The global Agriculture Insurance Market size was valued at USD 36.52 billion in 2022. It is projected to reach USD 48.27 billion by 2031, growing at a CAGR of 3.15% during the forecast period (2023–2031). The rapid growth of the crop insurance industry is directly attributable to the extensive use of A.I. technology for tailoring policies for individual farmers.

New York, United States, Sept. 14, 2023 (GLOBE NEWSWIRE) — Farmers can avoid financial ruin due to natural disasters like floods, droughts, and hail, as well as price drops in commodities, by investing in agriculture insurance. The effects of agricultural risks are felt throughout the agricultural sector. They are also helpful in many other areas of agriculture, such as raising animals, breeding stock, tending trees, fish, and greenhouses. Protecting farmers through agriculture insurance could be a powerful tool in the war to reduce and eventually eradicate poverty. Natural disasters can devastate any business, but farmers who have spent a lot of money on agricultural infrastructure are particularly susceptible to financial fallout. If something goes wrong on the farm, the farmer can file a claim on his agriculture insurance and get his money back. Farmers who receive aid can use the money to reinvest in their operations.

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Favorable Government Initiatives Drive the Global Market

The government’s efforts to insure farmers against fluctuations in income, price, and yield have resulted in a broader range of crop insurance policies. The growing complexity of agricultural risk impacts the sector in countries like the United States and India, where agriculture is an important economic sector. Factors like shrinking farmland, climate change, and rising prices are all contributing factors. As a form of response, several governments have enacted policies that are beneficial to the agricultural sector, which has contributed to the expansion of markets related to agriculture.

Advancement in Technology in Agricultural Insurance Creates Tremendous Opportunities

The widespread adoption of ICT has resulted in a booming crop insurance industry worldwide, making insurance and other related services more accessible than ever. Over-reporting of insured areas can be prevented, and the enrollment process simplified, for instance, with the help of a geo-referenced, solid cadastral map base linked to data from land records. The widespread adoption of A.I. technology for customizing policies for individual farmers is a significant factor in the industry’s explosive growth. Ecological insights, including those of water stress and crop health, can be gleaned from these experiments, as can predictions of yield and profit using CCE and A.I.

Key Highlights

• The global agriculture insurance market size is projected to reach USD 48.27 billion by 2031, growing at a CAGR of 3.15% during the forecast period (2023–2031).
• Based on product, the global agriculture insurance market is bifurcated into managed crop hail insurance, multi-peril crop insurance, greenhouse insurance, aquaculture insurance, and forestry insurance. The multi-peril crop insurance segment is the highest contributor to the market and is expected to grow during the forecast period.
• Based on the organization, the global agriculture insurance market is bifurcated into government and private organizations. The government segment is the highest contributor to the market and is expected to grow during the forecast period.
• North America is the most significant shareholder in the global agriculture insurance market and is expected to grow during the forecast period.

Report Scope

Report Metric	Details
Market Size by 2031	USD 48.27 billion
Market Size in 2022	USD 36.52 billion
CAGR%	3.15% (2023-2031)
Historical Data	2020-2021
Base Year	2022
Forecast Period	2023-2031
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Product, By Organization
Geographies Covered	North America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/Vendors	Allianz SE, American Agricultural Insurance Company, Aries Argo Limited, HDFC ERGO General Insurance Company Limited, Philippines Crop Insurance Corporation, Rural Community Insurance Company, and Tata AIG General Insurance Company Limited
Key Market Opportunities	Advancement in Technology in Agricultural Insurance
Key Market Drivers	Favorable Government Initiatives

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Regional Analysis

North America is the most significant shareholder in the global agriculture insurance market and is expected to grow during the forecast period. Demand from developing countries and growing consumer awareness of the value of comprehensive insurance and risk management strategies are fueling the expansion of the agriculture insurance market in North America. Increased investment in cutting-edge technology by domestic producers also contributes to the development of the North American market. The food supply is inadequate to meet the population’s needs, so a large percentage of the agricultural output is shipped abroad.

Europe is expected to grow during the forecast period. People focus more on increasing agricultural productivity as the world’s population grows and food demand rises. There are numerous significant players in the area. More people in the region are buying agriculture insurance because of its many benefits. Switzerland’s most well-known crop insurance policies pay out for losses caused by hail and other primary risks like flooding and storms. The French government has historically invested in crop insurance to hedge against natural disasters.

