Crop Insurance Market By Coverage (Multi Peril Crop Insurance (MPCI), Crop-hail Insurance), By Distribution Channel (Banks, Insurance Companies, Brokers/Agents, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032

Description

List of Tables

According to a new report published by Allied Market Research, titled, "Crop Insurance Market," The crop insurance market was valued at $39.1 billion in 2022, and is estimated to reach $88 billion by 2032, growing at a CAGR of 8.7% from 2023 to 2032.

The crop insurance market is influenced by several drivers, including the increase in adoption of digital initiatives revolutionizing risk assessment through technologies such as satellite imagery and data analytics, and the substantial rise in government support, particularly in the form of subsidies, incentivizing farmer participation and stabilizing agricultural incomes. However, significant restraints such as the low awareness among farmers regarding insurance benefits and the perceived high cost of premiums, which prevent many, especially smallholders, from acquiring coverage. Despite these challenges, a major opportunity emerges in expanding the crop insurance product line beyond traditional coverage to address diverse risks faced by farmers, encouraging resilience through innovative offerings such as revenue-based or index-based insurance. These expansions can mitigate market volatility and climate change impacts, fostering comprehensive risk management in agriculture and ensuring the sustained protection of farmers' livelihoods.

The impact of COVID-19 on the crop insurance market was mixed. Initially, the pandemic heightened uncertainty and disrupted traditional agricultural practices, causing logistical challenges and delays in policy implementation. However, it also emphasized the importance of risk management, prompting increased awareness and recognition of the value of insurance among farmers. As a result, while the immediate disruptions were negative, the long-term effect saw a heightened appreciation for risk mitigation tools, fostering a more positive outlook and potential for market growth as farmers sought to safeguard against future uncertainties.

The crop insurance market is segmented into coverage type, distribution channel, and region. In terms of coverage type, it is classified into multi-peril crop insurance (MPCI) and crop-hail insurance. Depending on distribution channel, it is fragmented into banks, insurance companies, brokers/agents, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The report analyzes the profiles of key players operating in the market, which include Agriculture Insurance Company of India Limited (AIC), American Financial Group, Inc., Chubb, Fairfax Financial Holdings Limited, ICICI Lombard General Insurance Company Limited, PICC, QBE Insurance Group Limited, Sompo International Holdings Ltd, Tokio Marine HCC, and Zurich. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

Key Benefits For Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the crop insurance market analysis from 2022 to 2032 to identify the prevailing crop insurance market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the crop insurance market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global crop insurance market trends, key players, market segments, application areas, and market growth strategies.

Additional benefits you will get with this purchase are:

Quarterly Update and* (only available with a corporate license, on listed price)
5 additional Company Profile of client Choice pre- or Post-purchase, as a free update.
Free Upcoming Version on the Purchase of Five and Enterprise User License.
16 analyst hours of support* (post-purchase, if you find additional data requirements upon review of the report, you may receive support amounting to 16 analyst hours to solve questions, and post-sale queries)
15% Free Customization* (in case the scope or segment of the report does not match your requirements, 15% is equivalent to 3 working days of free work, applicable once)
Free data Pack on the Five and Enterprise User License. (Excel version of the report)
Free Updated report if the report is 6-12 months old or older.
24-hour priority response*
Free Industry updates and white papers.

Possible Customization with this report (with additional cost and timeline, please talk to the sales executive to know more)

Investment Opportunities
Market share analysis of players by products/segments
Regulatory Guidelines
Additional company profiles with specific to client's interest
Additional country or region analysis- market size and forecast
Market share analysis of players at global/region/country level
SWOT Analysis

Key Market Segments

By Distribution Channel

Banks
Insurance Companies
Brokers/Agents
Others

By Coverage

Multi Peril Crop Insurance (MPCI)
Crop-hail Insurance

By Region

North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
LAMEA
- Latin America
- Middle East
- Africa

Key Market Players:

Chubb
American Financial Group
PICC
QBE Insurance Group Limited
ZURICH
Sompo International Holdings Ltd.
ICICI Lombard General Insurance Company Limited
Tokio Marine HCC
Fairfax Financial Holdings Limited
Agriculture Insurance Company of India Limited (AIC)

Product Code: A06791

CHAPTER 1: INTRODUCTION

1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research methodology
- 1.4.1. Primary research
- 1.4.2. Secondary research
- 1.4.3. Analyst tools and models

