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Global Crop Insurance Market: By Coverage: Multiple Peril Crop Insurance (MPCI), Crop-hail Insurance; By Distribution Channel: Banks, Insurance Companies, Brokers/Agents, Others; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics; Competitive Landscape; Industry Events and Developments

Global Crop Insurance Market Outlook

The global crop insurance market attained a value of about USD 36 billion in 2020. The market is further expected to grow in the forecast period of 2023-2028 at a CAGR of 6.2% to reach nearly USD 51 billion by 2026.

 

Global Crop Insurance Market

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Rising Investments in Crops and the Surging Prevalence of Various Pest Attacks Boosting the Market for Crop Insurance

The commercialisation of farming is leading to higher financial investments in crops, consequently increasing the demand for risk management, therefore augmenting the market growth for crop insurance. Moreover, the increasing prevalence of novel and foreign pests and diseases, which can be fatal to crops, is surging the demand for crop insurance, hence boosting the market growth. In addition, the integration of technologies such as machine learning (ML) in crop management to detect unexpected occurrences in arable land and protect crops is aiding the market growth. The technologies can also predict the yield of crops to highlight the risk and opportunity for both farmers and agri-stakeholders. This is why it is increasingly deployed in crop insurance, which is invigorating the industry growth.

 

Introduction of Various Favourable Governments’ Initiatives to Augment the Crop Insurance Industry

The increasing risk intensiveness of agriculture owing to reduced arable land, climate change, and high labour costs is hindering the growth of the agricultural sector, which is one of the most significant industries in countries such as the United States and India. Therefore, various governments are introducing favourable initiatives to support the agricultural sector, which is aiding the market growth. The promotion of the economic stability of agriculture through crop insurance to raise awareness of farmers to aid them in establishing insurance is propelling the growth of the crop insurance industry. For instance, the government of Canada and Saskatchewan announced enhancements to the 2021 Crop Insurance Program to provide farmers more coverage and ensure that they have the risk management tools for their growth and stability. Such initiatives are augmenting the market growth for crop insurance.

 

Crop Insurance: Market Segmentation

Crop insurance is a protection tool that protects farmers and agri-stakeholders from an unexpected loss that occurred due to unfavourable weather or pest control leading to crop failure by compensating them for preventing huge financial losses. It is crucial to promote sustainable production in the agricultural industry in order to ensure robust growth of the industry to meet growing food demands.

 

Global Crop Insurance Market by Segment

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The major coverages of crop insurance are:

  • Multiple Peril Crop Insurance (MPCI)
  • Crop-hail Insurance

The market can be broadly categorised on the basis of its distribution channels into:

  • Banks
  • Insurance Companies
  • Brokers/Agents
  • Others

The EMR report looks into the regional markets of crop insurance like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Global Crop Insurance Market by Region

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Growing Use of Artificial Intelligence and Drones in Crop Management to Bolster the Growth of the Crop Insurance Industry

The use of artificial intelligence (AI) solutions to customise crop insurance is propelling the growth of the crop insurance industry. Artificial intelligence can provide various agronomic insights such as water stress and crop health to determine yield and profit while leveraging crop cutting experiments (CCE). For instance, the Indian government leverages artificial intelligence solutions, CropIn’s SmartFarm and SmartRisk, to digitise farm management solutions and enable accurate and efficient execution of CCE to ensure timely clearance of insurance claims under its Pradhan Mantri Fasal Bima Yojana. Such measures are expected to fuel the market growth.

In addition, drones are increasingly used by crop insurers to collect data regarding damaged crops to mitigate the losses of farmers. Drone mapping software can be used to process and visualise the data to analyse crop loss effectively. This is increasing the adoption of drones in crop insurances, which is projected to fuel the market growth. In addition, drones can be employed for soil and field analysis, irrigation, and crop monitoring. Moreover, the rising use of analysis software to quantify results and indicate the damages, which make the process of crop insurance faster, more accurate, and more efficient, is providing further impetus to the growth of the crop insurance industry.

 

Key Industry Players in the Global Crop Insurance Market

The report presents a detailed analysis of the following key players in the global crop insurance market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

  • Agriculture Insurance Company of India Limited
  • Great American Insurance Company
  • ICICI Lombard General Insurance Company Limited
  • The Philippine Crop Insurance Corporation
  • Sompo International Holdings Ltd.
  • Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

 

