Agriculture crop insurance market is anticipated to grow at a CAGR of 6.1% during the forecast period. The introduction of technologies such as satellites, drones, the Internet of Things (IoT), artificial intelligence, mobile application, and other web-based platforms drives the growth of the agriculture crop insurance market. This is attributed to the fact that these technologies enable detection of diseased crops, prediction of weather, storage of data related to crops & micro-level information about the size & condition of land for harvesting crops. Expansion of existing product lines and services offered by crop insurance providers to their customers along various government initatives for supporting the farmers’ aganist fluctuation in prices, and yields fuel the growth of the global agriculture crop insurance market during the forecast period. For instance, the Department of Fertilizers has approved a subsidy of $ 76.24 million to provide Nutrient Based Subsidy (NBS) rates for Phosphatic and Potassic (P&K) fertilizers to the farmers.
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Further, the presence of prominent players that are highly focused on the development of agriculture crop insurance services is expected to drive market growth. In December 2020, Sompo International Holdings Ltd. (SIH), announced that it has completed the acquisition of Diversified Crop Insurance Services (DCIS) a subsidiary of CGB Enterprises, Inc. (CGB). DCIS and ARMtech, Sompo International’s existing US federally sponsored multi-peril crop insurer, now operate under the brand name AgriSompo North America. Through a deep-rooted commitment to customer service, AgriSompo North America works to make a long-lasting impact on the nation’s farmers and ranchers, and become a premier market-leading multinational crop insurance and reinsurance company.
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Global Agriculture Crop Insurance Market Segmentation
By Coverage
- Multi-peril Crop Insurance (MPCI)
- Crop-hail Insurance
- Livestock Insurance
By Distribution Channel
- Banks
- Insurance Companies
- Brokers/Agents
- Others
Regional Analysis
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
Company Profiles
- Agriculture Insurance Co. of India Ltd. (AIC)
- AXA XL
- Bajaj Allianz General Insurance Co. Ltd.
- Future Generali India Insurance Co. Ltd.
- Great American Insurance Group
- National Crop Insurance Services
- Philippine Crop Insurance Corp
- Sompo International Holdings Ltd
- Tokio Marine HCC
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