Dublin, March 13, 2024 (GLOBE NEWSWIRE) -- The "Crop Reinsurance Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The crop reinsurance market size is expected to see strong growth in the next few years. It will grow to $53.32 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The anticipated growth in the forecast period can be ascribed to the adoption of precision farming techniques, a heightened awareness of climate-related risks, the integration of satellite and drone technologies for risk assessment, the emergence of index-based insurance solutions for crops, and the tailoring of reinsurance products to address regional risks. Key trends expected in the forecast period encompass technological advancements in agriculture, collaborative efforts between insurers and reinsurers to mitigate risks, progress in data analytics for precise risk modeling, the adoption of blockchain to enhance transparency in reinsurance transactions, the implementation of IoT for real-time monitoring, and an increased emphasis on social and environmental sustainability in the field of crop reinsurance.
An anticipated rise in natural disasters is set to drive the growth of the crop reinsurance market in the future. Crop reinsurance serves as a financial safeguard for crop insurers against losses resulting from natural disasters, offering support to farmers or agricultural entities when their crops are adversely affected or destroyed due to such events.
The increase in agricultural productivity is poised to contribute to the growth of the crop reinsurance market in the future. Agricultural productivity denotes the efficiency and output of crop and livestock production within a specified area or timeframe. Crop reinsurance plays a pivotal role in enhancing agricultural productivity by mitigating financial risks associated with crop losses, thereby fostering stability in the farming sector.
Major companies in the crop reinsurance sector are actively engaged in developing innovative solutions in reinsurance practices to maintain their market positions. For example, in September 2021, MS Amlin Ltd., a UK-based insurance company, introduced its agriculture and weather index reinsurance practice. This new practice offers coverage for crop insurance, livestock insurance, aquaculture insurance, forestry goods, and weather index products globally. It serves as a reliable option for farmers across major agriculture markets worldwide, providing insurance against crop losses. The practice, backed by deep technical expertise and financial strength, contributes to the financial stability of farmers and offers insurance for crop yield and crop revenue.
The primary categories of crop reinsurance include crop yield reinsurance, crop price reinsurance, and crop revenue reinsurance. Crop yield reinsurance provides coverage to agricultural producers against losses arising from low crop yields. Its various applications include multi-peril crop insurance (MPCI), crop hail, livestock, and forestry. These reinsurance products are distributed through channels such as banks, insurance companies, brokers and agents, and other relevant avenues.
Report Scope
Markets Covered:
1) By Type: Crop Yield Reinsurance; Crop Price Reinsurance; Crop Revenue Reinsurance
2) By Application: Multi-Peril Crop Insurance (MPCI); Crop Hail; Livestock; Forestry
3) By Distribution Channel: Banks; Insurance Companies; Brokers and Agents; Other Distribution Channels
Key Companies Mentioned: Munich Re Group; Swiss Reinsurance Company Ltd.; Tokio Marine Holdings Inc.; Chubb Group of Insurance Companies; Zurich Insurance Group Ltd.
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
For more information about this report visit https://www.researchandmarkets.com/r/uk79a6
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