LONDON, May 16, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the crop insurance market forecasts the market to grow due to rising adverse weather conditions. Adverse weather conditions such as hurricanes, floods, blizzards, wildfires, and extremely hot or cold temperatures are becoming more frequent, making it challenging for farmers to protect their crops from damage. Crop insurance offers protection to farmers against financial losses caused by predicted crop losses due to unfavorable weather conditions such as rainfall, temperature, frost, and humidity.
The global crop insurance market is projected to grow from $36.9 billion in 2022 to $40.5 billion in 2023, with a compound annual growth rate (CAGR) of more than 9%. By 2027, the market size is expected to reach $54.2 billion at a CAGR of more than 7%. North America accounted for the largest share of the crop insurance industry in 2022.
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Innovative products are becoming increasingly popular in the crop insurance market. Major players in the market are focused on product innovation to maintain their market position.
For instance, HDFC ERGO General Insurance Company Ltd., an India-based financial service provider, launched a technology-backed farm yield insurance policy in October 2022. The policy uses satellite-based data to provide coverage across the entire crop life cycle, from planting to harvesting, for food, oilseed, commercial, or horticultural crops. This product is intended for farmers under corporate/farm input company (FIC) contracts.
The crop insurance companies include Agriculture Insurance Company of India Limited, American Financial Group Inc., Chubb Corp, ICICI Lombard General Insurance Company Limited, QBE Insurance Group Ltd., Sompo International, Tokio Marine Holdings Inc., Zurich Insurance Company Ltd., and Santam.
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The global crop insurance market is segmented as -
1) By Type: Crop Yield Insurance, Crop Revenue Insurance
2) By Coverage: Multi-Peril Crop Insurance (MPCI), Crop-Hail Insurance
3) By Distribution Channel: Banks, Insurance Companies, Brokers Or Agents, Other Distribution Channels
The crop insurance market report provides insights into the global market size, projected growth, and the major players in the market. By providing a comprehensive analysis of the crop insurance market, this report helps companies make informed decisions and develop effective strategies to navigate the market's dynamics.
Crop Insurance Global Market Report 2023 by The Business Research Company provides insights on the crop insurance market size, crop insurance market segments, crop insurance market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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