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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

A06791
Pages: 214
Aug 2020 | 967 Views
 
Author(s) : Aarti Goswami, Pramod Borasi , Vineet Kumar
Tables: 89
Charts: 45
 

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

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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

By Coverage 

  • Multi-peril Crop Insurance (MPCI)
  • Crop-hail Insurance 
  • 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 
 

CHAPTER 1:INTRODUCTION

1.1.Report description
1.2.Key benefits for stakeholders
1.3.Key market segments
1.4.Research methodology

1.4.1.Secondary research
1.4.2.Primary research
1.4.3.Analyst tools & models

CHAPTER 2:EXECUTIVE SUMMARY

2.1.Key findings

2.1.1.Top impacting factors
2.1.2.Top investment pockets

2.2.CXO perspective

CHAPTER 3:MARKET OVERVIEW

3.1.Market definition and scope
3.2.Key Forces Shaping Crop Insurance Market

3.2.1.Low bargaining power of suppliers
3.2.2.High bargaining power of buyer
3.2.3.Moderate threat of substitutes
3.2.4.Moderate threat of new entrants
3.2.5.High competitive rivalry

3.3.Market dynamics

3.3.1.Drivers

3.3.1.1.Increased digital initiatives in crop insurance
3.3.1.2.Rise in government support in the form of subsidies

3.3.2.Restraint

3.3.2.1.Low awareness of insurance & high cost of premiums

3.3.3.Opportunities

3.3.3.1.Expansion of products and services
3.3.3.2.Untapped potential of emerging economies

3.1.COVID-19 impact analysis on crop insurance market

3.1.1.Impact on crop insurance market size
3.1.2.Change in farmers trends, preferences, and budget impact due to COVID-19
3.1.3.Framework for solving market challenges faced by crop insurance providers and policy adopters
3.1.4.Economic impact on crop insurers
3.1.5.Key player strategies to tackle negative impact in the industry
3.1.6.Opportunity analysis for crop insurance policy providers

CHAPTER 4:CROP INSURANCE MARKET, BY COVERAGE

4.1.Overview
4.2.Multiple Peril Crop Insurance (MPCI)

4.2.1.Key market trends, growth factors, and opportunities
4.2.2.Market size and forecast, by region
4.2.3.Market analysis, by country

4.3.Crop-hail Insurance

4.3.1.Key market trends, growth factors, and opportunities
4.3.2.Market size and forecast, by region
4.3.3.Market analysis by country

CHAPTER 5:CROP INSURANCE MARKET, BY DISTRIBUTION CHANNEL

5.1.Overview
5.2.Banks

5.2.1.Key market trends, growth factors and opportunities
5.2.2.Market size and forecast, by region
5.2.3.Market analysis, by country

5.3.Insurance Companies

5.3.1.Key market trends, growth factors and opportunities
5.3.2.Market size and forecast, by region
5.3.3.Market analysis, by country

5.4.Brokers/Agents

5.4.1.Key market trends, growth factors and opportunities
5.4.2.Market size and forecast, by region
5.4.3.Market analysis, by country

5.5.Others

5.5.1.Key market trends, growth factors and opportunities
5.5.2.Market size and forecast, by region
5.5.3.Market analysis, by country

CHAPTER 6:CROP INSURANCE MARKET, BY REGION

6.1.Overview

6.1.1.Market size and forecast, by region

6.2.North America

6.2.1.Key market trends, growth factors, and opportunities
6.2.2.Market size and forecast, by coverage
6.2.3.Market size and forecast, by distribution channel
6.2.4.Market analysis, by country

6.2.4.1.U.S.

