PUBLISHER: KBV Research | PRODUCT CODE: 1768326
PUBLISHER: KBV Research | PRODUCT CODE: 1768326
LAMEA Crop Insurance Market Size, Share & Industry Analysis Report By Type (Multi-peril Crop Insurance, Crop-hail Insurance, and Revenue Insurance), By Coverage, By Distribution Channel, By Country and Growth Forecast, 2025 - 2032
The Latin America, Middle East and Africa Crop Insurance Market would witness market growth of 6.7% CAGR during the forecast period (2025-2032).
The Brazil market dominated the LAMEA Crop Insurance Market by Country in 2024, and would continue to be a dominant market till 2032; thereby, achieving a market value of $1,405.1 million by 2032. The Argentina market is showcasing a CAGR of 7.4% during (2025 - 2032). Additionally, The South Africa market would register a CAGR of 5.7% during (2025 - 2032).
International organizations and development agencies have supported the expansion of crop insurance in developing regions, where smallholder farmers often lack access to formal financial services. These efforts have led to the establishment of innovative insurance models, such as index-based insurance, which uses weather or satellite data to trigger payouts, making it easier for farmers in remote areas to participate. The increasing adoption of crop insurance reflects its growing importance as a tool for building resilience and supporting sustainable agricultural growth.
The market is witnessing several notable trends that are shaping its evolution and expanding its reach. One prominent trend is the increasing integration of technology into insurance products and processes. Advances in data analytics, remote sensing, and satellite imagery have transformed the way crop insurance is designed, underwritten, and administered. For instance, satellite-based monitoring allows insurers to assess crop health and damage with greater accuracy, enabling faster and more transparent claims processing.
The LAMEA region presents a diverse landscape for the market, marked by contrasting levels of development, agricultural dependency, and institutional support. In Latin America, countries like Brazil, Argentina, and Mexico are gradually strengthening their insurance frameworks through public-private initiatives and targeted subsidy programs. In the Middle East and Africa, the market remains underpenetrated but is gaining momentum due to increasing climate vulnerabilities and food security challenges. Crop insurance in this region is increasingly being tied to rural development, climate adaptation, and resilience strategies.
Innovative models such as index-based and microinsurance products are being piloted to address the needs of smallholder farmers and underserved populations. Access to technology and international aid is expected to be a crucial driver in expanding the market. The market in the UAE is gradually gaining attention, driven by the country's efforts to enhance food security and promote sustainable agriculture. Although the UAE's arid climate limits large-scale farming, vertical farming, hydroponics, and protected cultivation are growing rapidly. These high-tech agricultural practices are valuable and vulnerable to disruptions from water shortages, pest outbreaks, and climate variability, prompting farmers and agribusinesses to seek financial protection through insurance.
A growing trend in the UAE is the integration of parametric insurance solutions, which use satellite and weather data to trigger payouts, thereby enabling quicker claims processing. Brazil holds a well-established and dynamic market, being one of the global leaders in agricultural production. The country's diverse climate and large-scale commercial farming make risk management essential, particularly in regions cultivating soybeans, corn, coffee, and sugarcane. The Brazilian government actively supports the market through the Programa de Subvencao ao Premio do Seguro Rural (PSR), which subsidizes premium costs for farmers. In Thus, LAMEA is gradually advancing in crop insurance through innovation and support programs, aiming to boost resilience and food security.
Based on Type, the market is segmented into Multi-peril Crop Insurance (MPCI), Crop-hail Insurance, and Revenue Insurance. Based on Coverage, the market is segmented into Revenue Protection, Yield Protection, and Price Protection. Based on Distribution Channel, the market is segmented into Government Agencies, Insurance Companies, and Other Distribution Channel. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
List of Key Companies Profiled
- USI Insurance Services, LLC
- QBE Insurance Group Limited
- Chubb Limited
- Zurich Insurance Group Ltd.
- Great American Insurance Company (American Financial Group, Inc.)
