The crop reinsurance market was valued at $41.0 billion in 2023 and is projected to reach $73.5 billion by 2032, growing at a CAGR of 7% from 2024 to 2032.
Crop reinsurance is a form of insurance policy in which farmers are offered compensation for the expected crop yield in case of unexpected losses. Pre-sowing and post-harvest losses are covered in the policy in case of natural disasters such as cyclonic rains or rainfall deficit. Crop reinsurance is pivotal to reduce the financial risks associated with crop losses, hence helping to increase the agricultural output and stabilize the farming industry. Along with the financial benefit, the insurance providers engage with the farmers to enhance their technological awareness which helps them to accelerate their crop production.
Increase in the prevalence of natural disasters and extreme weather conditions such as floods, heatwaves, and droughts has posed a significant threat to agricultural productivity in recent years. This has been a major driver of the growth of the crop reinsurance market. Furthermore, notable support from government regulations, such as the Federal Crop Insurance Program by the U.S. government, boosts the adoption of reinsurance policies among farmers. In recent times, the integration of data analytics in reinsurance policies is acquiring traction among insurers as the technology aids in precise risk modeling, hence enabling the customization of reinsurance solutions.
However, the penetration of the crop reinsurance market is substantially low across the globe, thereby experiencing constrained growth. The uptake of reinsurance solutions is less in developing countries due to lack of awareness and affordability. To mitigate the affordability concern, governments in several nations are implementing ingenious schemes in accordance with the situations of farmers. For instance, the state government in Maharashtra, India has recently launched a scheme which will provide crop insurance for Re 1. The scheme is applicable for a selected variety of crops. Farmers need to maintain a record of the crops sown by them in the e-crop inspection. The insurance cover applies when the projected yield reduces by more than 50% of the marginal yield due to natural calamities.
Segment Review
The crop reinsurance market is segmented into product, distribution channel, and region. On the basis of product, the market is divided into multi-peril crop insurance, crop-hail insurance, livestock insurance, green house insurance, and other. As per distribution channel, it is classified into banks, insurance companies, broker/agents, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
On the basis of the product, the crop-hail insurance segment is anticipated to dominate the market during the forecast period.
As per distribution channel, the broker/agents segment is expected to be the highest shareholder by 2032.
Region wise, Asia-Pacific is projected to be the largest revenue generator by 2032.
Competition Analysis
The major players operating in the global crop reinsurance market include Sompo International Holdings Ltd., AXA XL, Syngenta, Munich Re, Agroinsurance, Hanover Re, Partner Re, Scor Re, Gramcover, and Mapfre Re. These players have adopted various key developmental strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the market.
Crop reinsurance is a form of insurance policy in which farmers are offered compensation for the expected crop yield in case of unexpected losses. Pre-sowing and post-harvest losses are covered in the policy in case of natural disasters such as cyclonic rains or rainfall deficit. Crop reinsurance is pivotal to reduce the financial risks associated with crop losses, hence helping to increase the agricultural output and stabilize the farming industry. Along with the financial benefit, the insurance providers engage with the farmers to enhance their technological awareness which helps them to accelerate their crop production.
Increase in the prevalence of natural disasters and extreme weather conditions such as floods, heatwaves, and droughts has posed a significant threat to agricultural productivity in recent years. This has been a major driver of the growth of the crop reinsurance market. Furthermore, notable support from government regulations, such as the Federal Crop Insurance Program by the U.S. government, boosts the adoption of reinsurance policies among farmers. In recent times, the integration of data analytics in reinsurance policies is acquiring traction among insurers as the technology aids in precise risk modeling, hence enabling the customization of reinsurance solutions.
However, the penetration of the crop reinsurance market is substantially low across the globe, thereby experiencing constrained growth. The uptake of reinsurance solutions is less in developing countries due to lack of awareness and affordability. To mitigate the affordability concern, governments in several nations are implementing ingenious schemes in accordance with the situations of farmers. For instance, the state government in Maharashtra, India has recently launched a scheme which will provide crop insurance for Re 1. The scheme is applicable for a selected variety of crops. Farmers need to maintain a record of the crops sown by them in the e-crop inspection. The insurance cover applies when the projected yield reduces by more than 50% of the marginal yield due to natural calamities.
Segment Review
The crop reinsurance market is segmented into product, distribution channel, and region. On the basis of product, the market is divided into multi-peril crop insurance, crop-hail insurance, livestock insurance, green house insurance, and other. As per distribution channel, it is classified into banks, insurance companies, broker/agents, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
On the basis of the product, the crop-hail insurance segment is anticipated to dominate the market during the forecast period.
As per distribution channel, the broker/agents segment is expected to be the highest shareholder by 2032.
Region wise, Asia-Pacific is projected to be the largest revenue generator by 2032.
Competition Analysis
The major players operating in the global crop reinsurance market include Sompo International Holdings Ltd., AXA XL, Syngenta, Munich Re, Agroinsurance, Hanover Re, Partner Re, Scor Re, Gramcover, and Mapfre Re. These players have adopted various key developmental strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the market.
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Key Market Segments
By Product
- Multi-Peril Crop Insurance
- Crop-hail Insurance
- Green House Insurance
- Other
By Distribution Channel
- Banks
- Insurance Companies
- Broker/Agents
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Thailand
- Malaysia
- Indonesia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Argentina
- Rest of LAMEA
- Sompo International Holdings Ltd.
- AXA XL
- Syngenta
- Munich Re
- Agroinsurance
- Hanover Re
- Partner Re
- Scor Re
- Gramcover
- Mapfre Re
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET LANDSCAPE
CHAPTER 4: CROP REINSURANCE MARKET, BY PRODUCT
CHAPTER 5: CROP REINSURANCE MARKET, BY DISTRIBUTION CHANNEL
CHAPTER 6: CROP REINSURANCE MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
Key Market Players in the Crop Reinsurance Market include:- Sompo International Holdings Ltd.
- AXA XL
- Syngenta
- Munich Re
- Agroinsurance
- Hanover Re
- Partner Re
- Scor Re
- Gramcover
- Mapfre Re
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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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 455 |
| Published | July 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 41 billion |
| Forecasted Market Value ( USD | $ 73.5 billion |
| Compound Annual Growth Rate | 7.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