6.2.4.1.1.Market size and forecast, by coverage
6.2.4.1.2.Market size and forecast, by distribution channel

6.2.4.2.Canada

6.2.4.2.1.Market size and forecast, by coverage
6.2.4.2.2.Market size and forecast, by distribution channel

6.3.Europe

6.3.1.Key market trends, growth factors and opportunities
6.3.2.Market size and forecast, by coverage
6.3.3.Market size and forecast, by distribution channel
6.3.4.Market analysis, by country

6.3.4.1.Spain

6.3.4.1.1.Market size and forecast, by coverage
6.3.4.1.2.Market size and forecast, by distribution channel

6.3.4.2.Germany

6.3.4.2.1.Market size and forecast, by coverage
6.3.4.2.2.Market size and forecast, by distribution channel

6.3.4.3.France

6.3.4.3.1.Market size and forecast, by coverage
6.3.4.3.2.Market size and forecast, by distribution channel

6.3.4.4.Italy

6.3.4.4.1.Market size and forecast, by coverage
6.3.4.4.2.Market size and forecast, by distribution channel

6.3.4.5.Russia

6.3.4.5.1.Market size and forecast, by coverage
6.3.4.5.2.Market size and forecast, by distribution channel

6.3.4.6.Netherlands

6.3.4.6.1.Market size and forecast, by coverage
6.3.4.6.2.Market size and forecast, by distribution channel

6.3.4.7.Rest of Europe

6.3.4.7.1.Market size and forecast, by coverage
6.3.4.7.2.Market size and forecast, by distribution channel

6.4.Asia-Pacific

6.4.1.Key market trends, growth factors and opportunities
6.4.2.Market size and forecast, by coverage
6.4.3.Market size and forecast, by distribution channel
6.4.4.Market analysis, by country

6.4.4.1.China

6.4.4.1.1.Market size and forecast, by coverage
6.4.4.1.2.Market size and forecast, by distribution channel

6.4.4.2.India

6.4.4.2.1.Market size and forecast, by coverage
6.4.4.2.2.Market size and forecast, by distribution channel

6.4.4.3.Japan

6.4.4.3.1.Market size and forecast, by coverage
6.4.4.3.2.Market size and forecast, by distribution channel

6.4.4.4.Australia

6.4.4.4.1.Market size and forecast, by coverage
6.4.4.4.2.Market size and forecast, by distribution channel

6.4.4.5.South Korea

6.4.4.5.1.Market size and forecast, by coverage
6.4.4.5.2.Market size and forecast, by distribution channel

6.4.4.6.Rest of Asia-Pacific

6.4.4.6.1.Market size and forecast, by coverage
6.4.4.6.2.Market size and forecast, by distribution channel

6.5.LAMEA

6.5.1.Key market trends, growth factors and opportunities
6.5.2.Market size and forecast, by coverage
6.5.3.Market size and forecast, by distribution channel
6.5.4.Market analysis, by country

6.5.4.1.Latin America

6.5.4.1.1.Market size and forecast, by coverage
6.5.4.1.2.Market size and forecast, by distribution channel

6.5.4.2.Middle East

6.5.4.2.1.Market size and forecast, by coverage
6.5.4.2.2.Market size and forecast, by distribution channel

6.5.4.3.Africa

6.5.4.3.1.Market size and forecast, by coverage
6.5.4.3.2.Market size and forecast, by distribution channel

CHAPTER 7:COMPETITIVE LANDSCAPE

7.1.Introduction

7.1.1.Market player positioning, 2019
7.1.2.Top winning strategies

CHAPTER 8:COMPANY PROFILES

8.1.Agriculture Insurance Company of India Limited (AIC)

8.1.1.Company overview
8.1.2.Key executive
8.1.3.Company snapshot
8.1.4.Product portfolio
8.1.5.Business performance

8.2.American Financial Group, Inc.

8.2.1.Company overview
8.2.2.Key executive
8.2.3.Company snapshot
8.2.4.Product portfolio

8.3.Chubb

8.3.1.Company overview
8.3.2.Key executive
8.3.3.Company snapshot
8.3.4.Operating business segments
8.3.5.Product portfolio
8.3.6.Business performance

8.4.Fairfax Financial Holdings Limited

8.4.1.Company overview
8.4.2.Key executive
8.4.3.Company snapshot
8.4.4.Operating business segments
8.4.5.Product portfolio
8.4.6.Business performance
8.4.1.Key strategic moves and developments

8.5.ICICI Lombard General Insurance Company Limited

8.5.1.Company overview
8.5.2.Key executive
8.5.3.Company snapshot
8.5.4.Product portfolio
8.5.5.Business performance

8.6.PICC

8.6.1.Company overview
8.6.2.Key executive
8.6.3.Company snapshot
8.6.4.Product portfolio

8.7.QBE Insurance Group Limited

8.7.1.Company overview
8.7.2.Key executive
8.7.3.Company snapshot
8.7.4.Product portfolio
8.7.5.Business performance
8.7.6.Key strategic moves and developments

8.8.Sompo International Holdings Ltd.