- American International Group, Inc. (AIG)
- Nationwide Mutual Insurance Company
- ICICI Lombard General Insurance Company Limited (ICICI Bank Limited)
- AXA SA
- Bajaj Allianz General Insurance Company
LAMEA Crop Insurance Market Report Segmentation
By Type
- Multi-peril Crop Insurance (MPCI)
- Crop-hail Insurance
- Revenue Insurance
By Coverage
- Revenue Protection
- Yield Protection
- Price Protection
By Distribution Channel
- Government Agencies
- Insurance Companies
- Other Distribution Channel
By Country
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
- 1.1 Market Definition
- 1.2 Objectives
- 1.3 Market Scope
- 1.4 Segmentation
- 1.4.1 LAMEA Crop Insurance Market, by Type
- 1.4.2 LAMEA Crop Insurance Market, by Coverage
- 1.4.3 LAMEA Crop Insurance Market, by Distribution Channel
- 1.4.4 LAMEA Crop Insurance Market, by Country
- 1.5 Methodology for the research
Chapter 2. Market at a Glance
- 2.1 Key Highlights
Chapter 3. Market Overview
- 3.1 Introduction
- 3.1.1 Overview
- 3.1.1.1 Market Composition and Scenario
- 3.1.1 Overview
- 3.2 Key Factors Impacting the Market
- 3.2.1 Market Drivers
- 3.2.2 Market Restraints
- 3.2.3 Market Opportunities
- 3.2.4 Market Challenges
- 3.3 Porter Five Forces Analysis
Chapter 4. Value Chain Analysis of Crop Insurance Market
- 4.1 Product Development
- 4.2 Regulatory & Compliance Management
- 4.3 Marketing & Awareness
- 4.4 Distribution & Sales
- 4.5 Policy Underwriting
- 4.6 Premium Collection & Payment Systems
- 4.7 Monitoring & Risk Assessment
- 4.8 Claims Management
- 4.9 Customer Service & Support
- 4.10. Feedback & Product Improvement
Chapter 5. Key Customer Criteria of Crop Insurance Market
- 5.1 Coverage & Risk Protection
- 5.2 Premium Affordability
- 5.3 Claim Settlement Speed & Ease
- 5.4 Customization & Flexibility
- 5.5 Reputation & Reliability
- 5.6 Government Support & Subsidies
- 5.7 Technology & Data Use
- 5.8 Ease of Purchase & Access
- 5.9 Customer Service & Support
- 5.10. Policy Transparency
Chapter 6. LAMEA Crop Insurance Market by Type
- 6.1 LAMEA Multi-peril Crop Insurance (MPCI) Market by Country
- 6.2 LAMEA Crop-hail Insurance Market by Country
- 6.3 LAMEA Revenue Insurance Market by Country
Chapter 7. LAMEA Crop Insurance Market by Coverage
- 7.1 LAMEA Revenue Protection Market by Country
- 7.2 LAMEA Yield Protection Market by Country
- 7.3 LAMEA Price Protection Market by Country
Chapter 8. LAMEA Crop Insurance Market by Distribution Channel
- 8.1 LAMEA Government Agencies Market by Country
- 8.2 LAMEA Insurance Companies Market by Country
- 8.3 LAMEA Other Distribution Channel Market by Country
Chapter 9. LAMEA Crop Insurance Market by Country
- 9.1 Brazil Crop Insurance Market
- 9.1.1 Brazil Crop Insurance Market by Type
- 9.1.2 Brazil Crop Insurance Market by Coverage
- 9.1.3 Brazil Crop Insurance Market by Distribution Channel
- 9.2 Argentina Crop Insurance Market
- 9.2.1 Argentina Crop Insurance Market by Type
- 9.2.2 Argentina Crop Insurance Market by Coverage
- 9.2.3 Argentina Crop Insurance Market by Distribution Channel
- 9.3 South Africa Crop Insurance Market
- 9.3.1 South Africa Crop Insurance Market by Type
- 9.3.2 South Africa Crop Insurance Market by Coverage
- 9.3.3 South Africa Crop Insurance Market by Distribution Channel
- 9.4 Saudi Arabia Crop Insurance Market
- 9.4.1 Saudi Arabia Crop Insurance Market by Type
- 9.4.2 Saudi Arabia Crop Insurance Market by Coverage
- 9.4.3 Saudi Arabia Crop Insurance Market by Distribution Channel
- 9.5 UAE Crop Insurance Market
- 9.5.1 UAE Crop Insurance Market by Type
- 9.5.2 UAE Crop Insurance Market by Coverage
- 9.5.3 UAE Crop Insurance Market by Distribution Channel
- 9.6 Nigeria Crop Insurance Market
- 9.6.1 Nigeria Crop Insurance Market by Type
- 9.6.2 Nigeria Crop Insurance Market by Coverage
- 9.6.3 Nigeria Crop Insurance Market by Distribution Channel
- 9.7 Rest of LAMEA Crop Insurance Market
- 9.7.1 Rest of LAMEA Crop Insurance Market by Type
- 9.7.2 Rest of LAMEA Crop Insurance Market by Coverage
- 9.7.3 Rest of LAMEA Crop Insurance Market by Distribution Channel
Chapter 10. Company Profiles
- 10.1 USI Insurance Services, LLC
- 10.1.1 Company Overview
- 10.2 QBE Insurance Group Limited
- 10.2.1 Company Overview
- 10.2.2 Financial Analysis
- 10.2.3 Regional Analysis
- 10.3 Chubb Limited
- 10.3.1 Company Overview
- 10.3.2 Financial Analysis
- 10.3.3 Segmental and Regional Analysis
- 10.3.4 SWOT Analysis
- 10.4 Zurich Insurance Group Ltd.
