Crop Reinsurance Market Report 2026

The crop reinsurance market size has grown strongly in recent years. It will grow from $44.11 billion in 2025 to $46.96 billion in 2026 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to increasing exposure to climate-related agricultural losses, expansion of crop insurance portfolios by primary insurers, growing need for capital risk diversification, development of global reinsurance markets, increasing use of yield-based insurance products.

The crop reinsurance market size is expected to see strong growth in the next few years. It will grow to $61.85 billion in 2030 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to increasing demand for climate-resilient reinsurance structures, rising adoption of parametric and index-based reinsurance, expansion of public-private risk sharing models, growing use of predictive analytics in underwriting, increasing focus on portfolio risk optimization. Major trends in the forecast period include increasing use of climate risk modeling in reinsurance, rising adoption of data-driven risk transfer structures, growing focus on multi-peril coverage solutions, expansion of area-based and index reinsurance models, enhanced integration of advanced actuarial analytics.

The rise in agricultural productivity is anticipated to drive the growth of the crop reinsurance market in the coming years. Agricultural productivity refers to the efficiency and output of crop and livestock production within a specific area or time period. This productivity is increasing as modern farming technologies enhance crop yields by helping farmers utilize resources more efficiently and maximize output in a single growing cycle. Crop reinsurance supports agricultural productivity by reducing financial risks associated with crop losses, thereby promoting stability within the farming sector. For example, in February 2025, the US Department of Agriculture (USDA), a U.S.-based federal agency, reported that the value of U.S. agricultural exports in 2024 reached approximately US$ 176.0 billion, marking a 1% increase from 2023. Consequently, the growth in agricultural productivity is propelling the crop reinsurance market.

Major companies in the crop reinsurance market are directing their efforts toward the development of advanced solutions, including AI-driven data analytics, to elevate agricultural risk management and gain a competitive advantage. AI-driven data analytics involves leveraging artificial intelligence to analyze extensive datasets and extract valuable insights. For instance, in March 2023, Ceres Imaging, a US-based data analytics company, unveiled the Risk Solutions product suite, delivering AI-driven data analytics tailored for agricultural reinsurers and lenders. This suite aims to enhance underwriting processes, claims responsiveness, and the visualization of risk exposure for global agricultural lenders, insurers, and reinsurers. The product suite encompasses features such as automated measurements, localized data for payout forecasting, peril-specific damage assessments, and insights into portfolio performance at the individual plant level.

In July 2023, American Financial Group (AFG), a US-based insurance holding company, completed the acquisition of Crop Risk Services for $240 million. This strategic move by American Financial Group (AFG) is intended to expand its crop insurance business, elevate customer service standards, and establish a more significant presence in the market. Crop Risk Services, a US-based risk management agency, specializes in providing crop reinsurance services.

Major companies operating in the crop reinsurance market are Munich Re Group, Swiss Reinsurance Company Ltd., Hannover Re Group, SCOR SE, Allianz SE, Zurich Insurance Group Ltd., Tokio Marine Holdings Inc., Sompo Holdings Inc., Everest Re Group Ltd., AXIS Capital Group, Arch Capital Group Ltd., PartnerRe Ltd., Korean Reinsurance Co, MS Amlin AG, African Reinsurance Corporation, AXA S.A., Chubb Limited, QBE Insurance Group Limited, Lloyds of London, Mapfre S.A.

North America was the largest region in the crop reinsurance market in 2025. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the crop reinsurance market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the crop reinsurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The crop reinsurance market includes revenues earned by entities by providing services such as risk assessment, claims settlement services, financial stability, excess of loss reinsurance, stop loss reinsurance and catastrophe reinsurance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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