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2020
Crop Insurance Market

Crop Insurance Market by Coverage (Multi-peril Crop Insurance [MPCI] and Crop-hail Insurance) and Distribution Channel (Banks, Insurance Companies, Brokers/Agents, and Other): Global Opportunity Analysis and Industry Forecast, 2020–2027
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A06791
Pages: 214
Aug 2020 | 8011 Views
Author(s) : Aarti Goswami, Pramod Borasi , Vineet Kumar
Tables: 89
Charts: 45
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Crop Insurance Market Outlook - 2027

The global crop insurance market size was valued at $34.05 billion in 2019, and is projected to reach $53.02 billion by 2027, growing at a CAGR of 6.1% from 2020 to 2027. 

During COVID-19, revenue-based crop insurance is expected to create several lucrative opportunities, owing to adverse impact of on-going pandemic on crop revenues and disrupted supply chains in major crop producing countries such as India and Brazil.

Crop insurance is the protection against loss of revenue due to decline in prices of agricultural commodities and loss of crops due to natural disasters, such drought, hail, disease & wildlife, floods, fire, and pests. It involves massive participation of a diverse group of insureds such as farmers, ranchers, and other agricultural producers. Moreover, several countries have imposed mandatory norms toward taking crop insurance coverage for farmers availing crop loans in the market.

Crop-Insurance-Market_2020-2027-Global Opportunity Analysis and Industry Forecast, 2020-2027

Rapid digital initiatives, which predict weather, detect diseased crops, store data related to crops & micro-level information of land for harvesting crop. Therefore, these features provided by the technologies such as satellite, drones, Internet of Things (IoT), artificial intelligence, mobile applications, and other web-based platforms drive the demand for crop insurance coverage in the global market. In addition, rise in support from several governments for protection of farmers against fluctuations in revenues, prices, and yields of the harvested crops fuels the crop insurance market growth. However, limited awareness toward crop insurance and higher premium rates limit the demand for crop insurance policies, which hampers the growth of the market. 

Conversely, developing economies offer significant opportunities for insurers to expand their business by strengthening existing policies of crop insurance in Asia-Pacific. In addition, value-added services are offered by crop insurance providers to their customers by implementing technologies and entering into partnerships. Deployment of technologies such as satellites, remote-sensing data and artificial intelligence can help in registering information & location of farmers and collection of premiums & pay out claims. These factors, therefore, are expected to provide lucrative opportunities for the expansion of the market during the forecast period.

The multi-peril crop insurance (MPCI) segment dominated the crop insurance industry in 2019, and is projected to maintain its dominance during the forecast period. This is attributed to increase in demand for multiple & personalized coverage for crop insurance, rise in several partnerships, and development of existing offerings of multi-peril crop insurance (MPCI) product. For instance, in India, AIR Worldwide (AIR), a is catastrophe risk modeling firm, launched multiple peril crop insurance (MPCI) model to support probabilistic assessments of potential losses caused by yield losses during the crop-growing seasons. 

The report focuses on the growth prospects, restraints, and trends of the crop insurance market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the crop insurance market.

Segment review

The global crop insurance market is segmented into coverage, distribution channel, and region. In terms of coverage, it is classified into multi-peril crop insurance (MPCI) and crop-hail insurance. On the basis of distribution channel, it is segregated into banks, insurance companies, brokers/agents, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

Crop Insurance Market
By Coverage

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Multiple Peril Crop Insurance (MPCI) segment is accounted for the highest revenue in 2019

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The report analyses the profiles of key players operating in the market, which include Agriculture Insurance Company of India Limited (AIC), American Financial Group, Inc., Chubb, Fairfax Financial Holdings Limited, ICICI Lombard General Insurance Company Limited, PICC, QBE Insurance Group Limited, Sompo International Holdings Ltd., Tokio Marine HCC, and Zurich. These players have adopted various strategies to increase their market penetration and strengthen their foothold in the industry.

COVID-19 impact analysis

The outbreak of the COVID-19 pandemic has a moderate impact on the crop insurance market, owing to global fear of the virus and unprecedented transport restrictions, resulting in disruption of supply chains for selling crops. In addition, dearth of labors for harvesting and supplying crops in the market is indirectly hampering the crop insurance market during the pandemic situation. Therefore, challenges faced during crop harvesting & supplying decline the demand for crop insurance. However, the crop insurance market is projected to prosper in the upcoming years after the recovery from the COVID-19 pandemic. 

Crop Insurance Market
By Distribution Channel

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Insurance Companies is projected as one of the most lucrative segments.

