The “Global Agricultural Insurance Market” report gives broadly research analysis about all the aspects of agriculture industry, crop insurance benefits, main providers and full statistical overview.
Dallas, TX -- (SBWIRE) -- 09/10/2018 -- The global Agricultural Insurance Market size is estimated to be over USD 30 billion by 2022. The rising demand for crops for direct human consumption as well as industrial processes has led to a growth in automation and other modern practices in agriculture.
Rising incidents of natural calamities across the world has resulted in an increasing number of farmers opting for agriculture insurance to protect their crops, equipment, and livestock. Special emphasis has been witnessed on promoting crop insurance in some of the leading agriculture-oriented countries including India and China.
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***Agricultural Insurance Market is strongly guided by following key Players:
People's Insurance Company (Group) of China Limited (PICC),
The Chubb Corporation,
QBE Insurance Group Limited,
XL Group Limited,
Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft
Tokio Marine Holdings
Agriculture contributed to approximately one-third of the global GDP in 2017. Apart from boosting the economic growth, development in the agriculture sector is also equally important for the growth of the poor population across the globe. According to the World Bank, agriculture is the source of income for 65% of the world's poor working population. Thus, significant investment in the agriculture sector has become equally important for developing nations, especially for agro-based economies.
The risk involved in agriculture is quite high as the yield is mainly dependent upon the weather. Crop failure due to seasonal variations can severely impact the farmers, as well as the other segments present in the agriculture value chain. Price volatility is another important factor which creates an uncertain environment. Variations in the commodity prices or input prices may impact the profit margin or even cause loss to the agriculture sector. Owing to these factors, investments are being made increasingly in the agriculture insurance sector with high support by the governing as well as international bodies.
Agricultural insurance began mainly for the livestock insurance for protection against the risk of livestock mortality. Insurance against crop failure due to hail was also prominent earlier, especially in the western part of the globe which soon spread to Japan, Canada, and other countries.
Agriculture insurance is prevalent in the developed economies of North America and Europe due to support by various authorized bodies. Developing economies pose a significant opportunity for growth with significant investments made by local bodies to provide insurance against potential risk for crop failure. Overall, the global agriculture insurance market is anticipated to witness impressive growth over coming years with CAGR 2.8%.
The vendor landscape of the global Agricultural Insurance Market is highly fragmented due to the presence of several local players. Typically, majority of the players cater to their local market with presence in overseas as well. Companies such as People's Insurance Company (Group) of China Limited (PICC), the Chubb Corporation, QBE Insurance Group Limited, XL Group Limited, Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft and Tokio Marine Holdings, Inc. have a broader presence within the global Agricultural Insurance Market.
***Key segments of the global Agricultural Insurance Market:
Distribution Channel Overview, 2012 – 2022 (USD Million)
Insurance Type Overview, 2012 – 2022 (USD Million)
Regional Overview, 2012 – 2022 (USD Million)
Middle East and Africa
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***Key industry insights in Agricultural Insurance Market:
In developed economies such as the USA, insurance is mostly marketed through agents employed by the insurance companies who in turn partner with agricultural product companies and provide a bundled solution
Over 60% of the global crop insurance premium is gained from Crop/MPCI type of insurance followed by Crop/Hail (Over 25%)
Asia Pacific has the highest potential for proliferation of insurance as it is highly prone to natural calamities such as earthquakes, floods, cyclones etc. Additionally, there are several economies that depend on agriculture as a primary contributor to the economy of the country. To mitigate the pricing and production risks, more farmers are opting for agricultural insurance and the trend is expected to continue over the projected period.
Over the past few years, there has been a trend of insurance companies exiting the agriculture insurance sector as they are incurring more loss due to claims and buyouts
***Major Points from TOC of Agricultural Insurance Market report:
Chapter 1 Executive Summary
Chapter 2 Research Methodology
Scope, definition, and assumptions
Chapter 3 Agriculture Insurance Market Outlook
Value chain analysis
Chapter 4 Agricultural Insurance Market Overview, By Type
Global agriculture insurance market share, by type, 2012 & 2022
Chapter 5 Agricultural Insurance Market Overview, By Distribution Channel
Global agriculture insurance market share, by distribution channel, 2012 & 2022
Chapter 6 Agriculture Insurance Market Overview, By Region
Chapter 7 Company Profiles in agricultural insurance market
Chapter 8 Industry Structure
Competitive landscape analysis, 2017
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Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market's size, key trends, participants and future outlook of an industry. We intend to become our clients' knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code– Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.