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The Asia Pacific region holds a significant share of the overall market for crop insurance owing to the robust growth of the agricultural sector in the region. Moreover, the prevalence of various natural hazards in the region is increasing the demand for crop insurance, which is propelling the market growth. The exponential surge in population, especially in countries such as India and China, is escalating the demand for high-yield crops to meet food demands. Hence, various governments in the region are initiating various measures to increase awareness regarding crop insurance and provide its benefits to small farmers, consequently invigorating the growth of the crop insurance industry. The introduction of various digital initiatives to facilitate the clearance of insurance money easily and automate various claims is projected to accelerate the market growth, hence contributing to the overall growth of the crop insurance industry.
Sompo International Holdings Ltd. (TYO: 8630), one of the leading companies in the market, completed the acquisition of Diversified Crop Insurance Services in December 2020. The latter and ARMtech, the company’s existing U.S. federally sponsored multi-peril crop insurer, would operate under the brand name AgriSompo North America. It would be one of the largest crop insurance providers in the United States and the world. The new company would be backed by investments by its parent company to provide best-in-class service to its agents and farmers. This brings the company one step closer to realising the strategic vision for the global AgriSompo platform and create the premier market leading multinational crop insurance and reinsurance business. Such mergers and acquisitions are anticipated to fuel the market growth.
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The major players in the global market for crop insurance are Agriculture Insurance Company of India Limited, Great American Insurance Company, ICICI Lombard General Insurance Company Limited, The Philippine Crop Insurance Corporation, and Sompo International Holdings Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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