CHAPTER 2: EXECUTIVE SUMMARY

2.1. CXO Perspective

CHAPTER 3: MARKET OVERVIEW

3.1. Market definition and scope
3.2. Key findings
- 3.2.1. Top impacting factors
- 3.2.2. Top investment pockets
3.3. Porter's five forces analysis
- 3.3.1. Low bargaining power of suppliers
- 3.3.2. Low threat of new entrants
- 3.3.3. Low threat of substitutes
- 3.3.4. Low intensity of rivalry
- 3.3.5. Low bargaining power of buyers
3.4. Market dynamics
- 3.4.1. Drivers
  - 3.4.1.1. Increase in digital initiatives in crop insurance
  - 3.4.1.2. Rise in government support in the form of subsidies
- 3.4.2. Restraints
  - 3.4.2.1. Low awareness of insurance & high cost of premiums
- 3.4.3. Opportunities
  - 3.4.3.1. Expansion of crop insurance product line
  - 3.4.3.2. Untapped potential of emerging economies

CHAPTER 4: CROP INSURANCE MARKET, BY COVERAGE

4.1. Overview
- 4.1.1. Market size and forecast
4.2. Multi Peril Crop Insurance (MPCI)
- 4.2.1. Key market trends, growth factors and opportunities
- 4.2.2. Market size and forecast, by region
- 4.2.3. Market share analysis by country
4.3. Crop-hail Insurance
- 4.3.1. Key market trends, growth factors and opportunities
- 4.3.2. Market size and forecast, by region
- 4.3.3. Market share analysis by country

CHAPTER 5: CROP INSURANCE MARKET, BY DISTRIBUTION CHANNEL

5.1. Overview
- 5.1.1. Market size and forecast
5.2. Banks
- 5.2.1. Key market trends, growth factors and opportunities
- 5.2.2. Market size and forecast, by region
- 5.2.3. Market share analysis by country
5.3. Insurance Companies
- 5.3.1. Key market trends, growth factors and opportunities
- 5.3.2. Market size and forecast, by region
- 5.3.3. Market share analysis by country
5.4. Brokers/Agents
- 5.4.1. Key market trends, growth factors and opportunities
- 5.4.2. Market size and forecast, by region
- 5.4.3. Market share analysis by country
5.5. Others
- 5.5.1. Key market trends, growth factors and opportunities
- 5.5.2. Market size and forecast, by region
- 5.5.3. Market share analysis by country

CHAPTER 6: CROP INSURANCE MARKET, BY REGION

6.1. Overview
- 6.1.1. Market size and forecast By Region
6.2. North America
- 6.2.1. Key market trends, growth factors and opportunities
- 6.2.2. Market size and forecast, by Coverage
- 6.2.3. Market size and forecast, by Distribution Channel
- 6.2.4. Market size and forecast, by country
  - 6.2.4.1. U.S.
  - 6.2.4.1.1. Market size and forecast, by Coverage
  - 6.2.4.1.2. Market size and forecast, by Distribution Channel
  - 6.2.4.2. Canada
  - 6.2.4.2.1. Market size and forecast, by Coverage
  - 6.2.4.2.2. Market size and forecast, by Distribution Channel
6.3. Europe
- 6.3.1. Key market trends, growth factors and opportunities
- 6.3.2. Market size and forecast, by Coverage
- 6.3.3. Market size and forecast, by Distribution Channel
- 6.3.4. Market size and forecast, by country
  - 6.3.4.1. UK
  - 6.3.4.1.1. Market size and forecast, by Coverage
  - 6.3.4.1.2. Market size and forecast, by Distribution Channel
  - 6.3.4.2. Germany
  - 6.3.4.2.1. Market size and forecast, by Coverage
  - 6.3.4.2.2. Market size and forecast, by Distribution Channel
  - 6.3.4.3. France
  - 6.3.4.3.1. Market size and forecast, by Coverage
  - 6.3.4.3.2. Market size and forecast, by Distribution Channel
  - 6.3.4.4. Italy
  - 6.3.4.4.1. Market size and forecast, by Coverage
  - 6.3.4.4.2. Market size and forecast, by Distribution Channel
  - 6.3.4.5. Spain
  - 6.3.4.5.1. Market size and forecast, by Coverage
  - 6.3.4.5.2. Market size and forecast, by Distribution Channel
  - 6.3.4.6. Rest of Europe
  - 6.3.4.6.1. Market size and forecast, by Coverage
  - 6.3.4.6.2. Market size and forecast, by Distribution Channel
6.4. Asia-Pacific
- 6.4.1. Key market trends, growth factors and opportunities
- 6.4.2. Market size and forecast, by Coverage
- 6.4.3. Market size and forecast, by Distribution Channel
- 6.4.4. Market size and forecast, by country
  - 6.4.4.1. China
  - 6.4.4.1.1. Market size and forecast, by Coverage
  - 6.4.4.1.2. Market size and forecast, by Distribution Channel
  - 6.4.4.2. Japan
  - 6.4.4.2.1. Market size and forecast, by Coverage
  - 6.4.4.2.2. Market size and forecast, by Distribution Channel
  - 6.4.4.3. India
  - 6.4.4.3.1. Market size and forecast, by Coverage
  - 6.4.4.3.2. Market size and forecast, by Distribution Channel
  - 6.4.4.4. Australia
  - 6.4.4.4.1. Market size and forecast, by Coverage
  - 6.4.4.4.2. Market size and forecast, by Distribution Channel
  - 6.4.4.5. South Korea
  - 6.4.4.5.1. Market size and forecast, by Coverage
  - 6.4.4.5.2. Market size and forecast, by Distribution Channel
  - 6.4.4.6. Rest of Asia-Pacific
  - 6.4.4.6.1. Market size and forecast, by Coverage
  - 6.4.4.6.2. Market size and forecast, by Distribution Channel
6.5. LAMEA
- 6.5.1. Key market trends, growth factors and opportunities
- 6.5.2. Market size and forecast, by Coverage
- 6.5.3. Market size and forecast, by Distribution Channel
- 6.5.4. Market size and forecast, by country
  - 6.5.4.1. Latin America
  - 6.5.4.1.1. Market size and forecast, by Coverage
  - 6.5.4.1.2. Market size and forecast, by Distribution Channel
  - 6.5.4.2. Middle East
  - 6.5.4.2.1. Market size and forecast, by Coverage
  - 6.5.4.2.2. Market size and forecast, by Distribution Channel
  - 6.5.4.3. Africa
  - 6.5.4.3.1. Market size and forecast, by Coverage
  - 6.5.4.3.2. Market size and forecast, by Distribution Channel

