Report Code: A10049 | Pages: NA | Mar 2023 | 2392 Views | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Weather-based Crop Insurance Market
Request Now !Insurance against harvests, which are destroyed due to the weather conditions, helps in overcoming losses of crops due to unfavorable weather conditions. The weather-based crop insurances aim at protecting the monetary cost problem for the during bad weather. Furthermore, it guaranties a certain level of cost, which was spent on the plantation of crops. The insurance protects farmers from decline in both crop production as well as destroyed harvests. Moreover, the guarantee of the claim is based on the market price and the actual plantation ruined in the farm. Therefore, the necessity for coverage of weather-based losses in the farm harvest is expected to boost the weather-based crop insurance market growth in the near future.
The global Weather-based Crop Insurance Market is segmented on the basis of Insurance Coverage, Distribution Channel, and Region. Based on Insurance Coverage, the Weather-based Crop Insurance Market is divided into Multi-peril Crop Insurance (MPCI), Heavy Rainfall Crop Insurance, Crop-hail Insurance, and Others. On the basis of Distribution Channel, the market is categorized 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 Weather-based Crop Insurance industry include 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 companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global market.Â
COVID-19 scenario analysis
Rapid increase in digital initiatives such as satellite predicting weather, drones detecting ruin of the crops, rise in government support in the form of subsidies for farmers, and increase in number of unexpected disasters are driving the growth of the market. However, limited awareness towards weather-based crop insurance is expected to hamper the growth of the market. Contrarily, expansion of weather-based crop insurance can be seen as an opportunity for the market investments.
Rapid increase in the support from the government have been witnessed by different countries such as the U.S., India, and others to protect the farmers against the devastation of the harvests occurring via bad weather conditions. Furthermore, the subsidized funding which is provided to the farmers by the government helps in availing the weather-based crop insurances with innovative options & customized prices. For instance, in the U.S., the government spends almost $20,000 million per year on subsidies for the farming businesses. Moreover, nearly a 39% of the nationwide farming businesses have been receiving the subsidies in the U.S. Therefore, rise in government support in the form of subsidies, will boost the growth for the global weather-based crop insurance market share during the forecast period.
The weather-based crop insurance is expected to offer great opportunities with the expansion & the development of the insurance market. Offering value-added services to the farmers such as digital initiatives will help in the development of basic product & service offerings by the insurance companies. Furthermore, implementing new technologies and entering into partnerships can significantly contribute towards the growth for the weather-based crop insurance market. Moreover, the implementation of technologies can help in recording data & collecting revised premiums from the farmers to pay-out the claims digitally. Therefore, the expansion of weather-based crop insurance is anticipated to foster the growth of global weather-based crop insurance market in the upcoming years.
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Questions answered in the weather-based crop insurance market research report:Â Â Â
Weather-based Crop Insurance Market Report Highlights
Aspects | Details |
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By Insurance Coverage |
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By DISTRIBUTION CHANNEL |
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By Region |
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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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