8.8.1.Company overview
8.8.2.Key executive
8.8.3.Company snapshot
8.8.4.Product portfolio
8.8.5.Business performance
8.8.1.Key strategic moves and developments

8.9.Tokio Marine HCC

8.9.1.Company overview
8.9.2.Key executive
8.9.3.Company snapshot
8.9.4.Product portfolio

8.10.Zurich

8.10.1.Company overview
8.10.2.Key executive
8.10.3.Company snapshot
8.10.4.Product portfolio
8.10.5.Business performance
8.10.6.Key strategic moves and developments

LIST OF TABLES

TABLE 01.CROP INSURANCE MARKET REVENUE, BY COVERAGE, 2019–2027 ($MILLION)
TABLE 02.CROP INSURANCE MARKET REVENUE FOR MULTIPLE PERIL CROP INSURANCE (MPCI), BY REGION, 2019–2027 ($MILLION)
TABLE 03.CROP INSURANCE MARKET REVENUE FOR CROP-HAIL INSURANCE, BY REGION, 2019–2027 ($MILLION)
TABLE 04.CROP INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2019-2027 ($MILLION)
TABLE 05.CROP INSURANCE MARKET REVENUE FOR BANKS, BY REGION, 2019–2027 ($MILLION)
TABLE 06.CROP INSURANCE MARKET REVENUE FOR INSURANCE COMPANIES, BY REGION, 2019–2027 ($MILLION)
TABLE 07.CROP INSURANCE MARKET REVENUE FOR BROKERS/AGENTS, BY REGION, 2019–2027 ($MILLION)
TABLE 08.CROP INSURANCE MARKET REVENUE FOR OTHERS, BY REGION, 2019–2027 ($MILLION)
TABLE 09.CROP INSURANCE MARKET REVENUE, BY REGION, 2019–2027 ($MILLION)
TABLE 10.NORTH AMERICA CROP INSURANCE MARKET REVENUE, BY COVERAGE, 2019–2027 ($MILLION)
TABLE 11.NORTH AMERICA CROP INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2019–2027 ($MILLION)
TABLE 12.NORTH AMERICA CROP INSURANCE MARKET REVENUE, BY COUNTRY, 2019–2027 ($MILLION)
TABLE 13.U.S. CROP INSURANCE MARKET REVENUE, BY COVERAGE, 2019–2027 ($MILLION)
TABLE 14.U.S. CROP INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2019–2027 ($MILLION)
TABLE 15.CANADA CROP INSURANCE MARKET REVENUE, BY COVERAGE, 2019–2027 ($MILLION)
TABLE 16.CANADA CROP INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2019–2027 ($MILLION)
TABLE 17.EUROPE CROP INSURANCE MARKET REVENUE, BY COVERAGE, 2019–2027 ($MILLION)
TABLE 18.EUROPE CROP INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2019–2027 ($MILLION)
TABLE 19.EUROPE CROP INSURANCE MARKET REVENUE, BY COUNTRY, 2019–2027 ($MILLION)
TABLE 20.SPAIN CROP INSURANCE MARKET REVENUE, BY COVERAGE, 2019–2027 ($MILLION)
TABLE 21.SPAIN CROP INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2019–2027 ($MILLION)
TABLE 22.GERMANY CROP INSURANCE MARKET REVENUE, BY COVERAGE, 2019–2027 ($MILLION)
