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Global Agriculture Insurance Market 2018-2022:The global agriculture insurance market size is estimated to be worth USD xx million by 2022. Increase in agricultural risks plays a vital role in the growth of the agriculture insurance market worldwide.The global agriculture insurance market size is anticipated to grow at a 2.8% CAGR during the forecasted period between 2017 to 2022. This can be attributed to the fact that government support increased in the form of subsidies and growing demand for reinsurance.
Agriculture is an important contributor to any economy. The extensive use of crops for direct human consumption and industrial processes has resulted in increasing the pressure on the existing supply demand gap. Increasing need for food security is expected to augment the demand for insurance policies.
The two major risks in agricultural sector are price risk, caused due to volatility in prices in the market and production risk which is caused due to ambiguity about the amount of production those primary producers would yield from their current activities. These two risks are most likely to increase in the future and would consequently drive the global agriculture insurance market.
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• Agriculture insurance is quite prevalent across the West, especially in the U.S. and Europe. The agriculture insurance market is matured in developed economies which is well supported by the government for sustained growth.
• Developing economies pose a lucrative opportunity for growth with significant investments made by local bodies to provide insurance against potential risk for crop failure
• Although Asia Pacific was the second largest market for crop insurance, the region has the highest potential for proliferation of insurance as it is more prone to natural calamities such as earthquake, floods, cyclones etc. Also, agriculture is the most important contributor to the Asian economy and in order to mitigate the pricing and production risks, increasing number of farmers are opting for agricultural insurance.
• In 2016, the premiums collected from crop/ MPCI (Multi-Peril Crop Insurance) accounted for 64.9% of the total agriculture insurance market revenue share in 2016. Multi-Peril Crop Insurance is among the preferred category of agriculture insurance owing to the fact that crops face on the highest losses due to natural disasters.
• The Chubb Corporation, The People’s Insurance Company (Group) of China Limited, ARMtech Insurance Services, QBE Insurance Group Limited, Rural Community Insurance Agency, Inc., and Tokio Marine Holdings, Inc (HCC) are the key vendors operating in the agriculture insurance market.
• Acquisition, collaboration, digitalization of services and product upgrade are some of the main strategies that have been in effect. For instance, in April 2018, QBE NAU Crop Insurance, a subsidiary of QBE Insurance Group Limited launched “Filed Insights” in addition to Iteris ClearAg Spray Advisor and Crop Growth Stage Models. Field insights, a tool to assist farmers with updated information that affects the crop condition such as soil moisture & temperature, precipitation, wind speeds & weather radar.
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This report contains analysis of several players in the agriculture insurance market including:
• People’s Insurance Company (Group) of China Limited (PICC)
• Rural Community Insurance Agency, Inc. (RCIS)
• The Chubb Corporation
• QBE Insurance Group Limited
• American Financial Group, Inc.
• XL Group Limited
• Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft
• Anhua Agricultural Insurance Co., Ltd.
• Agriculture Insurance Company of India
• Tokio Marine Holdings, Inc.
• Others
Key segments:
Distribution Channel Overview, 2016 – 2023 (USD Million)
• Agency
• Broker
• Bancassurance
• Direct writing
Type Overview, 2012 – 2022 (USD Million)
• Crop/MPCI Insurance
• Crop/Hail Insurance
• Livestock Insurance
• Other Insurance
Regional Overview, 2012 – 2022 (USD Million)
• North America
• Asia-Pacific
• Middle East and Africa
• South America
From a geographical perspective, North America has the highest agricultural premiums followed by Asia and Europe. In terms of insurance type, Crop/MPCI shares the biggest share of pie followed by crop/hail, livestock and others. Some key players of agriculture insurance market are Rural Community Insurance Agency, Inc. (RCIS), People’s Insurance Company (Group) of China Limited, Chubb Corporation, QBE Insurance Group Limited, American Financial Group, Inc., XL Group Ltd. Etc.
What does this report include?
• Driving and restraining factors have been discussed in the global agriculture insurance market study. Additionally, the report discusses the opportunities available for the market in the foreseeable future.
• The global agriculture insurance study covers a detailed analysis of the complete value chain right from the agricultural producers to the end-users, noting trends of integration, if any
• The study covers a PESTEL analysis for the agriculture insurance market
• Trend analysis of the global agriculture insurance market on the basis of type and distribution channel across different geographies has been included in the study
• Key companies have been profiled in the study along with their strategies
Who should buy the report?
This study is apposite for stakeholders present in the insurance market, who want a deep understanding of the global agriculture insurance market trends. The report will be of interest to:
• Private insurance companies, agencies, and cooperative organizations who want to expand their product portfolio
• Government organizations and agricultural departments who take decisions related to subsidies for agricultural producers
• Educational institutions and universities for studies in the field of agriculture and commerce
• Venture capitalists wanting to associate themselves with agriculture insurance firms
• Analysts, researchers, industry experts, academic institutions, and strategy managers looking for a detailed picture of the current market scenario to determine strategies
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Some Point from TOC:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. Agriculture Insurance Overview, By Type
Chapter 5. Agriculture Insurance Market Overview, By Distribution Channel
Chapter 6. Agriculture Insurance Market Overview, By Region
Chapter 7. Company Profiles
….Continued
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