Agriculture Insurance Market Outlook - 2027
The global agriculture insurance market size is experiencing a significant growth, and is expected significantly in the next few years, owing to rise in awareness of agriculture insurance among emerging countries across the globe. Agricultural insurance is a type of insurance which is used by farmers and other land owners to protect their corps against various damages and natural calamities. In addition, various farmers across the globe are purchasing agricultural insurance to protect their crops and to improve their profit margin. Furthermore, it also provides coverage of agriculture related product from various natural disasters such as drought, flood and cyclone. In addition, various governments across the globe are providing free insurance facilities to framers to eradicate poverty from various countries and to provide different benefits to farmers.
COVID-19 Scenario Analysis:
Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost all countries around the globe, with the WHO declaring it a public health emergency. The global impacts of the disease are already starting to be felt, and expected to significantly affect the global agriculture insurance market in 2020.
Though governments have imposed lockdowns to contain spread of the virus, various migrant labors have shifted to their home towns, which is negatively impacting growth of the market.
Various governments are providing different facilities to farmers, which propels the growth of the market. For instance, immediately after the nation-wide lockdown was announced, the Indian Finance Minister declared an INR 1.7 trillion package, mostly to protect vulnerable sections (including farmers) from any adverse impacts of the corona pandemic.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, And Impact Analysis
Growth in commercialization of farming across the globe and adoption of contract farming drives growth of the market. In addition, uncertainty of nature, government support for agricultural activities and increase in traction of risk assessment and management propels growth of the market. Moreover, low awareness among farmers and lack of standardization about the insurance sector hampers growth of the market. Furthermore, surge of unfavorable weather and rise in adoption of agriculture insurance among emerging countries of Asia-Pacific are expected to provide lucrative opportunities for the global agriculture insurance industry.
The market trends for global agriculture insurance market are as follow:
Asia-Pacific region to dominate the market growth:
Asia-Pacific is expected to have the largest agriculture insurance market share during the forecast period, owing to emerging economies such as India, China, and South Korea and increase in adoption of agriculture insurance in Asian countries. In addition, governments of various Asian countries are providing different schemes for their farmers to improve their agriculture sector.
Growth in adoption of new and attractive schemes by the insurance companies
Agriculture insurance companies are launching new schemes and adopting new strategies in the insurance sector alongside significant investments, which is expected to drive the market growth in years to come. The agriculture insurance segment is expected to witness a rapid growth in the coming years, owing numerous initiatives provided by public and private sectors.
Key benefits of the report:
- This study presents analytical depiction of the global agriculture insurance market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
- The current market is quantitatively analyzed to highlight the global agriculture insurance market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis based on the present and future competitive intensity of the market.
Questions answered in the global agriculture insurance market research report:
- Who are the leading market players active in the global agriculture insurance market forecast?
- What would be the detailed impact of COVID-19 on the global agriculture insurance market?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the global agriculture insurance market?
- What are the projections for the future that would help in taking further strategic steps?
Agriculture Insurance Market Report Highlights
| Aspects | Details |
 By Product |
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 By Organization |
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 By DISTRIBUTION CHANNEL |
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 By Region |
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 Key Market Players | China Re Group, MAPFRE, Aviva, Munich Re Group, Sompo Japan Nipponkoa, Liberty Mutual, MetLife, AXA, Zurich Insurance Group, Allianz |
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