The global Agricultural Insurance Market size is expected to grow at a CAGR of 2.8% by 2022 driven by increasing government support in the form of subsidies. Increasing natural calamities destroying farmlands and consequently hampering the agriculture output, as well as the income of farmers across the world, has resulted in driving the awareness regarding the benefits offered by agriculture reinsurance.
Agricultural Insurance Market is heavily guided by following key Players:
· People’s Insurance Company (Group) of China Ltd. (PICC),
· Rural Community Insurance Agency
· RCIS
· QBE Insurance Group Limited,
· Chubb Corporation,
· American Financial Group
· XL Group Ltd.
· Tokio Marine Holdings, Inc.
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With the increasing count of the population in developing countries still living in rural areas, agriculture is believed to be a significant driver of economic and human development. As per industrial studies, agriculture insurance has witnessed a risky business especially, when it comes to spreading the presence in developing countries where small-scale farmers often have to deal with series of risks related to the market production, political environment, and climate. On one hand, where there are both positive and negative aspects to the risk factors, upward price variations for crops and livestock offer market and investment opportunities, on the other hand, reduced commodity prices or increase in input prices or climate hazard can create an uncertain atmosphere for the farmers, with unfavorable economic and social consequence. This downside risk distorts investments, put assets in jeopardy and make farmers less eligible clients for financial institutions. Farmers, are limited in their capacity to invest in innovative and improved agriculture methods. Banks are very reluctant to lend money to farmers and do so only at very high-interest rates.
Harvest insurance primarily allows farmers to keep productive assets and maintain a consistent capacity to reinvest in preparing for the next crop cycle. Agriculture Insurance Market is expected to open up access to credit markets and encourage agricultural loans, which can lead to further investments in productivity. The stabilization of the farmer’s purchasing power can stimulate non-agricultural economic activity in rural areas. However, agriculture can be specifically seen as a driving factor for climate change adaptation, for which a full range of interventions will be needed.
The agriculture industry is believed to be one of the prominent contributors to GDP measuring the economies across the world including China, the US and India. These developed countries are facing myriad risks in agricultural production due to which agro insurance has emerged as a risk management tool for farmers, stakeholders, and agricultural producers. Agro insurance mainly includes crop insurance as well as it covers aquaculture, bloodstock, greenhouse, forestry, and livestock.
Referring to the regional perspective of the Agriculture Insurance Market, North America has been dominating the global Agriculture Insurance Market as working on decreasing agricultural risk in a comprehensive manner. This helps in generating a suitable framework for expanding and diversifying the insurance market with optimum crop insurance benefits. The Asia Pacific and Europe were the other two main farm insurance marketplaces across the globe.
Key segments of the global Agriculture Insurance Market:
Distribution Channel Overview, 2012 – 2022 (USD Million)
- Agency
- Broker
- Bancassurance
- Direct writing
Insurance Type Overview, 2012 – 2022 (USD Million)
- Crop/MPCI Insurance
- Crop/Hail Insurance
- Livestock Insurance
- Others
Regional Overview, 2012 – 2022 (USD Million)
- North America
- USA
- Canada
- Mexico
- Europe
- Spain
- Poland
- Turkey
- Italy
- Asia-Pacific
- China
- Japan
- Korea
- India
- Southeast Asia
- South America
- Brazil
- Argentina
- Colombia
- Middle East and Africa
- Tunisia
- Algeria
- Morocco
- Zimbabwe
- Egypt
- South Africa
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Key insights in Agricultural Insurance Market:
1. 1. In developed economies such as the USA, insurance is mostly marketed through agents employed by the insurance companies who in turn partner with agricultural product companies and provide a bundled solution
2. 2. Over 60% of the global crop insurance premium is gained from Crop/MPCI type of insurance followed by Crop/Hail (Over 25%)
3. 3. Asia Pacific has the highest potential for proliferation of insurance as it is highly prone to natural calamities such as earthquakes, floods, cyclones etc. Additionally, there are several economies that depend on agriculture as a primary contributor to the economy of the country. To mitigate the pricing and production risks, more farmers are opting for agricultural insurance and the trend is expected to continue over the projected period.
4. 4. Over the past few years, there has been a trend of insurance companies exiting the agriculture insurance sector as they are incurring more loss due to claims and buyouts
Key Points covered in TOC of Agricultural Insurance Market Report:
Chapter 1 Executive Summary
Chapter 2 Research Methodology
Chapter 3 Agriculture Insurance Market Outlook
Chapter 4 Agricultural Insurance Market Overview, By Type
- Crop/MPCI Insurance
- Crop/Hail Insurance
- Livestock Insurance
Chapter 5 Agricultural Insurance Market Overview, By Distribution Channel
Chapter 6 Agriculture Insurance Market Overview, By Region
Chapter 7 Company Profiles
Chapter 8 Industry Structure
….Continued
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