CHAPTER 7: COMPETITIVE LANDSCAPE

7.1. Introduction
7.2. Top winning strategies
7.3. Product mapping of top 10 player
7.4. Competitive dashboard
7.5. Competitive heatmap
7.6. Top player positioning, 2022

CHAPTER 8: COMPANY PROFILES

8.1. Agriculture Insurance Company of India Limited (AIC)
- 8.1.1. Company overview
- 8.1.2. Key executives
- 8.1.3. Company snapshot
- 8.1.4. Operating business segments
- 8.1.5. Product portfolio
8.2. American Financial Group
- 8.2.1. Company overview
- 8.2.2. Key executives
- 8.2.3. Company snapshot
- 8.2.4. Operating business segments
- 8.2.5. Product portfolio
- 8.2.6. Key strategic moves and developments
8.3. Chubb
- 8.3.1. Company overview
- 8.3.2. Key executives
- 8.3.3. Company snapshot
- 8.3.4. Operating business segments
- 8.3.5. Product portfolio
- 8.3.6. Business performance
8.4. Fairfax Financial Holdings Limited
- 8.4.1. Company overview
- 8.4.2. Key executives
- 8.4.3. Company snapshot
- 8.4.4. Operating business segments
- 8.4.5. Product portfolio
- 8.4.6. Business performance
- 8.4.7. Key strategic moves and developments
8.5. ICICI Lombard General Insurance Company Limited
- 8.5.1. Company overview
- 8.5.2. Key executives
- 8.5.3. Company snapshot
- 8.5.4. Operating business segments
- 8.5.5. Product portfolio
- 8.5.6. Business performance
8.6. PICC
- 8.6.1. Company overview
- 8.6.2. Key executives
- 8.6.3. Company snapshot
- 8.6.4. Operating business segments
- 8.6.5. Product portfolio
8.7. QBE Insurance Group Limited
- 8.7.1. Company overview
- 8.7.2. Key executives
- 8.7.3. Company snapshot
- 8.7.4. Operating business segments
- 8.7.5. Product portfolio
- 8.7.6. Business performance
8.8. Sompo International Holdings Ltd.
- 8.8.1. Company overview
- 8.8.2. Key executives
- 8.8.3. Company snapshot
- 8.8.4. Operating business segments
- 8.8.5. Product portfolio
- 8.8.6. Business performance
- 8.8.7. Key strategic moves and developments
8.9. Tokio Marine HCC
- 8.9.1. Company overview
- 8.9.2. Key executives
- 8.9.3. Company snapshot
- 8.9.4. Operating business segments
- 8.9.5. Product portfolio
8.10. ZURICH
- 8.10.1. Company overview
- 8.10.2. Key executives
- 8.10.3. Company snapshot
- 8.10.4. Operating business segments
- 8.10.5. Product portfolio
- 8.10.6. Business performance
- 8.10.7. Key strategic moves and developments