NEW YORK, Jan. 5, 2024 /PRNewswire/ — The crop insurance market is estimated to grow by USD 14.62 billion from 2023 to 2028, growing at a CAGR of 6.22%. The crop insurance market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer crop insurance market are Agriculture Insurance Co. of India Ltd., Allianz SE, American International Group Inc., Aon plc, AXA Group, Bajaj Finserv Ltd., Chubb Ltd., Everest Re Group Ltd., Hannover Re, ICICI Bank Ltd., Indian Farmers Fertiliser Cooperative Ltd., MARSH LLC, Munich Reinsurance Co., QBE Insurance Group Ltd., Reliance Industries Ltd., Sompo Holdings Inc., State Bank of India, Sundaram Finance Ltd., Swiss Re Ltd., and Willis Towers Watson Public Ltd. Co.
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Agriculture Insurance Co. of India Ltd. – The company offers crop insurance solutions aiming to cover risks related to agriculture and allied activities.
Allianz SE – The company offers crop insurance from climate change, natural catastrophes, and a rising need for food security through its subsidiary Allianz Re
American International Group Inc. – The company offers crop insurance under the Pradhan Mantri Fasal Bima Yojana policy through its subsidiary Tata AIG.
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Based on Geography, the market is classified as North America, APAC, Europe, South America, and Middle East and Africa.
APAC is estimated to contribute 33% to the growth of the global market during the forecast period. Another region offering significant growth opportunities to companies is North America. The US and Canada are the key contributors to the market in the region. According to the United States Department of Agriculture’s Risk Management Agency, USDA Agribusiness Farmers who are currently covered by most crop insurance policies will be eligible for premium assistance from USDA under the Pandemic Crop Insurance Program.
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Impactful driver- Extreme weather conditions due to global warming
Key Trend – Digital initiatives in crop insurance
Major Challenges – Low awareness of crop insurance
Based on Product, the market is classified into indemnity-based and index-based. The indemnity-based segment is estimated to witness significant growth during the forecast period. The policyholder shall be shielded from losses incurred by crop loss through an indemnity-based insurance policy. Various governments are trying to support the adoption of MPCI through a premium subsidy. Interest in and use of such schemes could increase when these subsidies are made available for crop insurance plans.
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The agricultural equipment finance market size is estimated to grow at a CAGR of 5.41% between 2022 and 2027. The market size is forecast to increase by USD 156.65 billion.
The Emergency Food Market is projected to increase by USD 3.20 billion, and it is estimated to grow at a CAGR of 7.35% between 2023 and 2028.
Crop Insurance Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 6.22%
YoY growth 2022-2023 (%)
North America, APAC, Europe, South America, and Middle East and Africa
US, Canada, China, India, and Spain
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
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