TABLE 23.GERMANY CROP INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2019–2027 ($MILLION)
TABLE 24.FRANCE CROP INSURANCE MARKET REVENUE, BY COVERAGE, 2019–2027 ($MILLION)
TABLE 25.FRANCE CROP INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2019–2027 ($MILLION)
TABLE 26.ITALY CROP INSURANCE MARKET REVENUE, BY COVERAGE, 2019–2027 ($MILLION)
TABLE 27.ITALY CROP INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2019–2027 ($MILLION)
TABLE 28.RUSSIA CROP INSURANCE MARKET REVENUE, BY COVERAGE, 2019–2027 ($MILLION)
TABLE 29.RUSSIA CROP INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2019–2027 ($MILLION)
TABLE 30.NETHERLANDS CROP INSURANCE MARKET REVENUE, BY COVERAGE, 2019–2027 ($MILLION)
TABLE 31.NETHERLANDS CROP INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2019–2027 ($MILLION)
TABLE 32.REST OF EUROPE CROP INSURANCE MARKET REVENUE, BY COVERAGE, 2019–2027 ($MILLION)
TABLE 33.REST OF EUROPE CROP INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2019–2027 ($MILLION)
TABLE 34.ASIA-PACIFIC CROP INSURANCE MARKET REVENUE, BY COVERAGE, 2019–2027 ($MILLION)
TABLE 35.ASIA-PACIFIC CROP INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2019–2027 ($MILLION)
TABLE 36.ASIA-PACIFIC CROP INSURANCE MARKET REVENUE, BY COUNTRY, 2019–2027 ($MILLION)
TABLE 37.CHINA CROP INSURANCE MARKET REVENUE, BY COVERAGE, 2019–2027 ($MILLION)
TABLE 38.CHINA CROP INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2019–2027 ($MILLION)
TABLE 39.INDIA CROP INSURANCE MARKET REVENUE, BY COVERAGE, 2019–2027 ($MILLION)
TABLE 40.INDIA CROP INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2019–2027 ($MILLION)
TABLE 41.JAPAN CROP INSURANCE MARKET REVENUE, BY COVERAGE, 2019–2027 ($MILLION)
TABLE 42.JAPAN CROP INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2019–2027 ($MILLION)
TABLE 43.AUSTRALIA CROP INSURANCE MARKET REVENUE, BY COVERAGE, 2019–2027 ($MILLION)
TABLE 44.AUSTRALIA CROP INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2019–2027 ($MILLION)
TABLE 45.SOUTH KOREA CROP INSURANCE MARKET REVENUE, BY COVERAGE, 2019–2027 ($MILLION)
TABLE 46.SOUTH KOREA CROP INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2019–2027 ($MILLION)
TABLE 47.REST OF ASIA-PACIFIC CROP INSURANCE MARKET REVENUE, BY COVERAGE, 2019–2027 ($MILLION)
TABLE 48.REST OF ASIA-PACIFIC CROP INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2019–2027 ($MILLION)
TABLE 49.LAMEA CROP INSURANCE MARKET REVENUE, BY COVERAGE, 2019–2027 ($MILLION)
