Worsening Climate Change and Cataclysmic Weather Patterns
The worsening effects of climate change, expressed in the form of increased & intense droughts, floods, and irregular rainfalls, really endanger agricultural yields. This increased climatic uncertainty leads to more pronounced yield losses & farmer instability directly, for which crop insurance is an imperative risk-reducing tool. The UN Food & Agriculture Organization (FAO) constantly emphasizes that extreme weather conditions are exacerbating acute food insecurity worldwide. In addition, NASA research estimates large yield declines in staple foods such as maize, highlighting the imperative for economic protection from these widespread & unpredictable environmental risks.
Active Government Assistance and Policy Structures
The mounting effects of climate change, expressed in the form of increased and more intense droughts, floods, and irregular rainfall, quite comprehensively hamper agricultural production. For instance, based on data from the National Oceanic and Atmospheric Administration (NOAA), global temperatures have risen by approximately 0.14°F every decade since 1880, leading to increasingly severe extreme weather conditions. The higher climatic uncertainty has direct implications for yield losses & financial security of farmers, thus making insurance an essential risk reduction strategy.
Utilizing Cutting-Edge Technologies for Precision & Efficiency
The integration of satellite imaging, artificial intelligence, and big data analytics offers enormous potential to revolutionize the crop insurance market. These technologies enable the effective tracking of crop health, precise measurement of damage, and swift processing of claims, thereby making operations easier & more cost-effective. For instance, predictive models powered by AI can scan past climatic conditions and soil information to provide exceedingly personalized policies, making the process more efficient and even reducing claim processing times by as much as 30%, leading to greatly enhanced farmer satisfaction and confidence in the system.
Wider Penetration in Emerging and Underinsured Markets
There are substantial opportunities in rolling out crop insurance to low-income agricultural areas, especially in emerging economies where many farmers are not covered despite being highly exposed to climate risk. Many smallholder farmers are not aware of or cannot afford insurance coverage. Insurers can tap into vast new customer bases by designing tailored micro-insurance products and leveraging mobile phones for streamlined enrollment and claims processing. Collaborating with local agricultural cooperatives and government agencies in countries such as those in Sub-Saharan Africa and Southeast Asia could lead to significant market expansion and increased food security for millions of people.
The following Key Market Indicators present a comprehensive overview of the social and economic landscape of the selected region, offering critical insights into market-specific trends and developments. These indicators, combined with data from government statistics, industry associations, and corporate sources, form the analytical foundation of NextGen Intelligence Stats' market models.
| Aspects | Details |
Base Year
|
2024 |
Historic Data
|
2021-2023 |
Forecast Period
|
2025-2035 |
Regions and Countries Covered
|
North America (United States, Canada), Europe (Germany, France, Italy, United Kingdom, Spain, Rest of Europe), Asia Pacific (China, Japan, South Korea, India, Rest of Asia Pacific), Latin America (Brazil, Argentina, Rest of Latin America), Middle East& |
Companies Profiles
|
|
Segmentation Level Customization
|
|
Company Level Customization
|
Market share analysis at country levels Market tractable revenue Distributor lists Quarterly Revenue (Q1,Q2,Q3,Q4) Forecast revenue Pricing analysis |
Country level Data Customization
|
Segmental volume analysis Pricing Analysis of Product Company Market Share |
December 2024: Fairfax Financial Holdings Limited completed the acquisition of all the outstanding shares in Brit, increasing its holding to 10%. This is another step towards concentrating Fairfax's activities in the global insurance and reinsurance business, including its agricultural insurance business.
April 2024: Agriculture Insurance Company of India Ltd. (AIC) entered into a Memorandum of Understanding (MoU) with CSC e-Governance Services Ind a Ltd. (CSC) to distribute AIC's retail cattle insurance product, "Sampoorna Pashudhan Kawach", across the country. It is an initiative aimed at expanding livestock insurance coverage in rural areas of India.
The crop insurance market comprises both global and local players that offer a range of insurance products tailored to various types of crops, locations, and risk sources. Big companies compete by developing innovative insurance products, leveraging data analytics, satellite technology, and weather forecasting to make more informed risk judgments and deliver customized policies. Public-private partnerships are common, with government support frequently subsidizing insurers to stabilize farm revenues & provide incentives for membership. Strategic alliances, mergers, and product releases are commonly used to compete in this fast-paced competitive scenario. Giant players are focussing on expanding penetrating digital platforms, geographic reach, and providing rapid claim settlement to gain market share.
• Sompo International Holdings Ltd.
• ICICI Lombard General Insurance Company Limited
• PICC
• Zurich
• Tokio Marine HCC
• Agriculture Insurance Company of India Limited (AIC)
• Fairfax Financial Holdings Limited
• QBE Insurance Group Limited
• American Financial Group
• Chubb
• Others
The global crop insurance market size accounted for USD 46.3 billion in 2024 and it is expected to reach around USD 71.9 billion by 2035.
The global crop insurance market is poised to grow at a CAGR of 4.8% from 2025 to 2035.