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Top impacting factors

Increase in digital initiatives 

Introduction of technologies such as satellite, drones, Internet of Things (IoT), artificial intelligence, mobile applications, and other web-based platforms drive the growth of 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.

These advanced features help in reducing several uncertain risks and boost the effectiveness of crop insurance in the market. Thus, increase in digital initiatives and surge in adoption of advanced technologies propel the growth of the crop insurance market size.

Crop Insurance Market
By Region

2027
Asia-pacific 
North America
Europe
Lamea

North America is accounted for the highest revenue in 2019

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Rise in government support in the form of subsidies

Rise in support from governments to protect farmers against fluctuations in revenues, prices, and yields fuel the growth of crop insurance market. In addition, this subsidize funding helps insured to avail crop insurance coverage with more alternatives & customized options in the market. For instance, in the U.S., the federal government spends more than $20,000 million a year on subsidies for farm businesses. In addition, nearly 39% of the nation's 2.1 million farms receive subsidies, majorly to the largest producers of corn, soybeans, wheat, cotton, and rice.

Expansion of crop insurance product line

Expansion of existing product line is expected to offer potential opportunities for the development of the crop insurance market. Value-added services offered by crop insurance providers to their customers and development of novel product & service offerings by implementing new technologies and entering into partnerships significantly contribute toward the growth of the global market. Implementation of technologies can help in registering information & location of farmers   and collection of premiums & pay out claims. Moreover, to enhance smooth claim process and avoid manual claim settlement processes, insurers can implement technologies such as artificial intelligence, satellites, and remote-sensing data to expand existing business operations.  Therefore, expansion of existing product lines and increase in agreements & partnerships are expected to provide lucrative opportunity for crop insurance providers in the upcoming years.

Key benefits for stakeholders 

  • The study provides an in-depth analysis of the global crop insurance market share along with the current trends and future estimations to elucidate the imminent investment pockets.
  • Information about key drivers, restrains, and opportunities and their impact analysis on the market size is provided in the report.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
  • An extensive analysis of the key segments of the industry helps to understand the global crop insurance market trends.
  • The quantitative analysis of the global crop insurance market from 2020 to 2027 is provided to determine the market potential.

Key Market Segments & Key Market Players

Segments Sub-segments
By Coverage
  • Multi-peril Crop Insurance (MPCI)
  • Crop-hail Insurance
By Distribution Channel
  • Banks
  • Insurance Companies
  • Brokers/Agents
  • Others
By Region
  • North America  (U.S., Canada)
  • Europe  (Spain, Germany, France, Italy, Russia, Netherlands, Rest of Europe)
  • Asia-Pacific  (China, India, Japan, Australia, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players Agriculture Insurance Company of India Limited (AIC), American Financial Group, Inc., Chubb, Fairfax Financial Holdings Limited, ICICI Lombard General Insurance Company Limited, PICC, QBE Insurance Group Limited, Sompo International Holdings Ltd., Tokio Marine HCC, Zurich
 

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Crop insurance market providers are focusing on expansion of their offerings and are providing customized coverage for their customers. In addition, multi-peril crop insurance (MPCI), crop-hail insurance and crop revenue insurance (CRC) are largely purchased by the farmers, ranchers, and other agricultural producers in the market. Therefore, insurers are having lucrative opportunities to innovate their existing plans and expand their product offerings in the untapped emerging economies. However, a considerable number of companies remain under the perception that they have minimum crop insurance market exposure.

Nevertheless, the year 2019 has witnessed an increase in sale of crop insurance policies due to rise in adoption of technologies and increase in support of government toward crop insurance schemes in the market.

The crop insurance market is fragmented with the presence of regional vendors. North America and Asia-Pacific dominated the crop insurance market, in terms of revenue, in 2019, and are expected to retain their dominance throughout the forecast period. However, Asia-Pacific is expected to experience significant growth in the future, owing to presence of emerging economies; increase in agricultural production; and incorporation of advanced technologies such as satellites, remote-sensing data, and artificial intelligence into agriculture in the region. Furthermore, the crop insurance market is rapidly growing in countries such as India, China, Japan, Indonesia, Korea, Australia, Hong Kong, Taiwan, New Zealand, and Singapore with high GDP growth and rise in per capita income. Governments in the region are introducing new schemes and ensuring comprehensive protection for farmers in terms of crop insurance. 

The key players profiled in the report include Agriculture Insurance Company of India Limited (AIC), American Financial Group, Inc., Chubb, Fairfax Financial Holdings Limited, ICICI Lombard General Insurance Company Limited, PICC, and Sompo International Holdings Ltd. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
 

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