REPORT FEATURES DETAILS
Base Year 2022
Historical Period 2018-2022
Forecast Period 2023-2028
Scope of the Report Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Coverage, Distribution Channel, Region
Breakup by Coverage Multiple Peril Crop Insurance (MPCI), Crop-hail Insurance
Breakup by Distribution Channel Banks, Insurance Companies, Brokers/Agents, Others
Breakup by Region North America, Latin America, Europe, Middle East and Africa, Asia Pacific
Market Dynamics SWOT, Porter's Five Forces, Key Indicators for Price and Demand
Competitive Landscape Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications
Companies Covered Agriculture Insurance Company of India Limited, Great American Insurance Company,
ICICI Lombard General Insurance Company Limited, The Philippine Crop Insurance Corporation, Sompo International Holdings Ltd., Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Crop Insurance Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Crop Insurance Historical Market (2018-2022) 
    8.3    Global Crop Insurance Market Forecast (2023-2028)
    8.4    Global Crop Insurance Market by Coverage
        8.4.1    Multiple Peril Crop Insurance (MPCI)
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2018-2022)
            8.4.1.3    Forecast Trend (2023-2028)
        8.4.2    Crop-hail Insurance
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2018-2022)
            8.4.2.3    Forecast Trend (2023-2028)
    8.5    Global Crop Insurance Market by Distribution Channel
        8.5.1    Banks
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2018-2022)
            8.5.1.3    Forecast Trend (2023-2028)
        8.5.2    Insurance Companies
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2018-2022)
            8.5.2.3    Forecast Trend (2023-2028)
        8.5.3    Brokers/Agents
            8.5.3.1    Market Share
            8.5.3.2    Historical Trend (2018-2022)
            8.5.3.3    Forecast Trend (2023-2028)
        8.5.4    Others
    8.6    Global Crop Insurance Market by Region       
        8.6.1    North America
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2018-2022) 
            8.6.1.3    Forecast Trend (2023-2028)
        8.6.2    Europe
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2018-2022) 
            8.6.2.3    Forecast Trend (2023-2028)
        8.6.3    Asia Pacific
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2018-2022) 
            8.6.3.3    Forecast Trend (2023-2028)
        8.6.4    Latin America
            8.6.4.1    Market Share
            8.6.4.2    Historical Trend (2018-2022) 
            8.6.4.3    Forecast Trend (2023-2028)
        8.6.5    Middle East and Africa
            8.6.5.1    Market Share
            8.6.5.2    Historical Trend (2018-2022) 
            8.6.5.3    Forecast Trend (2023-2028)
9    North America Crop Insurance Market Analysis
    9.1    United States of America 
        9.1.1    Market Share
        9.1.2    Historical Trend (2018-2022) 
        9.1.3    Forecast Trend (2023-2028)
    9.2    Canada
        9.2.1    Market Share
        9.2.2    Historical Trend (2018-2022) 
        9.2.3    Forecast Trend (2023-2028)
10    Europe Crop Insurance Market Analysis
    10.1    United Kingdom
        10.1.1    Market Share
        10.1.2    Historical Trend (2018-2022) 
        10.1.3    Forecast Trend (2023-2028)
    10.2    Germany
        10.2.1    Market Share
        10.2.2    Historical Trend (2018-2022) 
        10.2.3    Forecast Trend (2023-2028)
    10.3    France
        10.3.1    Market Share
        10.3.2    Historical Trend (2018-2022) 
        10.3.3    Forecast Trend (2023-2028)
    10.4    Italy
        10.4.1    Market Share
        10.4.2    Historical Trend (2018-2022) 
        10.4.3    Forecast Trend (2023-2028)
    10.5    Others
11    Asia Pacific Crop Insurance Market Analysis
    11.1    China
        11.1.1    Market Share
        11.1.2    Historical Trend (2018-2022) 
        11.1.3    Forecast Trend (2023-2028)
    11.2    Japan
        11.2.1    Market Share
        11.2.2    Historical Trend (2018-2022) 
        11.2.3    Forecast Trend (2023-2028)
    11.3    India
        11.3.1    Market Share
        11.3.2    Historical Trend (2018-2022) 
        11.3.3    Forecast Trend (2023-2028)
    11.4    ASEAN
        11.4.1    Market Share
        11.4.2    Historical Trend (2018-2022) 
        11.4.3    Forecast Trend (2023-2028)
    11.5    Australia
        11.5.1    Market Share
        11.5.2    Historical Trend (2018-2022) 
        11.5.3    Forecast Trend (2023-2028)
    11.6    Others
12    Latin America Crop Insurance Market Analysis
    12.1    Brazil
        12.1.1    Market Share
        12.1.2    Historical Trend (2018-2022) 
        12.1.3    Forecast Trend (2023-2028)
    12.2    Argentina
        12.2.1    Market Share
        12.2.2    Historical Trend (2018-2022) 
        12.2.3    Forecast Trend (2023-2028)
    12.3    Mexico
        12.3.1    Market Share
        12.3.2    Historical Trend (2018-2022) 
        12.3.3    Forecast Trend (2023-2028)
    12.4    Others
13    Middle East and Africa Crop Insurance Market Analysis
    13.1    Saudi Arabia
        13.1.1    Market Share
        13.1.2    Historical Trend (2018-2022) 
        13.1.3    Forecast Trend (2023-2028)
    13.2    United Arab Emirates
        13.2.1    Market Share
        13.2.2    Historical Trend (2018-2022) 