- 10.4.1 Company Overview
- 10.4.2 Financial Analysis
- 10.4.3 SWOT Analysis
- 10.5 Great American Insurance Company (American Financial Group, Inc.)
- 10.5.1 Company Overview
- 10.5.2 Financial Analysis
- 10.6 American International Group, Inc. (AIG)
- 10.6.1 Company Overview
- 10.6.2 Financial Analysis
- 10.6.3 Regional Analysis
- 10.6.4 SWOT Analysis
- 10.7 Nationwide Mutual Insurance Company
- 10.7.1 Company Overview
- 10.8 ICICI Lombard General Insurance Company Limited (ICICI Bank Limited)
- 10.8.1 Company Overview
- 10.8.2 Financial Analysis
- 10.9 AXA SA
- 10.9.1 Company Overview
- 10.9.2 Financial Analysis
- 10.9.3 Segmental and Regional Analysis
- 10.9.4 SWOT Analysis
- 10.10. Bajaj Allianz General Insurance Company
- 10.10.1 Company Overview
- 10.10.2 Financial Analysis
LIST OF TABLES
- TABLE 1 LAMEA Crop Insurance Market, 2021 - 2024, USD Million
- TABLE 2 LAMEA Crop Insurance Market, 2025 - 2032, USD Million
- TABLE 3 Key Customer Criteria of Crop Insurance Market
- TABLE 4 LAMEA Crop Insurance Market by Type, 2021 - 2024, USD Million
- TABLE 5 LAMEA Crop Insurance Market by Type, 2025 - 2032, USD Million
- TABLE 6 LAMEA Multi-peril Crop Insurance (MPCI) Market by Country, 2021 - 2024, USD Million
- TABLE 7 LAMEA Multi-peril Crop Insurance (MPCI) Market by Country, 2025 - 2032, USD Million
- TABLE 8 LAMEA Crop-hail Insurance Market by Country, 2021 - 2024, USD Million
- TABLE 9 LAMEA Crop-hail Insurance Market by Country, 2025 - 2032, USD Million
- TABLE 10 LAMEA Revenue Insurance Market by Country, 2021 - 2024, USD Million
- TABLE 11 LAMEA Revenue Insurance Market by Country, 2025 - 2032, USD Million
- TABLE 12 LAMEA Crop Insurance Market by Coverage, 2021 - 2024, USD Million
- TABLE 13 LAMEA Crop Insurance Market by Coverage, 2025 - 2032, USD Million
- TABLE 14 LAMEA Revenue Protection Market by Country, 2021 - 2024, USD Million
- TABLE 15 LAMEA Revenue Protection Market by Country, 2025 - 2032, USD Million
- TABLE 16 LAMEA Yield Protection Market by Country, 2021 - 2024, USD Million
- TABLE 17 LAMEA Yield Protection Market by Country, 2025 - 2032, USD Million
- TABLE 18 LAMEA Price Protection Market by Country, 2021 - 2024, USD Million
- TABLE 19 LAMEA Price Protection Market by Country, 2025 - 2032, USD Million
- TABLE 20 LAMEA Crop Insurance Market by Distribution Channel, 2021 - 2024, USD Million
- TABLE 21 LAMEA Crop Insurance Market by Distribution Channel, 2025 - 2032, USD Million
- TABLE 22 LAMEA Government Agencies Market by Country, 2021 - 2024, USD Million
- TABLE 23 LAMEA Government Agencies Market by Country, 2025 - 2032, USD Million
- TABLE 24 LAMEA Insurance Companies Market by Country, 2021 - 2024, USD Million
- TABLE 25 LAMEA Insurance Companies Market by Country, 2025 - 2032, USD Million
- TABLE 26 LAMEA Other Distribution Channel Market by Country, 2021 - 2024, USD Million
- TABLE 27 LAMEA Other Distribution Channel Market by Country, 2025 - 2032, USD Million
- TABLE 28 LAMEA Crop Insurance Market by Country, 2021 - 2024, USD Million
- TABLE 29 LAMEA Crop Insurance Market by Country, 2025 - 2032, USD Million
- TABLE 30 Brazil Crop Insurance Market, 2021 - 2024, USD Million
