Farm owner’s multiple-peril insurance is a type of insurance that combines multiple coverages that would typically be required in tandem. It helps in providing protection against production and revenue losses. It also acts as an excellent credit enhancement for agricultural loans. Furthermore, the advantages of purchasing farm owners multiple-peril insurance coverage include lower overall premium costs for the insured due to the benefits received as part of an all-in-one type package as well as broader coverage for losses that often occur together such as natural disasters like flood damage to the crops or drought. Therefore, the surge in demand for the multiple peril insurance is expected to boost the growth of the farmowners multiple peril insurance market during the forecast period.
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The Farm Owners Multiple Peril Insurance market is segmented on the basis of Type, Application, Distribution Channel, and Region. Based on type, the market is divided into Revenue Protection, Area Yield Protection, Area Revenue Protection and Actual Production History. In terms of application, the market is categorized into Natural Disasters, Crop Death and Market Price Changes. On the basis of Distribution Channel, the market is divided into Brokers, Agents,Banks and Others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
COVID-19 Impact Analysis
The outbreak of COVID-19 has a moderate impact on the crop market, causing supply chains for selling crops to be disrupted due to widespread fear of the virus and unprecedented transportation restrictions.
Moreover, due to complete lockdown around the world, the market has seen a decline in growth. Furthermore, the farm economy has suffered a negative impact, resulting in crop harvest stagnation in several economies, lowering the market growth rate during the COVID-19 period.
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Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis:
Rise in number of agricultural losses and increase in value-added services provided by the insurance providers to their customers are driving the growth of the market. In addition, implementation of stringent guidelines by government to overcome the negative impact & development in existing insurance policies propels the growth of the market. However, lack of awareness among farmers may restrict the growth of the market. On the contrary, untapped potential in emerging countries & expansion of services are expected to provide lucrative opportunities for the market in the coming years.
The globalfarm owners multiple peril insurancemarket trends are as follows:
Rise in number of agriculture losses
Agriculture investment is costly as it entails concentrating a large number of resources in one location. Agriculture is a risky business, but it is also one of the most lucrative. Furthermore, farmers who purchase insurance premiums for their agriculture businesses have a significant advantage as they can recover all of their losses. Crops, animals, and farm inputs could all suffer losses. So, farmers recover their losses by paying an affordable insurance premium, which further benefits them in the long run. Therefore, the assistance of the insurance in recovering losses of the farmers at the time of peril is driving the growth of the farm owners multiple peril insurance market during the forecast period.
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Increase in value-added services provided by insurance providers to their customers
In developing economies, insurers are given the opportunities to expand their business by strengthening the existing farm owners multiple peril insurance policies. In addition,insurance companies providing value-added servicesby implementing technologies and forming partnerships help in propelling the growth of the market. Satellites, drones,the internet of things (IoT), artificial intelligence (AI), mobile applications & other web-based platforms are thesources of services through which the clients receive these value-added services like entailing risk control services or claims management services to their customers. These factors are expected to drive the growth of the farm owners peril insurance market during the forecast period.
Key benefits of the report
- This study presents analytical depiction of the global farm owners multiple peril insurancemarket 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 analysis of the market share.
- The current market is quantitatively analyzed to highlight the globalfarm owners multiple peril 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 on the present and future competitive intensity of the market.
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