Agriculture insurance is a type of protection policy that covers loss resulting from damage of crop, livestock, and farm equipment. It provides financial support to farmers toward unforeseen events and tax exemption benefits, which further improve the efficiency of the agriculture insurance market.
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Moreover, rise in adoption of agriculture insurance and increase in need for protection from loss in agriculture business are considered as major factors boosting the growth of the agriculture insurance market. Furthermore, agricultural insurance providers enhance the awareness & benefits of agriculture insurance plans and educate the buyers about available products and services, which further fuel the growth of the market.
The global agricultural insurance market is segmented on the basis of coverage, distribution channel and region. Based on coverage, the market is divided into multi-peril crop insurance, crop-hail insurance, livestock, and others. On the basis of distribution channel, the market is divided into banks, insurance companies, brokers/agents, and others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global agricultural insurance industry include PICC, Zurich (RCIS), Chubb, QBE, China United Property Insurance, American Financial Group, Everest Re Group, CUNA Mutual, Agriculture Insurance Company of India, Farmers Mutual Hail, New India Assurance, ICICI Lombard. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global agricultural insurance market.
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COVID-19 Impact Analysis
The global lockdown has affected the operations of the insurance sector. This is attributed to global fear of the virus and unprecedented transport restrictions, resulting in breakdown of supply chains for selling crops and maintaining agri-business. In addition, shortage of labor force for harvesting and supplying in the market indirectly hampers the agricultural insurance market during the pandemic situation.
The COVID-19 pandemic has a significant impact on the agricultural insurance market forecast as several countries have imposed numerous measures to curb the virus globally. In addition, policyholders are filing claims for massive crop loss & other related agricultural losses and changing the terms of their policies. This has led to insurers freezing sales of new coverages for agricultural insurance in the market.
Top Impacting Factors
Increased technological development provided by several governments and rapid growth in private-public partnership in the agricultural sector are expected to fuel the market growth. However, high cost of premiums for insurance and lower awareness of agricultural policies among farmer are expected to hamper the growth of the market. Contrarily, expansion of existing policy & developing the coverage options is anticipated to create an immense opportunity for the market in the coming years.
Increased Technological Development and Subsidies by Government
Technologies, such as Internet of Things (IoT), artificial intelligence, satellite, drones, and other web-based platforms, drive the growth of the agricultural insurance market. This is attributed to the fact that these technologies enable detection of diseased crops, prediction of weather, storage of data related to crops & livestock, and others.
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These advanced features help in reducing several uncertain risks and boost the effectiveness of agricultural insurance in the market. Moreover, rise in support from governments to protect farmers against fluctuations in revenues, prices, livestock, and yields fuels the growth of the agricultural insurance market. In addition, subsidize funding helps the insured to avail agricultural insurance coverage with more alternatives & customized options in the market.
High Cost of Premiums
Agriculture insurance generally involves high cost of premium as compared to general insurance. Moreover, with availability of customized coverages in the agricultural sector, premiums for coverages are higher for farmers, ranchers, and other agricultural operators in the market. Therefore, this results in crop loss, lower maintained of livestock, and limited protection against natural hazards for managing risks & uncertainties in agriculture. Thus, high cost premiums for agricultural insurance limit the market growth across the globe.
Key Benefits of the Report
This study presents analytical depiction of the agricultural insurance market along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with detailed agricultural insurance market analysis of the agricultural insurance market share.
The current market is quantitatively analyzed to highlight the agricultural insurance market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed market analysis depending competitive intensity and how the competition will take shape in the coming years.
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