- TABLE 31 Brazil Crop Insurance Market, 2025 - 2032, USD Million
- TABLE 32 Brazil Crop Insurance Market by Type, 2021 - 2024, USD Million
- TABLE 33 Brazil Crop Insurance Market by Type, 2025 - 2032, USD Million
- TABLE 34 Brazil Crop Insurance Market by Coverage, 2021 - 2024, USD Million
- TABLE 35 Brazil Crop Insurance Market by Coverage, 2025 - 2032, USD Million
- TABLE 36 Brazil Crop Insurance Market by Distribution Channel, 2021 - 2024, USD Million
- TABLE 37 Brazil Crop Insurance Market by Distribution Channel, 2025 - 2032, USD Million
- TABLE 38 Argentina Crop Insurance Market, 2021 - 2024, USD Million
- TABLE 39 Argentina Crop Insurance Market, 2025 - 2032, USD Million
- TABLE 40 Argentina Crop Insurance Market by Type, 2021 - 2024, USD Million
- TABLE 41 Argentina Crop Insurance Market by Type, 2025 - 2032, USD Million
- TABLE 42 Argentina Crop Insurance Market by Coverage, 2021 - 2024, USD Million
- TABLE 43 Argentina Crop Insurance Market by Coverage, 2025 - 2032, USD Million
- TABLE 44 Argentina Crop Insurance Market by Distribution Channel, 2021 - 2024, USD Million
- TABLE 45 Argentina Crop Insurance Market by Distribution Channel, 2025 - 2032, USD Million
- TABLE 46 South Africa Crop Insurance Market, 2021 - 2024, USD Million
- TABLE 47 South Africa Crop Insurance Market, 2025 - 2032, USD Million
- TABLE 48 South Africa Crop Insurance Market by Type, 2021 - 2024, USD Million
- TABLE 49 South Africa Crop Insurance Market by Type, 2025 - 2032, USD Million
- TABLE 50 South Africa Crop Insurance Market by Coverage, 2021 - 2024, USD Million
- TABLE 51 South Africa Crop Insurance Market by Coverage, 2025 - 2032, USD Million
- TABLE 52 South Africa Crop Insurance Market by Distribution Channel, 2021 - 2024, USD Million
- TABLE 53 South Africa Crop Insurance Market by Distribution Channel, 2025 - 2032, USD Million
- TABLE 54 Saudi Arabia Crop Insurance Market, 2021 - 2024, USD Million
- TABLE 55 Saudi Arabia Crop Insurance Market, 2025 - 2032, USD Million
- TABLE 56 Saudi Arabia Crop Insurance Market by Type, 2021 - 2024, USD Million
- TABLE 57 Saudi Arabia Crop Insurance Market by Type, 2025 - 2032, USD Million
- TABLE 58 Saudi Arabia Crop Insurance Market by Coverage, 2021 - 2024, USD Million
- TABLE 59 Saudi Arabia Crop Insurance Market by Coverage, 2025 - 2032, USD Million
- TABLE 60 Saudi Arabia Crop Insurance Market by Distribution Channel, 2021 - 2024, USD Million
- TABLE 61 Saudi Arabia Crop Insurance Market by Distribution Channel, 2025 - 2032, USD Million
- TABLE 62 UAE Crop Insurance Market, 2021 - 2024, USD Million
- TABLE 63 UAE Crop Insurance Market, 2025 - 2032, USD Million
- TABLE 64 UAE Crop Insurance Market by Type, 2021 - 2024, USD Million
- TABLE 65 UAE Crop Insurance Market by Type, 2025 - 2032, USD Million
- TABLE 66 UAE Crop Insurance Market by Coverage, 2021 - 2024, USD Million
- TABLE 67 UAE Crop Insurance Market by Coverage, 2025 - 2032, USD Million
- TABLE 68 UAE Crop Insurance Market by Distribution Channel, 2021 - 2024, USD Million
- TABLE 69 UAE Crop Insurance Market by Distribution Channel, 2025 - 2032, USD Million
- TABLE 70 Nigeria Crop Insurance Market, 2021 - 2024, USD Million