TABLE 50.LAMEA CROP INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2019–2027 ($MILLION)
TABLE 51.LAMEA CROP INSURANCE MARKET REVENUE, BY COUNTRY, 2019–2027 ($MILLION)
TABLE 52.LATIN AMERICA CROP INSURANCE MARKET REVENUE, BY COVERAGE, 2019–2027 ($MILLION)
TABLE 53.LATIN AMERICA CROP INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2019–2027 ($MILLION)
TABLE 54.MIDDLE EAST CROP INSURANCE MARKET REVENUE, BY COVERAGE, 2019–2027 ($MILLION)
TABLE 55.MIDDLE EAST CROP INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2019–2027 ($MILLION)
TABLE 56.AFRICA CROP INSURANCE MARKET REVENUE, BY COVERAGE, 2019–2027 ($MILLION)
TABLE 57.AFRICA CROP INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2019–2027 ($MILLION)
TABLE 58.AGRICULTURE INSURANCE COMPANY OF INDIA LIMITED (AIC): KEY EXECUTIVE
TABLE 59.AGRICULTURE INSURANCE COMPANY OF INDIA LIMITED (AIC): COMPANY SNAPSHOT
TABLE 60.AGRICULTURE INSURANCE COMPANY OF INDIA LIMITED (AIC): PRODUCT PORTFOLIO
TABLE 61.AMERICAN FINANCIAL GROUP, INC.: KEY EXECUTIVE
TABLE 62.AMERICAN FINANCIAL GROUP, INC.: COMPANY SNAPSHOT
TABLE 63.AMERICAN FINANCIAL GROUP, INC.: PRODUCT PORTFOLIO
TABLE 64.CHUBB: KEY EXECUTIVE
TABLE 65.CHUBB: COMPANY SNAPSHOT
TABLE 66.CHUBB: OPERATING SEGMENTS
TABLE 67.CHUBB: PRODUCT PORTFOLIO
TABLE 68.FAIRFAX FINANCIAL HOLDINGS LIMITED: KEY EXECUTIVE
TABLE 69.FAIRFAX FINANCIAL HOLDINGS LIMITED: COMPANY SNAPSHOT
TABLE 70.FAIRFAX FINANCIAL HOLDINGS LIMITED: OPERATING SEGMENTS
TABLE 71.FAIRFAX FINANCIAL HOLDINGS LIMITED: PRODUCT PORTFOLIO
TABLE 72.ICICI LOMBARD GENERAL INSURANCE COMPANY LIMITED: KEY EXECUTIVE
TABLE 73.ICICI LOMBARD GENERAL INSURANCE COMPANY LIMITED: COMPANY SNAPSHOT
TABLE 74.ICICI LOMBARD GENERAL INSURANCE COMPANY LIMITED: PRODUCT PORTFOLIO
TABLE 75.PICC: KEY EXECUTIVE
TABLE 76.PICC: COMPANY SNAPSHOT
TABLE 77.PICC: CORPORATION: PRODUCT PORTFOLIO
TABLE 78.QBE INSURANCE GROUP LIMITED: KEY EXECUTIVE
TABLE 79.QBE INSURANCE GROUP LIMITED: COMPANY SNAPSHOT
TABLE 80.QBE INSURANCE GROUP LIMITED: PRODUCT PORTFOLIO
TABLE 81.SOMPO INTERNATIONAL HOLDINGS LTD.: KEY EXECUTIVE
TABLE 82.SOMPO INTERNATIONAL HOLDINGS LTD.: COMPANY SNAPSHOT
TABLE 83.SOMPO INTERNATIONAL HOLDINGS LTD.: PRODUCT PORTFOLIO
TABLE 84.TOKIO MARINE HCC: KEY EXECUTIVE
TABLE 85.TOKIO MARINE HCC: COMPANY SNAPSHOT
TABLE 86.TOKIO MARINE HCC: PRODUCT PORTFOLIO
TABLE 87.ZURICH: KEY EXECUTIVE
TABLE 88.ZURICH: COMPANY SNAPSHOT
TABLE 89.ZURICH: PRODUCT PORTFOLIO