Due to its high risk of natural disasters such as typhoons, floods, landslides, droughts, earthquakes, volcanic eruptions, and tsunamis, the Asia-Pacific region is a significant player in the agriculture insurance market. Crop yields, incomes, assets, and the security of vulnerable populations in the area are all at risk from weather-related risks. Large government-run programs in India and the Philippines are just two examples of the many different agricultural insurance systems in Asia and the Pacific, including public-private partnerships.

There is considerable growth potential in the LAMEA agriculture insurance market, especially in countries like Algeria that have built their economies on the backs of their agricultural sectors. It is more important than ever to protect crop and livestock production intelligently as Latin America’s share of global farm output increases. The agricultural insurance market in Latin America has a lot of room to expand, either due to increased insurance purchases or the introduction of innovative new policies. Together, governments in Brazil and Mexico devote 90% of their budget to agricultural insurance. Agriculture insurance has excellent potential for expansion in the area, but there is still a way to go before it reaches its full potential.

Competitive Players

1. Allianz SE
2. American Agricultural Insurance Company
3. Aries Argo Limited
4. HDFC ERGO General Insurance Company Limited
5. Philippines Crop Insurance Corporation
6. Rural Community Insurance Company
7. Tata AIG General Insurance Company Limited.

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Global Agriculture Insurance Market: Segmentation

By Product

• Managed Crop Hail Insurance
• Multi-Peril Crop Insurance
• Greenhouse Insurance
• Aquaculture Insurance
• Forestry Insurance

By Organization

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA

TABLE OF CONTENT

1. EXECUTIVE SUMMARY
2. RESEARCH SCOPE & SEGMENTATION
   1. Research Objectives
   2. Market Definition
   3. Limitations & Assumptions
   4. Market Scope & Segmentation
   5. Currency & Pricing Considered
3. MARKET OPPORTUNITY ASSESSMENT

3. 1. Emerging Regions / Countries
   2. Emerging Companies
   3. Emerging Applications / End Use
   4. Investment Landscape
   5. New Business Models / Revenue Streams
   6. TAM

4. MARKET TRENDS

4. 1. Drivers
   2. Market Warning Factors
   3. Latest Macro Economic Indicators
   4. Geopolitical Impact
   5. Human Factors
   6. Technology Factors

5. MARKET ASSESSMENT

5. 1. Porters Five Forces Analysis
   2. Value Chain Analysis
   3. Sales And Distribution Channel Analysis
   4. Case Study Analysis
   5. M & A Agreements & Collabration Analysis

6. ESG TRENDS
7. GLOBAL AGRICULTURE INSURANCE MARKET SIZE ANALYSIS

7. 1. Global Agriculture Insurance Market Introduction
   2. By Product

7. 2. 1. Introduction

1. 1. 1. 1. Product By Value

7. 2. 2. Managed Crop Hail Insurance

1. 1. 1. 1. By Value

7. 2. 3. Multi-Peril Crop Insurance

1. 1. 1. 1. By Value

7. 2. 4. Greenhouse Insurance

1. 1. 1. 1. By Value

7. 2. 5. Aquaculture Insurance

1. 1. 1. 1. By Value

7. 2. 6. Forestry Insurance

1. 1. 1. 1. By Value

7. 3. By Organization

7. 3. 1. Introduction

1. 1. 1. 1. Organization By Value

7. 3. 2. Government

1. 1. 1. 1. By Value

7. 3. 3. Private

1. 1. 1. 1. By Value

8. NORTH AMERICA MARKET ANALYSIS

8. 1. Introduction
   2. By Product

8. 2. 1. Introduction

1. 1. 1. 1. Product By Value

8. 2. 2. Managed Crop Hail Insurance

1. 1. 1. 1. By Value

8. 2. 3. Multi-Peril Crop Insurance

1. 1. 1. 1. By Value

8. 2. 4. Greenhouse Insurance

1. 1. 1. 1. By Value

8. 2. 5. Aquaculture Insurance

1. 1. 1. 1. By Value

8. 2. 6. Forestry Insurance

1. 1. 1. 1. By Value

8. 3. By Organization

8. 3. 1. Introduction

1. 1. 1. 1. Organization By Value

8. 3. 2. Government

1. 1. 1. 1. By Value

8. 3. 3. Private

1. 1. 1. 1. By Value

8. 4. U.S.

