The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The rising occurrence of bad weather conditions is likely to promote crop insurance manufacturing innovation, hence driving the market throughout the forecast period.

The global crop insurance market is expected to grow from $36.98 billion in 2022 to $40.53 billion in 2023 at a compound annual growth rate (CAGR) of 9.60%. The global crop insurance market size is expected to reach $54.26 billion in 2027 at a CAGR of 7.57%.

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Global Crop Insurance Market Segments Include:

• By Type: Crop Yield Insurance, Crop Revenue Insurance
• By Coverage: Multi-Peril Crop Insurance (MPCI), Crop-Hail Insurance
• By Distribution Channel: Banks, Insurance Companies, Brokers Or Agents, Other Distribution Channels
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global crop insurance market in 2021.

Major Market Players in the crop insurance market include Agriculture Insurance Company of India Limited, American Financial Group Inc., Chubb Corp, ICICI Lombard General Insurance Company Limited, QBE Insurance Group Ltd., Sompo International.

Product innovation has emerged as the most popular trend in the crop insurance market. To maintain their market position, major players in the factoring market are focusing on creative solutions. For example, in October 2022, HDFC ERGO General Insurance Company Ltd., an India-based financial services provider, issued a farm yield insurance policy backed by technology for farmers. It is a first-of-its-kind insurance solution that provides coverage at the farm level through the use of a satellite-based index based on satellite-based data and provides comprehensive coverage over the whole crop life cycle, from planting to harvesting. The company noted in a press release. The product is intended for farmers with corporate/farm input company (FIC) contracts and is valid for food, oilseed, commercial, or horticultural crops.

The Crop Insurance Global Market Report 2023  provides a crop insurance market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The crop insurance market forecast analyzes crop insurance market size, crop insurance market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Crop insurance is a comprehensive, yield-based policy meant to cover farmers’ losses caused by production challenges. It covers losses caused by weather, accidents, or any other unfavourable situations that result in a reduction in a farmer’s revenue.

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