PUBLISHER: The Business Research Company | PRODUCT CODE: 1705286
PUBLISHER: The Business Research Company | PRODUCT CODE: 1705286
Livestock insurance is a type of insurance coverage designed to protect livestock owners against financial losses resulting from the death or injury of their animals. This insurance provides compensation for various risks, helping to ensure the sustainability and profitability of livestock operations.
The main types of coverage in livestock insurance include mortality, revenue, and others. Mortality coverage protects against financial loss due to the death of insured animals from covered causes such as disease, accidents, or natural disasters, allowing farmers or livestock owners to recover financially if their animals die unexpectedly. The animal types covered under livestock insurance are categorized into bovine, swine, sheep and goats, poultry, and others. The distribution channels for livestock insurance include direct sales, agencies or brokers, bancassurance, and other methods. The end users of livestock insurance are categorized into commercial entities and individual livestock owners.
The livestock insurance market research report is one of a series of new reports from the business research company that provides livestock insurance market statistics, including livestock insurance industry global market size, regional shares, competitors with an livestock insurance market share, detailed livestock insurance market segments, market trends and opportunities, and any further data you may need to thrive in the livestock insurance industry. This livestock insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The livestock insurance market size has grown strongly in recent years. It will grow from $3.66 billion in 2024 to $3.96 billion in 2025 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to agricultural expansion and intensification, increased incidences of livestock diseases, adoption of risk management practices in agriculture, regulatory support, and economic stability.
The livestock insurance market size is expected to see strong growth in the next few years. It will grow to $5.43 billion in 2029 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to climate change impacts on disease patterns, globalization and animal movement regulations, growing awareness and adoption of livestock insurance, economic volatility, government support. Major trends in the forecast period include technological advancements, data analytics, blockchain for transparency, remote monitoring, collaboration and partnerships.
The growth of the livestock insurance market is expected to accelerate due to a rise in livestock diseases. Livestock diseases are health conditions that affect animals raised for agricultural, commercial, or personal use. This increase in disease outbreaks is primarily driven by intensified farming practices, the global movement of animals, and climate change, which influences disease vectors and transmission patterns. Livestock insurance assists farmers in mitigating the financial impact of disease outbreaks by offering compensation for veterinary costs, loss of income, and other related expenses incurred while managing and recovering from such events. For example, as reported by the Centers for Disease Control and Prevention (CDC) in November 2024, the U.S. has seen 105,197,601 cases of Highly Pathogenic Avian Influenza (HPAI) A(H5) viruses in commercial poultry and backyard flocks since January 2022. Additionally, 443 dairy herds have been affected, with outbreaks occurring across 14 states. Consequently, the rise in livestock diseases is set to fuel the growth of the livestock insurance market.
Major companies in the livestock insurance market are developing products with multiple advantages, such as parametric heat-stress insurance, to offer more precise and responsive coverage options and expand their market reach. Parametric heat-stress insurance for cattle pays out based on predefined weather conditions indicating heat stress rather than actual losses experienced by farmers. For instance, in May 2023, NFU Mutual, a UK-based rural insurer, collaborated with Skyline Partners, Markel Group, and Arthur J. Gallagher & Co. to launch a pioneering parametric heat-stress insurance for UK dairy farmers. This innovative coverage uses an index-based approach, providing predetermined payouts triggered by specific weather conditions monitored through satellite and weather station data, aiming to safeguard against financial losses due to heat stress in cattle.
In October 2024, Specialist Risk Group (SRG), a UK-based insurance and risk management firm, acquired Stonehatch Risk Solutions Limited for an undisclosed sum. This acquisition is intended to strengthen SRG's specialized capabilities in the bloodstock and livestock insurance sectors by incorporating Stonehatch's expertise and broadening SRG's equine portfolio. Stonehatch Risk Solutions Limited is a UK-based company that focuses on livestock insurance.
Major players in the livestock insurance market are Allianz SE, Munich Reinsurance Company, Nationwide Mutual Insurance Company, Liberty Mutual Insurance Company, Swiss Reinsurance Company Ltd, Zurich Insurance Group Ltd., Chubb Limited, Sompo Holdings Inc., The Hartford Financial Services Group Inc., AXA XL, American Family Insurance, QBE Insurance Group Ltd., Shelter Insurance Companies, Lloyd's of London, ICICI Lombard General Insurance Company Limited, Howden Insurance & Reinsurance Brokers (Philippines) Inc., HDFC ERGO General Insurance Company Limited, Farm Bureau Financial Services, Future Generali India Insurance Company Ltd., FBL Financial Group Inc., Rural Mutual Insurance Company, The Accel Group, Farmers Mutual Hail Insurance Company of Iowa, GramCover, and The Bath State Bank.
North America was the largest region in the livestock insurance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in livestock insurance report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the livestock insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The livestock insurance market consists of revenues earned by entities by providing services such as veterinary services, loss prevention training, mitigation, and claim handling. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Livestock Insurance Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on livestock insurance market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for livestock insurance ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The livestock insurance market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.