8. 4. 1. By Product

1. 1. 1. 1. Introduction
            1. Product By Value
         2. Managed Crop Hail Insurance
            1. By Value
         3. Multi-Peril Crop Insurance
            1. By Value
         4. Greenhouse Insurance
            1. By Value
         5. Aquaculture Insurance
            1. By Value
         6. Forestry Insurance
            1. By Value

8. 4. 2. By Organization

1. 1. 1. 1. Introduction
            1. Organization By Value
         2. Government
            1. By Value
         3. Private
            1. By Value

8. 5. Canada

9. EUROPE MARKET ANALYSIS

9. 1. Introduction
   2. By Product

9. 2. 1. Introduction

1. 1. 1. 1. Product By Value

9. 2. 2. Managed Crop Hail Insurance

1. 1. 1. 1. By Value

9. 2. 3. Multi-Peril Crop Insurance

1. 1. 1. 1. By Value

9. 2. 4. Greenhouse Insurance

1. 1. 1. 1. By Value

9. 2. 5. Aquaculture Insurance

1. 1. 1. 1. By Value

9. 2. 6. Forestry Insurance

1. 1. 1. 1. By Value

9. 3. By Organization
      1. Introduction

1. 1. 1. 1. Organization By Value

9. 3. 2. Government

1. 1. 1. 1. By Value

9. 3. 3. Private

1. 1. 1. 1. By Value

9. 4. U.K.

9. 4. 1. By Product

1. 1. 1. 1. Introduction
            1. Product By Value
         2. Managed Crop Hail Insurance
            1. By Value
         3. Multi-Peril Crop Insurance
            1. By Value
         4. Greenhouse Insurance
            1. By Value
         5. Aquaculture Insurance
            1. By Value
         6. Forestry Insurance
            1. By Value

9. 4. 2. By Organization

1. 1. 1. 1. Introduction
            1. Organization By Value
         2. Government
            1. By Value
         3. Private
            1. By Value

9. 5. Germany
   6. France
   7. Spain
   8. Italy
   9. Russia
   10. Nordic
   11. Benelux
   12. Rest Of Europe

10. APAC MARKET ANALYSIS

10. 1. Introduction
    2. By Product

10. 2. 1. Introduction

1. 1. 1. 1. Product By Value

10. 2. 2. Managed Crop Hail Insurance

1. 1. 1. 1. By Value

10. 2. 3. Multi-Peril Crop Insurance

1. 1. 1. 1. By Value

10. 2. 4. Greenhouse Insurance

1. 1. 1. 1. By Value

10. 2. 5. Aquaculture Insurance

1. 1. 1. 1. By Value

10. 2. 6. Forestry Insurance

1. 1. 1. 1. By Value

10. 3. By Organization

10. 3. 1. Introduction

1. 1. 1. 1. Organization By Value

10. 3. 2. Government

1. 1. 1. 1. By Value

10. 3. 3. Private

1. 1. 1. 1. By Value

10. 4. China

10. 4. 1. By Product

1. 1. 1. 1. Introduction
            1. Product By Value
         2. Managed Crop Hail Insurance
            1. By Value
         3. Multi-Peril Crop Insurance
            1. By Value
         4. Greenhouse Insurance
            1. By Value
         5. Aquaculture Insurance
            1. By Value
         6. Forestry Insurance
            1. By Value

10. 4. 2. By Organization

1. 1. 1. 1. Introduction
            1. Organization By Value
         2. Government
            1. By Value
         3. Private
            1. By Value

10. 5. Korea
    6. Japan
    7. India
    8. Australia
    9. Taiwan
    10. South East Asia
    11. Rest Of Asia-Pacific

11. MIDDLE EAST AND AFRICA MARKET ANALYSIS

11. 1. Introduction
    2. By Product

11. 2. 1. Introduction

1. 1. 1. 1. Product By Value

11. 2. 2. Managed Crop Hail Insurance

1. 1. 1. 1. By Value

11. 2. 3. Multi-Peril Crop Insurance

1. 1. 1. 1. By Value

11. 2. 4. Greenhouse Insurance

1. 1. 1. 1. By Value

11. 2. 5. Aquaculture Insurance

1. 1. 1. 1. By Value

11. 2. 6. Forestry Insurance

1. 1. 1. 1. By Value

11. 3. By Organization

11. 3. 1. Introduction

1. 1. 1. 1. Organization By Value

11. 3. 2. Government

1. 1. 1. 1. By Value

11. 3. 3. Private

1. 1. 1. 1. By Value

11. 4. UAE

11. 4. 1. By Product

1. 1. 1. 1. Introduction
            1. Product By Value
         2. Managed Crop Hail Insurance
            1. By Value
         3. Multi-Peril Crop Insurance
            1. By Value
         4. Greenhouse Insurance
            1. By Value
         5. Aquaculture Insurance
            1. By Value
         6. Forestry Insurance
            1. By Value

