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Allied Market Research

Agricultural Insurance Market By Coverage (Multi-peril Crop Insurance, Crop-hail Insurance, Livestock, and Others) and Distribution Channel (Banks, Insurance Companies, Brokers/Agents, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030

A11614
Pages: NA
Aug 2021 | 166 Views
   
Author(s) : Vijay Poola
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Agricultural Insurance Market Outlook - 2030

Agriculture insurance is a type of protection policy that covers loss resulting from damage of crop, livestock, and farm equipment. It provides financial support to farmers toward unforeseen events and tax exemption benefits, which further improve the efficiency of the agriculture insurance market.

Moreover, rise in adoption of agriculture insurance and increase in need for protection from loss in agriculture business are considered as major factors boosting the growth of the agriculture insurance market. Furthermore, agricultural insurance providers enhance the awareness & benefits of agriculture insurance plans and educate the buyers about available products and services, which further fuel the growth of the market.

The global agricultural insurance market is segmented on the basis of coverage, distribution channel and region. Based on coverage, the market is divided into multi-peril crop insurance, crop-hail insurance, livestock, and others. On the basis of distribution channel, the market is divided into banks, insurance companies, brokers/agents, and others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

Key players operating in the global agricultural insurance industry include PICC, Zurich (RCIS), Chubb, QBE, China United Property Insurance, American Financial Group, Everest Re Group, CUNA Mutual, Agriculture Insurance Company of India, Farmers Mutual Hail, New India Assurance, ICICI Lombard. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global agricultural insurance market.

Market Scope and Structure Analysis

Report Metric

Details

Market Size Available for Years

2020–2030

Base Year Considered

2020

Forecast Period

2021-2030

Forecast Unit

Value (USD)

Segments Covered

Coverage, Distribution Channel, and Region

Regions Covered

North America (the U.S. and Canada), Europe (Germany, the UK, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa)

 

Companies Covered

PICC, Zurich (RCIS), Chubb, QBE, China United Property Insurance, American Financial Group, Everest Re Group, CUNA Mutual, Agriculture Insurance Company of India, Farmers Mutual Hail, New India Assurance, ICICI Lombard

 

COVID-19 Impact Analysis

  • The global lockdown has affected the operations of the insurance sector. This is attributed to global fear of the virus and unprecedented transport restrictions, resulting in breakdown of supply chains for selling crops and maintaining agri-business. In addition, shortage of labor force for harvesting and supplying in the market indirectly hampers the agricultural insurance market during the pandemic situation.
  • The COVID-19 pandemic has a significant impact on the agricultural insurance market forecast as several countries have imposed numerous measures to curb the virus globally. In addition, policyholders are filing claims for massive crop loss & other related agricultural losses and changing the terms of their policies. This has led to insurers freezing sales of new coverages for agricultural insurance in the market.

Top Impacting Factors

Increased technological development provided by several governments and rapid growth in private-public partnership in the agricultural sector are expected to fuel the market growth. However, high cost of premiums for insurance and lower awareness of agricultural policies among farmer are expected to hamper the growth of the market. Contrarily, expansion of existing policy & developing the coverage options is anticipated to create an immense opportunity for the market in the coming years.

Increased Technological Development and Subsidies by Government

Technologies, such as Internet of Things (IoT), artificial intelligence, satellite, drones, and other web-based platforms, drive the growth of the agricultural 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 & livestock, and others.

These advanced features help in reducing several uncertain risks and boost the effectiveness of agricultural insurance in the market. Moreover, rise in support from governments to protect farmers against fluctuations in revenues, prices, livestock, and yields fuels the growth of the agricultural insurance market. In addition, subsidize funding helps the insured to avail agricultural insurance coverage with more alternatives & customized options in the market.  

High Cost of Premiums

Agriculture insurance generally involves high cost of premium as compared to general insurance. Moreover, with availability of customized coverages in the agricultural sector, premiums for coverages are higher for farmers, ranchers, and other agricultural operators in the market. Therefore, this results in crop loss, lower maintained of livestock, and limited protection against natural hazards for managing risks & uncertainties in agriculture. Thus, high cost premiums for agricultural insurance limit the market growth across the globe.

Key Segments Covered

Segments

Sub-Segments

Coverage

  • Multi-peril Crop Insurance
  • Crop-hail Insurance
  • Livestock
  • Others

Distribution Channel

  • Banks
  • Insurance Companies
  • Brokers/Agents
  • Others

 

Key Benefits of the Report

  • This study presents analytical depiction of the agricultural insurance market along with the current trends and future estimations to determine the imminent investment pockets.      
  • The report presents information related to key drivers, restraints, and opportunities along with detailed agricultural insurance market analysis of the agricultural insurance market share.       
  • The current market is quantitatively analyzed from 2021-2030 to highlight the agricultural insurance market growth scenario.              
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.         
  • The report provides a detailed market analysis depending competitive intensity and how the competition will take shape in the coming years.

Questions Answered in the Agricultural Insurance Market Research Report      

  • Which are the leading players active in the agricultural insurance market size?
  • What are the detailed impacts of COVID-19 on the market?
  • What are the current trends that will influence the agricultural insurance trends market in the next few years?
  • What are the driving factors, restraints, and opportunities in the agricultural insurance market?
  • What future projections would help in taking further strategic steps?
 
With collective industry experience of about 200 years of its analysts and experts, Allied Market Research (AMR) encompasses most infallible research methodology for its market intelligence and industry analysis. We do not only engrave the deepest levels of markets but also sneak through its slimmest details for the purpose of our market estimates and forecasts. Our approach helps in building greater market consensus view for size, shape and industry trends within each industry segment. We carefully factor in industry trends and real developments for identifying key growth factors and future course of the market. Our research proceeds are the resultant of high quality data, expert views and analysis and high value independent opinions. Our research process is designed to deliver balanced view of the global markets and allow stakeholders to make informed decisions.

We offer our clients exhaustive research and analysis based on wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics and regional intelligence. Our in-house industry experts play instrumental role in designing analytic tools and models, tailored to the requirements of particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of our recommendations and advice. With AMR’s calibrated research process and 360` degree data-evaluation methodology, our clients are assured of receiving:

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With a strong methodology we are, therefore, confident that our research and analysis are most reliable and guarantees sound business planning.

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We refer a broad array of industry sources for our secondary, which typically include; however, not limited to: Company SEC filings, annual reports, company websites, broker & financial reports and investor presentations for competitive scenario and shape of the industry

  • Patent and regulatory databases for understanding of technical & legal developments
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Our primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks and face-to-face interactions. We are also in professional corporate relations with various companies that allow us greater flexibility for reaching out industry participants and commentators for interviews and discussions, fulfilling following functions:

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  • Supplies authentic information about market size, share, growth and forecasts


Our primary research interview and discussion panels are typically composed of most experienced industry members. These participants include; however, not limited to:

  • Chief executives and VPs of leading corporations specific to industry
  • Product and sales managers or country heads; channel partners and top level distributors; banking, investments and valuation experts Key opinion leaders (KOLs)


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AMR has developed set of analyst tools and data models to supplement and expedite the analysis process. Corresponding to markets, where there is significant lack of information and estimates, AMR’s team of experts and analyst develop specific analyst tools and industry models to translate qualitative and quantitative industry indicators into exact industry estimates. These models also allow analysts to examine the prospects and opportunities prevailing in the market to accurately forecast the course of the market.
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