Livestock insurance provides coverage against losses caused to the owner due to death of an animal, injury or other such related causes. While these policies are usually meant for standard farm animals such as horses, poultry, and cattle, they can also cover losses to exotic and aquatic animals. These policies pay to replace livestock that dies, has to be put down, or is stolen. This can apply to losses that happen while the livestock is on-site or in transport. Livestock insurance protects people from financial loss incurred due to the death of their cattle. The cost of cattle is high and their loss can force farmers to get into a debt cycle. With livestock insurance, farmers get comprehensive protection against livestock loss.
Surge in number of diseases in livestock animals including flu, ringworms, fever and others, has led to rise in purchase of livestock insurance among farmers and livestock owners. In addition, livestock insurance protects from unforeseen perils such as fire, smoke, earthquakes and others. Moreover, livestock insurance provides liability coverage against accidental damage or bodily injury to a third party. Therefore, these are some factors propelling the growth of the livestock insurance market. However, many small scale farmers in rural areas cannot afford livestock insurance, due to high rate of premiums, which is a major drawback for the livestock insurance market. On the contrary, since livestock sector is an important part of the economy, government in many countries provide subsidies for livestock insurance to protect the livestock from any risk and danger. Therefore, it is expected to provide lucrative growth opportunities in the coming years.
The livestock insurance market is segmented on the basis of type, application, distribution channel, end user, and region. By type, it is segmented into commercial mortality insurance, and non-commercial mortality insurance. By application, it is classified into dairy, cattle, swine, and others. Based on distribution channel, it is segregated into direct sales, bancassurance, and agents and brokers. By end user, the market is divided into commercial and individuals. The commercial segment is further sub segmented into dairy farmers and groups. The groups sub segment is further bifurcated into Self- Help Groups (SHGs), and Joint Liability Groups (JLGs). By region, it is analyzed across Asia-Pacific, Europe, North America, and LAMEA.
The report analyzes the profiles of key players operating in the livestock insurance market such as AXA SA, Farm Bureau Financial Services, Future Generali India Insurance Company Ltd., GramCover, HDFC ERGO General Insurance Company Limited, HUB International Limited, Howden Insurance & Reinsurance Brokers (Phil.), Inc., ICICI Lombard General Insurance Company Limited, Lloyd's, Liberty Specialty Markets, Nationwide Mutual Insurance Company, Rural Mutual Insurance Company, Stockguard, Inc., Shelter Mutual Insurance Company, The Hartford, The Accel Group, and The Bath State Bank. These players have adopted various strategies to increase their market penetration and strengthen their position in the livestock insurance industry.
Surge in number of diseases in livestock animals including flu, ringworms, fever and others, has led to rise in purchase of livestock insurance among farmers and livestock owners. In addition, livestock insurance protects from unforeseen perils such as fire, smoke, earthquakes and others. Moreover, livestock insurance provides liability coverage against accidental damage or bodily injury to a third party. Therefore, these are some factors propelling the growth of the livestock insurance market. However, many small scale farmers in rural areas cannot afford livestock insurance, due to high rate of premiums, which is a major drawback for the livestock insurance market. On the contrary, since livestock sector is an important part of the economy, government in many countries provide subsidies for livestock insurance to protect the livestock from any risk and danger. Therefore, it is expected to provide lucrative growth opportunities in the coming years.
The livestock insurance market is segmented on the basis of type, application, distribution channel, end user, and region. By type, it is segmented into commercial mortality insurance, and non-commercial mortality insurance. By application, it is classified into dairy, cattle, swine, and others. Based on distribution channel, it is segregated into direct sales, bancassurance, and agents and brokers. By end user, the market is divided into commercial and individuals. The commercial segment is further sub segmented into dairy farmers and groups. The groups sub segment is further bifurcated into Self- Help Groups (SHGs), and Joint Liability Groups (JLGs). By region, it is analyzed across Asia-Pacific, Europe, North America, and LAMEA.
The report analyzes the profiles of key players operating in the livestock insurance market such as AXA SA, Farm Bureau Financial Services, Future Generali India Insurance Company Ltd., GramCover, HDFC ERGO General Insurance Company Limited, HUB International Limited, Howden Insurance & Reinsurance Brokers (Phil.), Inc., ICICI Lombard General Insurance Company Limited, Lloyd's, Liberty Specialty Markets, Nationwide Mutual Insurance Company, Rural Mutual Insurance Company, Stockguard, Inc., Shelter Mutual Insurance Company, The Hartford, The Accel Group, and The Bath State Bank. These players have adopted various strategies to increase their market penetration and strengthen their position in the livestock insurance industry.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the livestock insurance market analysis from 2021 to 2031 to identify the prevailing livestock insurance market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the livestock insurance market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global livestock insurance market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Commercial Mortality Insurance
- Non-commercial Mortality Insurance
By Application
- Dairy
- Cattle
- Swine
- Others
By Distribution Channel
- Direct Sales
- Bancassurance
- Agents and Brokers
By End User
- Commercial
- Commercial Type
- Dairy Farmers
- Groups
- Individuals
By Region
- North America
- U.S.
