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Written by stanley huds » Updated on: August 26th, 2024
IMARC Group’s report titled “Crop Insurance Market Report by Coverage (Multi-Peril Crop Insurance (MPCI), Crop-Hail Insurance), Distribution Channel (Banks, Insurance Companies, Brokers and Agents, and Others), and Region 2024-2032”. The global crop insurance market size reached US$ 43.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 69.9 Billion by 2032, exhibiting a growth rate (CAGR) of 5.1% during 2024-2032.
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Factors Affecting the Growth of the Crop Insurance Industry:
The rising temperatures, changing rainfall patterns, and increasing frequency of extreme weather events, such as hurricanes, droughts, floods, and wildfires, are resulting in crop failures and production losses. As a result, farmers and agricultural stakeholders are increasingly adopting crop insurance as a risk management tool. Crop insurance helps mitigate the financial risks associated with climate-related uncertainties. It provides farmers with a safety net by compensating them for losses incurred due to adverse weather conditions. This assurance encourages farmers to invest in modern farming practices, adopt new technologies, and expand their agricultural activities.
The governing authorities of several countries are undertaking initiatives to promote the adoption of crop insurance. They are financial support and subsidies to encourage farmers to participate in crop insurance programs. Additionally, they are offering reinsurance support to insurance companies, which is enabling them to provide coverage at more affordable rates. These measures are making crop insurance more accessible and affordable for farmers, driving its adoption. Apart from this, some countries are introducing mandatory crop insurance schemes to encourage farmers to enroll in insurance programs as a condition for receiving other agricultural benefits or subsidies.
Explore full report with table of contents: https://www.imarcgroup.com/crop-insurance-market
Leading Companies Operating in the Global Crop Insurance Industry:
Crop Insurance Market Report Segmentation:
By Coverage:
Multi-peril crop insurance dominates the crop insurance market due to its comprehensive coverage, which protects against a wide range of perils including weather events, pests, and yield fluctuations, providing farmers with a versatile risk management tool.
By Distribution Channel:
On the basis of distribution channel, the market has been classified into banks, insurance companies, brokers and agents, and others.
Regional Insights:
North America's dominance in the crop insurance market is attributed to its large-scale commercial agriculture, government support and subsidies, and a well-established insurance infrastructure, making it the leading region for crop insurance adoption and market size.
Global Crop Insurance Market Trends:
The widespread adoption of precision agriculture technologies to optimize agricultural practices is supporting the growth of the market. These technologies enable farmers to monitor their fields with precision, assessing crop health, soil moisture levels, and growth patterns. They provide early detection of potential issues, such as pest infestations or nutrient deficiencies. Additionally, the increasing use of the Internet of Things (IoT) devices, such as soil moisture sensors and weather stations, to collect real-time data from the field is propelling the market growth.
The digitization of the crop insurance industry, coupled with the emergence of insurance technology solutions, is creating a positive outlook for the market. Digital platforms and insurtech leverage data analytics and advanced algorithms to assess risk more accurately. They use data from various sources, including satellite imagery, weather stations, and IoT sensors, to provide real-time insights into crop conditions and potential risks. Additionally, several insurtech startups are introducing innovative insurance products, such as on-demand or microinsurance, which cater to the specific needs of smallholder farmers and emerging agricultural markets.
The growing focus on promoting sustainable and climate-resilient farming practices is influencing the market positively. In addition, insurers are offering incentives and discounts on premiums to farmers who implement sustainable practices. Apart from this, many large institutional investors and financial institutions are incorporating environmental, Social, and governance (ESG) criteria into their investment decisions. They are increasingly engaging with farming communities and local stakeholders to address social aspects of agriculture. This includes considerations, such as fair treatment of farmers, support for smallholders, and community resilience in the face of climate-related disasters.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Group’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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