LIST OF FIGURES

FIGURE 01.CROP INSURANCE MARKET, 2019–2027
FIGURE 02.CROP INSURANCE MARKET, BY REGION, 2019–2027
FIGURE 03.TOP IMPACTING FACTORS
FIGURE 04.TOP INVESTMENT POCKETS
FIGURE 05.CROP INSURANCE MARKET, BY COVERAGE, 2019-2027
FIGURE 06.COMPARATIVE SHARE ANALYSIS OF CROP INSURANCE MARKET FOR MULTIPLE PERIL CROP INSURANCE (MPCI), BY COUNTRY, 2019 & 2027 (%)
FIGURE 07.COMPARATIVE SHARE ANALYSIS OF CROP INSURANCE MARKET FOR CROP-HAIL INSURANCE, BY COUNTRY, 2019 & 2027 (%)
FIGURE 08.CROP INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2019-2027 ($MILLION)
FIGURE 09.COMPARATIVE SHARE ANALYSIS OF CROP INSURANCE MARKET FOR BANKS, BY COUNTRY, 2019 & 2027(%)
FIGURE 10.COMPARATIVE SHARE ANALYSIS OF CROP INSURANCE MARKET FOR INSURANCE COMPANIES, BY COUNTRY, 2019 & 2027(%)
FIGURE 11.COMPARATIVE SHARE ANALYSIS OF CROP INSURANCE MARKET FOR BROKERS/AGENTS, BY COUNTRY, 2019 & 2027(%)
FIGURE 12.COMPARATIVE SHARE ANALYSIS OF CROP INSURANCE MARKET FOR OTHERS, BY COUNTRY, 2019 & 2027(%)
FIGURE 13.U.S. CROP INSURANCE MARKET REVENUE, 2019-2027 ($MILLION)
FIGURE 14.CANADA CROP INSURANCE MARKET REVENUE, 2019-2027 ($MILLION)
FIGURE 15.SPAIN CROP INSURANCE MARKET REVENUE, 2019-2027 ($MILLION)
FIGURE 16.GERMANY CROP INSURANCE MARKET REVENUE, 2019-2027 ($MILLION)
FIGURE 17.FRANCE CROP INSURANCE MARKET REVENUE, 2019-2027 ($MILLION)
FIGURE 18.ITALY CROP INSURANCE MARKET REVENUE, 2019-2027 ($MILLION)
FIGURE 19.RUSSIA CROP INSURANCE MARKET REVENUE, 2019-2027 ($MILLION)
FIGURE 20.NETHERLANDS CROP INSURANCE MARKET REVENUE, 2019-2027 ($MILLION)
FIGURE 21.REST OF EUROPE CROP INSURANCE MARKET REVENUE, 2019-2027 ($MILLION)
FIGURE 22.CHINA CROP INSURANCE MARKET REVENUE, 2019-2027 ($MILLION)
FIGURE 23.INDIA CROP INSURANCE MARKET REVENUE, 2019-2027 ($MILLION)
FIGURE 24.JAPAN CROP INSURANCE MARKET REVENUE, 2019-2027 ($MILLION)
FIGURE 25.AUSTRALIA CROP INSURANCE MARKET REVENUE, 2019-2027 ($MILLION)
FIGURE 26.SOUTH KOREA CROP INSURANCE MARKET REVENUE, 2019-2027 ($MILLION)
FIGURE 27.REST OF ASIA-PACIFIC CROP INSURANCE MARKET REVENUE, 2019-2027 ($MILLION)
FIGURE 28.LATIN AMERICA CROP INSURANCE MARKET REVENUE, 2019-2027 ($MILLION)
FIGURE 29.MIDDLE EAST CROP INSURANCE MARKET REVENUE, 2019-2027 ($MILLION)
FIGURE 30.AFRICA CROP INSURANCE MARKET REVENUE, 2019-2027 ($MILLION)
FIGURE 31.MARKET PLAYER POSITIONING, 2019
FIGURE 32.TOP WINNING STRATEGIES, BY YEAR, 2018-2020
FIGURE 33.TOP WINNING STRATEGIES, BY DEVELOPMENT, 2018-2020
FIGURE 34.TOP WINNING STRATEGIES, BY COMPANY, 2018-2020
FIGURE 35.AGRICULTURE INSURANCE COMPANY OF INDIA LIMITED (AIC):NET SALES, 2017–2019 ($MILLION)
FIGURE 36.CHUBB: NET SALES, 2017–2019 ($MILLION)
FIGURE 37.CHUBB: REVENUE SHARE BY REGION (2019)
FIGURE 38.FAIRFAX FINANCIAL HOLDINGS LIMITED: NET SALES, 2017–2019 ($MILLION)
FIGURE 39.FAIRFAX FINANCIAL HOLDINGS LIMITED: REVENUE SHARE BY SEGMENT (2019)
FIGURE 40.FAIRFAX FINANCIAL HOLDINGS LIMITED: REVENUE SHARE BY REGION (2019)
FIGURE 41.ICICI LOMBARD GENERAL INSURANCE COMPANY LIMITED: NET SALES, 2017–2019 ($MILLION)
FIGURE 42.QBE INSURANCE GROUP LIMITED: NET SALES, 2017–2019 ($MILLION)
FIGURE 43.QBE INSURANCE GROUP LIMITED: REVENUE SHARE BY REGION (2019)
FIGURE 44.SOMPO INTERNATIONAL HOLDINGS LTD.: NET SALES, 2017–2019 ($MILLION)
FIGURE 45.ZURICH: NET SALES, 2017–2019 ($MILLION)

 
 

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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