Worsening Climate Change and Cataclysmic Weather Patterns, Active Government Assistance and Policy Structures, Utilizing Cutting-Edge Technologies for Precision & Efficiency, Wider Penetration in Emerging and Underinsured Markets
North America held largest share accounting for approximately 38.6% of the revenues in 2024
Sompo International Holdings Ltd., ICICI Lombard General Insurance Company Limited, PICC, Zurich, Tokio Marine HCC, Agriculture Insurance Company of India Limited (AIC), Fairfax Financial Holdings Limited, QBE Insurance Group Limited, American Financial Group, Chubb and others
North America held largest share accounting for approximately 38.6% of the revenues in 2024.
1.1. Introduction
1.2. Report Description & Objective
1.3. Assumption And Limitation
2.1. Data Collection
2.2. Primary Research & Secondary Research
2.3. Bottom-Up Approach & Top-Down Approach
2.4. Market Analysis & Size Estimation
2.5. Quality Check & Final Review
3.1. Report Scope
3.2. Executive Summary
4.1. Top Trends To Watch
4.2. Top Strategies Followed By Key Players
4.3. Top Investment Pockets
4.4. Strategic Recommendations
5.1. Market Definition
5.2. Market Drivers
5.3. Market Restraints & Challenges
5.4. Market Opportunities
6.1. Porter’s Five Forces’ Analysis
6.2. Value Chain Analysis / Supply Chain Analysis
6.3. PESTLE Analysis
6.4. Regulatory Landscape
6.5. Pricing Analysis
6.6. Go to Market Strategy
7.1. Global Crop Insurance Market, By Coverage
7.2. Global Crop Insurance Market Attractiveness, By Coverage
7.2.1. Multi-Peril Crop Insurance
7.2.2. Revenue Protection Insurance
7.2.3. Yield Protection Insurance
7.2.4. Weather-Based Insurance Source:
7.2.5. Crop-Hail Insurance
7.2.6. Others
8.1. Global Crop Insurance Market, By Service Provider
8.2. Global Crop Insurance Market Attractiveness, By Service Provider
8.2.1. Brokers/Agents
8.2.2. Insurance Companies
8.2.3. Banks
8.2.4. Government Bodies
8.2.5. Others
9.1. Global Crop Insurance Market, By Crop Type
9.2. Global Crop Insurance Market Attractiveness, By Crop Type
9.2.1. Corn
9.2.2. Soybeans
9.2.3. Wheat
9.2.4. Rice
9.2.5. Cotton
9.2.6. Fruits
9.2.7. Others
10.1. Global Crop Insurance Market, By Geography
10.2. Global Crop Insurance Market Attractiveness, By Geography
10.2.1. North America
10.2.2. Europe
10.2.3. Asia Pacific
10.2.4. Middle East & Africa
10.2.5. Latin America
11.1. North America Market Overview, By Countries
11.2. Market Overview, By Type
11.3. Market Overview, By Application
11.3.1. United States
11.3.2. Canada
12.1. Europe Market Overview, By Countries
12.2. Market Overview, By Type
12.3. Market Overview, By Application
12.3.1. Germany
12.3.2. France
12.3.3. UK
12.3.4. Italy
12.3.5. Spain
12.3.6. Rest of Europe
13.1. Asia Pacific Market Overview, By Countries
13.2. Market Overview, By Type
13.3. Market Overview, By Application
13.3.1. India
13.3.2. China
13.3.3. Japan
13.3.4. South Korea
13.3.5. Rest of Asia Pacific
14.1. Middle East & Africa Market Overview, By Countries
14.2. Market Overview, By Type
14.3. Market Overview, By Application
14.3.1. GCC
14.3.2. South Africa
14.3.3. Rest of Middle East & Africa
15.1. South America Market Overview, By Countries
15.2. Market Overview, By Type
15.3. Market Overview, By Application
15.3.1. Brazil
15.3.2. Argentina
15.3.3. Rest of South America
16.1. Key Developments
16.1.1. Partnerships, Collaborations, Agreements
16.1.2. Mergers & Acquisitions
16.1.3. New Product Developments
16.1.4. Other Developments
16.2. Company Share Analysis
16.3. Company Profiles
16.3.1. Sompo International Holdings Ltd.
16.3.1.1. Company Overview
16.3.1.2. Product Overview
16.3.1.3. Financial Insights
16.3.1.4. Recent Developments
16.3.1.5. SWOT Analysis
16.3.3. ICICI Lombard General Insurance Company Limited
16.3.4. PICC
16.3.5. Zurich
16.3.6. Tokio Marine HCC
16.3.7. Agriculture Insurance Company of India Limited (AIC)
16.3.8. Fairfax Financial Holdings Limited
16.3.9. QBE Insurance Group Limited
16.3.10. American Financial Group
16.3.11. Chubb
Data Collection
Primary Research & Secondary Research
Bottom-Up Approach & Top-Down Approach
Market Analysis & Size Estimation
Quality Check & Final Review
By Coverage
• Multi-Peril Crop Insurance
• Revenue Protection Insurance
• Yield Protection Insurance
• Weather-Based Insurance Source:
• Crop-Hail Insurance
• Others
By Service Provider
• Brokers/Agents
• Insurance Companies
• Banks
• Government Bodies
• Others
By Crop Type
• Corn
• Soybeans
• Wheat
• Rice
• Cotton
• Fruits
• Others
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