Report Code: A14727 | Pages: NA | Mar 2023 | 1305 Views | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Farm Insurance Market
Request Now !Farm insurance is purchased by agricultural producers and subsidized by the federal government to protect crop against loss due to natural disasters such as hail, drought, & floods as well as revenue loss due to price drops in agricultural commodities.Farm insurance protects farmers from losing money due to price drops in agricultural commodities and crop losses caused by natural disasters. It entails the involvement of a large number of insured’s, including farmers, ranchers, and other agricultural producers.Furthermore, several countries have made crop insurance coverage mandatory for farmers who take out market-based crop loans.Moreover, farm insurers also provide value to low-income farmers & their crops by protecting them from unexpected losses and encouraging significant crop investment. Consumers, on the other hand, face a number of challenges when dealing with farm insurance, including lack of awareness about premium farm insurance and delays in claim settlement processes. Therefore, surge in demand for farm insurance is expected to boost the growth of the market in the coming years.
"The Farm 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 and Crop Hail Insurance. In terms of Distribution Channel, the market is categorized into Banks, Insurance Companies, Broker/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).
COVID-19 scenario analysis
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
Increased incorporation of digital technologies and rise in government initiatives are driving the growth of the market. In addition, growing expansion of farm insurance product line is expected to fuel the growth of the market. However, high premium rates in farm insurance may limit the growth of the market. Contrarily, increased adoption of farm insurance among developed countries is expected to provide lucrative opportunities to the market in the coming years.
The global farm insurancemarket trends are as follows:
Increased incorporation of digital technologies
Satellites, drones, the internet of things (IoT), artificial intelligence, mobile applications, and other web-based platforms are among technologies that are propelling the market forward. This is due to the fact that these technologies allow for the detection of diseased crops, weather forecasting, crop data storage, and micro-level information about the size and condition of crops.These advanced features aid in the reduction of several unknown risks and increase the market effectiveness of crop insurance. The market growth is fueled by an increase in digital initiatives and surge in the adoption of advanced technologies.
Rise in government initiatives
Agriculture growth and development have been aided by the government. The growth of the crop insurance market is fueled by an increase in government support to protect farmers from fluctuations in revenues, prices, and yields.
Furthermore, this subsidized funding enables insured to obtain crop insurance coverage with more options and customized options available in the market.As farming is the major source of revenue for the country across many countries, the government has taken many initiatives to make sure the farm sector gets equipped and acquainted with the different types of insurance that would be applicable. As the government took these initiatives, there has been growth in the farm insurance market and rise in government initiatives to keep people informed about the insurance policies available, whichare expected to drive the growth of the farm insurance market during the forecast period.
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Questions answered in the farm insurancemarket research report:Â Â Â
Farm Insurance Market Report Highlights
Aspects | Details |
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By Coverage |
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By Distribution Channel |
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By Region |
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Key Market Players | American Financial Group Inc., Chubb, Fairfax Financial Holdings Limited, QBE Insurance Group Limited, Sompo International Holdings Limited, Tokio Marine HCC, Zurich, American International Group Inc., PICC, ICICI Lombard General Insurance Company Limited |
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