.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 10.2.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 10.2.6.1. The U.S.
- 10.2.6.2. Canada
- 10.2.6.3. Mexico
- 10.3. Europe
- 10.3.1. Introduction
- 10.3.2. Key Region-Specific Dynamics
- 10.3.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product
- 10.3.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Organization
- 10.3.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 10.3.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 10.3.6.1. Germany
- 10.3.6.2. The U.K.
- 10.3.6.3. France
- 10.3.6.4. Italy
- 10.3.6.5. Spain
- 10.3.6.6. Rest of Europe
- 10.4. South America
- 10.4.1. Introduction
- 10.4.2. Key Region-Specific Dynamics
- 10.4.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product
- 10.4.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Organization
- 10.4.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 10.4.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 10.4.6.1. Brazil
- 10.4.6.2. Argentina
- 10.4.6.3. Rest of South America
- 10.5. Asia-Pacific
- 10.5.1. Introduction
- 10.5.2. Key Region-Specific Dynamics
- 10.5.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product
- 10.5.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Organization
- 10.5.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 10.5.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 10.5.6.1. China
- 10.5.6.2. India
- 10.5.6.3. Japan
- 10.5.6.4. Australia
- 10.5.6.5. Rest of Asia-Pacific
- 10.6. Middle East and Africa
- 10.6.1. Introduction
- 10.6.2. Key Region-Specific Dynamics
- 10.6.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product
- 10.6.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Organization
- 10.6.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
11. Competitive Landscape
- 11.1. Competitive Scenario
- 11.2. Market Positioning/Share Analysis
- 11.3. Mergers and Acquisitions Analysis
12. Company Profiles
- 12.1. Insurance Company of India*
- 12.1.1. Company Overview
- 12.1.2. Product Portfolio and Description
- 12.1.3. Financial Overview
- 12.1.4. Key Developments
- 12.2. Prudentisl and XL Callin
- 12.3. China United Property Insurance
- 12.4. American Insurance Group.
- 12.5. Tokio Mariane
- 12.6. New India Assurance
- 12.7. Farmers Mutual Hail
- 12.8. Everest Re Group
- 12.9. ICICI Lombard
- 12.10. Chubb
LIST NOT EXHAUSTIVE
13. Appendix
- 13.1. About Us and Services
- 13.2. Contact Us