11. 4. 2. By Organization

1. 1. 1. 1. Introduction
            1. Organization By Value
         2. Government
            1. By Value
         3. Private
            1. By Value

11. 5. Turkey
    6. Saudi Arabia
    7. South Africa
    8. Egypt
    9. Nigeria
    10. Rest Of MEA

12. LATAM MARKET ANALYSIS

12. 1. Introduction
    2. By Product

12. 2. 1. Introduction

1. 1. 1. 1. Product By Value

12. 2. 2. Managed Crop Hail Insurance

1. 1. 1. 1. By Value

12. 2. 3. Multi-Peril Crop Insurance

1. 1. 1. 1. By Value

12. 2. 4. Greenhouse Insurance

1. 1. 1. 1. By Value

12. 2. 5. Aquaculture Insurance

1. 1. 1. 1. By Value

12. 2. 6. Forestry Insurance

1. 1. 1. 1. By Value

12. 3. By Organization

12. 3. 1. Introduction

1. 1. 1. 1. Organization By Value

12. 3. 2. Government

1. 1. 1. 1. By Value

12. 3. 3. Private

1. 1. 1. 1. By Value

12. 4. Brazil

12. 4. 1. By Product

1. 1. 1. 1. Introduction
            1. Product By Value
         2. Managed Crop Hail Insurance
            1. By Value
         3. Multi-Peril Crop Insurance
            1. By Value
         4. Greenhouse Insurance
            1. By Value
         5. Aquaculture Insurance
            1. By Value
         6. Forestry Insurance
            1. By Value

12. 4. 2. By Organization

1. 1. 1. 1. Introduction
            1. Organization By Value
         2. Government
            1. By Value
         3. Private
            1. By Value

12. 5. Mexico
    6. Argentina
    7. Chile
    8. Colombia
    9. Rest Of LATAM

13. COMPETITIVE ASSESSMENT

13. 1. Adoption Matrix
    2. Agriculture Insurance Market Share By Manufacturers
    3. Agriculture Insurance Market Ranking By Revenue For Manufacturers
    4. Average Price By Manufacturers
    5. Vendor Footprint Analysis

14. MARKET PLAYERS ASSESSMENT

14. 1. Allianz SE

14. 1. 1. Overview
       2. Business Information
       3. Revenue
       4. ASP
       5. Gross Margin
       6. Swot Analysis
       7. Recent Developmments

14. 2. American Agricultural Insurance Company
    3. Aries Argo Limited
    4. HDFC ERGO General Insurance Company Limited
    5. Philippines Crop Insurance Corporation
    6. Rural Community Insurance Company
    7. Tata AIG General Insurance Company Limited.

15. RESEARCH METHODOLOGY

15. 1. Research Data

15. 1. 1. Secondary Data

1. 1. 1. 1. Major Secondary Sources
         2. Key Data From Secondary Sources

15. 1. 2. Primary Data

1. 1. 1. 1. Key Data From Primary Sources
         2. Breakdown Of Primaries

15. 1. 3. Secondary And Primary Research

1. 1. 1. 1. Key Industry Insights

15. 2. Market Size Estimation

15. 2. 1. Bottom-Up Approach
       2. Top-Down Approach
       3. Market Projection

15. 3. Research Assumptions

15. 3. 1. Assumptions

15. 4. Limitations
    5. Risk Assessment

16. APPENDIX

16. 1. Discussion Guide
    2. Customization Options
    3. Related Reports

17. DISCLAIMER

Table of Content and Figure @ https://straitsresearch.com/report/agriculture-insurance-market/toc

Market News

• In February 2022, HDFC ERGO General Insurance entered into a first-of-its-kind partnership with Visa, the world leader in digital payments, to provide specialized insurance protection for Platinum Visa cardholders at certain Public Sector banks.
• In June 2022, Allianz provides long-term committed capacity for the Coalition’s US cyber insurance programs.

News Media

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