- Canada
- Europe
- Spain
- Germany
- France
- Italy
- Russia
- United Kingdom
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- AXA XL
- Farm Bureau Financial Services
- Future Generali India Insurance Company Ltd.
- GramCover
- HDFC ERGO
- HUB International Limited
- Howden Insurance & Reinsurance Brokers (Phil.), Inc.
- ICICI Lombard General Insurance Company Limited
- Lloyd's
- Liberty
- Nationwide
- Rural Mutual Insurance Company
- Stockguard, Inc.
- Shelter Insurance
- The Hartford
- The Accel Group
- The Bath State Bank
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: LIVESTOCK INSURANCE MARKET, BY TYPE
CHAPTER 5: LIVESTOCK INSURANCE MARKET, BY APPLICATION
CHAPTER 6: LIVESTOCK INSURANCE MARKET, BY DISTRIBUTION CHANNEL
CHAPTER 7: LIVESTOCK INSURANCE MARKET, BY END USER
CHAPTER 8: LIVESTOCK INSURANCE MARKET, BY REGION
CHAPTER 9: COMPANY LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Livestock Insurance Market," the livestock insurance market size was valued at $2.79 billion in 2021, and is estimated to reach $5.77 billion by 2031, growing at a CAGR of 7.9% from 2022 to 2031.Many government organizations offer various schemes to offer livestock insurance for poor farmers in the developing countries where livestock, cattle farming, and agriculture are considered an important factor for the growth of the economy. For instance, National Livestock Mission (NLM) launched in financial year 2014-15 seeks to ensure quantitative and qualitative improvement in livestock production systems and capacity building of all stakeholders in India. The scheme is being implemented as a sub scheme of White Revolution - Rashtriya Pashudhan Vikas Yojana since April 2019. Under the scheme, the crossbred and high yielding cattle and buffaloes are being insured at maximum of their current market price. The premium of the insurance is subsidized to the tune of 50%. The entire cost of the subsidy is being borne by the central government of India. The benefit of subsidy is being provided to a maximum of two animals per beneficiary for a policy of maximum of three years. The scheme is being implemented in all states except Goa through the State Livestock Development Boards of respective states. The scheme is proposed to be extended to 100 old districts covered during pilot period and more species of livestock including indigenous cattle, yak & mithun.
On the basis of application, the dairy segment is the highest growing segment. This is attributed to the fact that the cost of dairy farming is high and their losses can force farmers to go into debts. With the help of livestock insurance, farmers can have comprehensive protection against dairy animal damage. Moreover, many small and medium sized farms ensure their animals are under the livestock insurance market trends.
Based on region, North America attained the highest livestock insurance market growth in 2021. This is attributed to the fact that the adoption for livestock price insurance has widely increased in the region as farmers and ranchers in the region strive to sustain & enhance animal byproducts such as beef meat, eggs, and dairy products by availing prominent livestock insurance coverage. In addition, insurers are developing existing offerings & providing knowledge to livestock owners to enhance maximum safety of the livestock by providing medical claims, coverage for accidental deaths and permanent disability.
The COVID-19 had a moderate impact on the livestock insurance market, since the demand for livestock products were decreased during the lockdown period due to supply chain fluctuations, many small farmers could not afford to purchase livestock insurance for their animals. However, cattle insurance owners took the insurance policies to provide cover for the medical bills of their livestock. Therefore, the COVID-19 had a moderate impact on the livestock insurance market.
Key Findings of the Study
- By distribution channel, the direct sales segment led the livestock insurance market in terms of revenue in 2021.
- By end user, the commercial segment accounted for the highest livestock insurance market share in 2021.
- By region, North America generated the highest revenue in 2021.
- The key players profiled in the livestock insurance market analysis are AXA SA, Farm Bureau Financial Services, Future Generali India Insurance Company Ltd, GramCover, HDFC ERGO General Insurance Company Limited, HUB International Limited, Howden Insurance & Reinsurance Brokers (Phil.), Inc, ICICI Lombard General Insurance Company Limited, Lloyd's, Liberty Specialty Markets, Nationwide Mutual Insurance Company, Rural Mutual Insurance Company, Stockguard, Inc., Shelter Mutual Insurance Company, The Hartford, The Accel Group, and The Bath State Bank. These players have adopted various strategies to increase their market penetration and strengthen their position in the livestock insurance industry.
Companies Mentioned
- Axa Xl
- Farm Bureau Financial Services
- Future Generali India Insurance Company Ltd.
- Gramcover
- Hdfc Ergo
- Hub International Limited
- Howden Insurance & Reinsurance Brokers (Phil.), Inc.
- Icici Lombard General Insurance Company Limited
- Lloyd's
- Liberty
- Nationwide
- Rural Mutual Insurance Company
- Stockguard, Inc.
- Shelter Insurance
- The Hartford
- The Accel Group
- The Bath State Bank
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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