        13.2.3    Forecast Trend (2023-2028)
    13.3    Nigeria
        13.3.1    Market Share
        13.3.2    Historical Trend (2018-2022) 
        13.3.3    Forecast Trend (2023-2028)
    13.4    South Africa
        13.4.1    Market Share
        13.4.2    Historical Trend (2018-2022) 
        13.4.3    Forecast Trend (2023-2028)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Competitive Landscape
    15.1    Market Structure
    15.2    Company Profiles
        15.2.1    Agriculture Insurance Company of India Limited
            15.2.1.1    Company Overview
            15.2.1.2    Product Portfolio
            15.2.1.3    Demographic Reach and Achievements
            15.2.1.4    Certifications
        15.2.2    Great American Insurance Company
            15.2.2.1    Company Overview
            15.2.2.2    Product Portfolio
            15.2.2.3    Demographic Reach and Achievements
            15.2.2.4    Certifications
        15.2.3    ICICI Lombard General Insurance Company Limited
            15.2.3.1    Company Overview
            15.2.3.2    Product Portfolio
            15.2.3.3    Demographic Reach and Achievements
            15.2.3.4    Certifications
        15.2.4    The Philippine Crop Insurance Corporation
            15.2.4.1    Company Overview
            15.2.4.2    Product Portfolio
            15.2.4.3    Demographic Reach and Achievements
            15.2.4.4    Certifications
        15.2.5    Sompo International Holdings Ltd.
            15.2.5.1    Company Overview
            15.2.5.2    Product Portfolio
            15.2.5.3    Demographic Reach and Achievements
            15.2.5.4    Certifications
        15.2.6    Others
16    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Global Crop Insurance Market: Key Industry Highlights, 2018 and 2028
2.    Global Crop Insurance Historical Market: Breakup by Coverage (USD Million), 2018-2022
3.    Global Crop Insurance Market Forecast: Breakup by Coverage (USD Million), 2023-2028
4.    Global Crop Insurance Historical Market: Breakup by Distribution Channel (USD Million), 2018-2022
5.    Global Crop Insurance Market Forecast: Breakup by Distribution Channel (USD Million), 2023-2028
6.    Global Crop Insurance Historical Market: Breakup by Region (USD Million), 2018-2022
7.    Global Crop Insurance Market Forecast: Breakup by Region (USD Million), 2023-2028
8.    North America Crop Insurance Historical Market: Breakup by Country (USD Million), 2018-2022
9.    North America Crop Insurance Market Forecast: Breakup by Country (USD Million), 2023-2028
10.    Europe Crop Insurance Historical Market: Breakup by Country (USD Million), 2018-2022
11.    Europe Crop Insurance Market Forecast: Breakup by Country (USD Million), 2023-2028
12.    Asia Pacific Crop Insurance Historical Market: Breakup by Country (USD Million), 2018-2022
13.    Asia Pacific Crop Insurance Market Forecast: Breakup by Country (USD Million), 2023-2028
14.    Latin America Crop Insurance Historical Market: Breakup by Country (USD Million), 2018-2022
15.    Latin America Crop Insurance Market Forecast: Breakup by Country (USD Million), 2023-2028
16.    Middle East and Africa Crop Insurance Historical Market: Breakup by Country (USD Million), 2018-2022
17.    Middle East and Africa Crop Insurance Market Forecast: Breakup by Country (USD Million), 2023-2028
18.    Global Crop Insurance Market Structure

Key Questions Answered in the Report

In 2020, the global crop insurance market attained a value of nearly USD 36 billion.

The market is projected to grow at a CAGR of 6.2% between 2021 and 2026.

The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach about USD 51 billion by 2026. 

The industry is being aided by the commercialisation of agriculture, the rising prevalence of various pests and diseases, and the introduction of various governments initiative to raise awareness regarding crop insurance.

The market is expected to be driven by the use of artificial intelligence (AI) to customise crop insurance and the rising use of drone technology to analyse losses efficiently. 

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The major coverages of crop insurance in the industry are multiple peril crop insurance (MPCI) and crop-hail insurance.

The significant distribution channels in the market are banks, insurance companies, and brokers/agents, among others.

The major players in the industry 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.

Analyst Review

The global crop insurance market attained a value of nearly USD 36 billion in 2020, driven by the increasing financial investments owing to the commercialisation of agriculture. Aided by the use of the latest technological advancements, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 6.2%. The market is projected to reach about USD 51 billion by 2026.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its coverages, the crop insurance industry can be segmented into multiple peril crop insurance (MPCI) and crop-hail insurance. On the basis of distribution channels, the industry is divided into banks, insurance companies, and brokers/agents, among others. The major regional markets for crop insurance are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include 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.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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