Report Code: A11614 | Pages: NA | Mar 2023 | 2826 Views | ||
Author(s) : Vijay P | Tables: NA | Charts: NA |
|
Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Agricultural Insurance Market
Request Now !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 |
Â
COVID-19 Impact Analysis
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.
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. Â
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 Benefits of the Report
Questions Answered in the Agricultural Insurance Market Research Report     Â
Agricultural Insurance Market Report Highlights
Aspects | Details |
---|---|
By Coverage• |
|
By Distribution Channel• |
|
By Region• |
|
Key Market Players | 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 |
Loading Table Of Content...
Start reading.
This Report and over 19,603+ more Reports, Available with Avenue Library. T&C*.
Enterprise
License/PDF
Library
Membership
*Taxes/Fees, if applicable will be added during checkout. All prices in USD
To ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
Get insights on topics that are crucial for your business. Stay abreast of your interest areas.
Get Industry Data AlertsTo ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers