Crop Insurance Market Is Expected to Reach $53.02 Billion by 2027: Says AMR

Allied Market Research
·5-min read

Increase in digital and supportive government initiatives for crop insurance fuels the growth of the global crop insurance market. On the other hand, high cost of premiums and lack of awareness among farmers restrain the growth to some extent. Based on coverage, the multiple peril crop insurance (MPCI) segment held the highest share in 2019. By region, on the other hand, North America appeared as the largest revenue holder in the same year.

Portland, Oct. 28, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global crop insurance market was pegged at $34.05 billion in 2019 and is expected to hit $53.02 billion by 2027, registering a CAGR of 6.1% from 2020 to 2027. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.

Rise in digital and supportive government initiatives for crop insurance fuels the growth of the global crop insurance market. On the other hand, high cost of premiums and lack of awareness among farmers restrain the growth to some extent. On the other hand, untapped potential in emerging countries and expansion of services are projected to pave the way for new opportunities for the key players in the industry.

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Covid-19 scenario-

  • Disrupted supply chains in the major crop producing countries such as Brazil and India have accelerated the demand for crop insurance in more than one way.

  • The on-going pandemic has caused several interferences in the harvesting procedure all around the world which, in turn, has acted as a stimulus to the growth of the global crop insurance market.

The global crop insurance market is analyzed across coverage, distribution channel, and region. By coverage, the multiple peril crop insurance (MPCI) segment accounted for more than two-thirds of the total market revenue in 2019 and is anticipated to lead the trail by the end of 2027. The same segment is also anticipated to portray the fastest CAGR of 7.1% throughout the forecast period.

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By distribution channel, the insurance companies segment contributed to nearly half of the total market share in 2019 and is expected to rule the roost by 2027. The brokers/agents segment, on the other hand, would manifest the fastest CAGR of 8.6% during the study period.

By geography, North America garnered the major share in 2019, holding more than two-fifths of global crop insurance market. Simultaneously, Asia-Pacific is projected to grow at the fastest CAGR of 7.9% from 2020 to 2027. The other provinces discussed in the report include Europe and LAMEA.

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The key market players analyzed in the global crop insurance market report include American Financial Group, Inc., Tokio Marine HCC, ICICI Lombard General Insurance Company Limited, Sompo International Holdings Ltd Zurich, Chubb, Fairfax Financial Holdings Limited, PICC, Agriculture Insurance Company of India Limited (AIC), and QBE Insurance Group Limited. These market players have taken recourse to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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