Livestock Insurance Global Market Report 2024

Livestock insurance is a type of insurance coverage designed to protect livestock owners against financial losses resulting from the death or injury of their animals. This insurance provides compensation for various risks, helping to ensure the sustainability and profitability of livestock operations.

The main types of coverage in livestock insurance include mortality, revenue, and others. Mortality coverage protects against financial loss due to the death of insured animals from covered causes such as disease, accidents, or natural disasters, allowing farmers or livestock owners to recover financially if their animals die unexpectedly. The animal types covered under livestock insurance are categorized into bovine, swine, sheep and goats, poultry, and others. The distribution channels for livestock insurance include direct sales, agencies or brokers, bancassurance, and other methods. The end users of livestock insurance are categorized into commercial entities and individual livestock owners.

The livestock insurance market research report is one of a series of new reports that provides livestock insurance market statistics, including livestock insurance industry global market size, regional shares, competitors with an livestock insurance market share, detailed livestock insurance market segments, market trends and opportunities, and any further data you may need to thrive in the livestock insurance industry. This livestock insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The livestock insurance market size has grown strongly in recent years. It will grow from $3.38 billion in 2023 to $3.66 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth observed in the historic period can be attributed to several factors, including agricultural expansion and intensification, increased incidences of livestock diseases, the adoption of risk management practices in agriculture, regulatory support, and economic stability.

The livestock insurance market size is expected to see strong growth in the next few years. It will grow to $5.02 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The expected growth in the forecast period can be attributed to several factors, including the impacts of climate change on disease patterns, globalization and regulations regarding animal movement, growing awareness and adoption of livestock insurance, economic volatility, and government support. Major trends anticipated during this period include technological advancements, the use of data analytics, the implementation of blockchain for transparency, remote monitoring of livestock, and increased collaboration and partnerships within the industry.

The surge in livestock diseases is expected to drive the growth of the livestock insurance market in the future. Livestock diseases, which affect animals raised for agricultural, commercial, or personal purposes, have increased due to intensified farming practices, global animal movement, and climate change impacting disease vectors and transmission patterns. Livestock insurance helps farmers mitigate financial losses from disease outbreaks by covering veterinary costs, loss of income, and other expenses related to managing and recovering from livestock diseases. For example, the World Organization for Animal Health (WAHIS) reported in August 2022 that over 1,125,000 pigs and 36,000 wild boars were affected by African Swine Fever (ASF) since January 2020, leading to more than 1,960,000 animal losses. Consequently, the rise in livestock diseases is driving the growth of the livestock insurance market.

Major companies in the livestock insurance market are developing products with multiple advantages, such as parametric heat-stress insurance, to offer more precise and responsive coverage options and expand their market reach. Parametric heat-stress insurance for cattle pays out based on predefined weather conditions indicating heat stress rather than actual losses experienced by farmers. For instance, in May 2023, NFU Mutual, a UK-based rural insurer, collaborated with Skyline Partners, Markel Group, and Arthur J. Gallagher & Co. to launch a pioneering parametric heat-stress insurance for UK dairy farmers. This innovative coverage uses an index-based approach, providing predetermined payouts triggered by specific weather conditions monitored through satellite and weather station data, aiming to safeguard against financial losses due to heat stress in cattle.

In June 2021, Accelerant Holdings, a UK-based company providing risk exchange and data analytics to the insurance sector, acquired Agribusiness Risk Underwriters (ARU) for an undisclosed amount. This acquisition is expected to benefit both Accelerant and ARU by enhancing transparency, collaboration, and innovation within the insurance sector. ARU, a US-based company, specializes in poultry farm insurance product development, underwriting, and loss control.

Major players in the livestock insurance market are Allianz SE, Munich Reinsurance Company, Nationwide Mutual Insurance Company, Liberty Mutual Insurance Company, Swiss Reinsurance Company Ltd, Zurich Insurance Group Ltd., Chubb Limited, Sompo Holdings Inc., The Hartford Financial Services Group Inc., AXA XL, American Family Insurance, QBE Insurance Group Ltd., Shelter Insurance Companies, Lloyd's of London, ICICI Lombard General Insurance Company Limited, Howden Insurance & Reinsurance Brokers (Philippines) Inc., HDFC ERGO General Insurance Company Limited, Farm Bureau Financial Services, Future Generali India Insurance Company Ltd., FBL Financial Group Inc., Rural Mutual Insurance Company, The Accel Group, Farmers Mutual Hail Insurance Company of Iowa, GramCover, and The Bath State Bank.

North America was the largest region in the livestock insurance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in livestock insurance report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the livestock insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The livestock insurance market consists of revenues earned by entities by providing services such as veterinary services, loss prevention training, mitigation, and claim handling. 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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