- TABLE 71 Nigeria Crop Insurance Market, 2025 - 2032, USD Million
- TABLE 72 Nigeria Crop Insurance Market by Type, 2021 - 2024, USD Million
- TABLE 73 Nigeria Crop Insurance Market by Type, 2025 - 2032, USD Million
- TABLE 74 Nigeria Crop Insurance Market by Coverage, 2021 - 2024, USD Million
- TABLE 75 Nigeria Crop Insurance Market by Coverage, 2025 - 2032, USD Million
- TABLE 76 Nigeria Crop Insurance Market by Distribution Channel, 2021 - 2024, USD Million
- TABLE 77 Nigeria Crop Insurance Market by Distribution Channel, 2025 - 2032, USD Million
- TABLE 78 Rest of LAMEA Crop Insurance Market, 2021 - 2024, USD Million
- TABLE 79 Rest of LAMEA Crop Insurance Market, 2025 - 2032, USD Million
- TABLE 80 Rest of LAMEA Crop Insurance Market by Type, 2021 - 2024, USD Million
- TABLE 81 Rest of LAMEA Crop Insurance Market by Type, 2025 - 2032, USD Million
- TABLE 82 Rest of LAMEA Crop Insurance Market by Coverage, 2021 - 2024, USD Million
- TABLE 83 Rest of LAMEA Crop Insurance Market by Coverage, 2025 - 2032, USD Million
- TABLE 84 Rest of LAMEA Crop Insurance Market by Distribution Channel, 2021 - 2024, USD Million
- TABLE 85 Rest of LAMEA Crop Insurance Market by Distribution Channel, 2025 - 2032, USD Million
- TABLE 86 Key information - USI Insurance Services, LLC
- TABLE 87 Key Information - QBE Insurance Group Limited
- TABLE 88 Key Information - Chubb Limited
- TABLE 89 Key Information - Zurich Insurance Group Ltd.
- TABLE 90 Key Information - Great American insurance company
- TABLE 91 Key Information - American International Group, Inc. (AIG)
- TABLE 92 Key Information - Nationwide Mutual Insurance Company
- TABLE 93 Key Information - ICICI Lombard General Insurance Company Limited
- TABLE 94 key information - AXA SA
- TABLE 95 Key Information - Bajaj Allianz General Insurance Company
LIST OF FIGURES
- FIG 1 Methodology for the research
- FIG 2 LAMEA Crop Insurance Market, 2021 - 2032, USD Million
- FIG 3 Key Factors Impacting Crop Insurance Market
- FIG 4 Porter's Five Forces Analysis - Crop Insurance Market
- FIG 5 Value Chain Analysis of Crop Insurance Market
- FIG 6 Key Customer Criteria of Crop Insurance Market
- FIG 7 LAMEA Crop Insurance Market share by Type, 2024
- FIG 8 LAMEA Crop Insurance Market share by Type, 2032
- FIG 9 LAMEA Crop Insurance Market by Type, 2021 - 2032, USD Million
- FIG 10 LAMEA Crop Insurance Market share by Coverage, 2024
- FIG 11 LAMEA Crop Insurance Market share by Coverage, 2032
- FIG 12 LAMEA Crop Insurance Market by Coverage, 2021 - 2032, USD Million
- FIG 13 LAMEA Crop Insurance Market share by Distribution Channel, 2024
- FIG 14 LAMEA Crop Insurance Market share by Distribution Channel, 2032
- FIG 15 LAMEA Crop Insurance Market by Distribution Channel, 2021 - 2032, USD Million
- FIG 16 LAMEA Crop Insurance Market share by Country, 2024
- FIG 17 LAMEA Crop Insurance Market share by Country, 2032
- FIG 18 LAMEA Crop Insurance Market by Country, 2021 - 2032, USD Million
- FIG 19 SWOT Analysis: Chubb Limited
- FIG 20 SWOT Analysis: Zurich Insurance Group Ltd.
- FIG 21 SWOT Analysis: American International Group, Inc. (AIG)
- FIG 22 SWOT Analysis: AXA SA
