New York, April 18, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Crop Insurance Market by Type by Application, by Distribution Channel – Global Opportunity Analysis and Industry Forecast, 2023–2030" - https://www.reportlinker.com/p06447668/?utm_source=GNW
However, lack of awareness related to crop insurance as well as reduced availability of arable land for agriculture are expected to hamper the market growth. On the contrary, several value-added services offered by crop insurers through various technologies while entering into strategic partnerships is expected to create ample opportunities for the key players operating in the crop insurance market during the coming decade.
Segment Overview
The global crop insurance industry is segmented on the basis of type, end user, and geography.
- Based on type, the market is bifurcated into crop yield insurance and crop revenue insurance.
• Based on application, the market is categorized into multi-peril crop insurance (MPCI), crop-hail insurance, livestock insurance, and others.
- Based on distribution channel, the market is classified into banks, insurance companies, brokers/agents, others.
- Region wise, the market is segmented into North America, Europe, Asia-Pacific, and RoW.
Regional Analysis
The North American market is projected to hold the dominant share by 2030
North America dominates the global crop insurance market and is expected to remain dominant in the market throughout the forecast period. Several countries in this region are highly susceptible to drought conditions which results in serious losses to a large number of agricultural products and has a negative impact on farm profitability. According to the U.S. Drought Monitor, 48.10% of the U.S. and 57.51% of the lower 48 states faced severe drought, where 369.2 million acres of crops were affected, as of November 2022.
Also, various government schemes and insurance programs are being offered by the government to ensure that producers get the best coverage to meet their needs, which further boosts market growth. For instance, in 2019, Mexico’s new presidential administration has announced a number of new agricultural support programs that aim to increase rural incomes, improve food security, and create self-sufficiency in certain basic commodities. These programs focus primarily on supporting marginalized and small farmers, with special emphasis given to small producers in the southern and central states of Mexico.
Key Market Players
The emerging and efficient key players in the crop insurance market include the following:
• ADM
• Sompo Holdings Inc
• AXA XL
• Chubb Limited
• HDFC Ergo
• Munich Re Group
• Odyssey Group
• QBE Insurance Group Limited
• Tokio Marine Holdings, Inc
• Zurich Insurance Group
Recent Developments
October 2022
HDFC ERGO partnered with nurture.farm, one of India’s leading agritech startups, to further enhance and expand its insurance solutions. This association aims to get closer to the company’s vision of making farmers resilient and delivering sustainable outcomes to the farming community.
October 2022
Munich Re acquired APINITY GmbH. Through this acquisition, Munich Re will be able to utilize APINITY’s application programming interface (API) solutions in the form of software-as-a-service (SaaS) developed for the insurance industry’s ecosystem. This will enable insurers to utilize third-party API services, in turn making it possible to transparently manage both third-party and in-house APIs.
August 2022
ADM launched a complimentary online course for producers called Shift. It covers core areas of farm management, including grain marketing, crop insurance, fertilizer and input costs, market fundamentals, and general financial planning strategies.
July 2022
AXA XL announced its switch to becoming China’s first foreign-owned reinsurance subsidiary. The subsidiary, XL Insurance China, is to be named AXA XL Re China. According to a statement from AXA, this re-focus of the license was unprecedented for both AXA and for the China Banking and Insurance Regulatory Commission (CBIRC).
May 2022
Zurich’s crop insurance business, Rural Community Insurance Services (RCIS) has added Climate FieldView to its list of precision agriculture providers available to RCIS customers. The integration of FieldView streamlines the process of recording and reporting a policyholder’s planting and production data.
February 2022
Chubb Ltd. purchased the renewal rights to Allianz Global Corporate & Specialty North America’s farm and agriculture business. This move was based on the substantial investment required for the business’ technology and product innovation to support long-term growth.
September 2021
Sompo International Holdings Ltd., a wholly-owned subsidiary of Sompo Holdings acquired ARA 1857 S.p.A, an Italian crop insurance company. The acquisition of ARA is another strategic and welcome step in strengthening the company’s presence with new products and capabilities in a key agriculture market.
September 2021
QBE’s subsidiary, NAU Country Insurance Company, partnered with Agrimatics to help their customers with more efficiently report production for their crop insurance policies.
January 2021
Hudson Insurance Company, a division of Odyssey Group, announced a partnership with Farmers Edge to enhance the insurance cycle and establish a seamless digital connection with agencies and farmers.
KEY BENEFITS
• The crop insurance market report provides a quantitative analysis of the current market and estimations through 2023–2030 that assists in identifying the prevailing market opportunities to capitalize on.
• The study comprises a deep dive analysis of the crop insurance market trend including the current and future trends for depicting the prevalent investment pockets in the market.
• The information related to key drivers, restraints, and opportunities and their impact on the crop insurance market is provided in the report.
• The competitive analysis of the market players along with their market share in the crop insurance market is provided in the report.
• The SWOT analysis and Porter’s Five Forces model is elaborated in the study.
• Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.
Read the full report: https://www.reportlinker.com/p06447668/?utm_source=GNW
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