Global Crop Insurance Market to Grow at a CAGR of 6% During 2024-2032, Driven by the Rising Awareness Regarding Crop Insurance

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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Market Analysis by Coverage, Distribution Channel, and Region:

• The market, on the basis of coverage, can be divided into are multiple peril crop insurance (MPCI) and crop-hail insurance.

• The distribution channels for crop insurance include banks, insurance companies, and brokers/agents, among others.

• The regional markets for crop insurance include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The use of machine learning in crop management to detect unexpected occurrences in arable land and protect crops from pest attacks and unfavourable weather conditions is aiding the market growth.

• The introduction of various favourable government initiatives to provide financial security to farmers to boost the agricultural sector in order to meet increasing food demand is propelling the growth of the crop insurance industry.

• The market is being driven by the increasing use of artificial intelligence solutions to customise crop insurance and provide agronomical insights.

• The use of drones to collect data regarding damaged crops to curb the losses of farmers effectively by insurers are augmenting the market growth for crop insurance.

Key Offerings of the Report:

• The EMR report gives an overview of the global crop insurance market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the coverages, distribution channels, and regions of crop insurance.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

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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