Crop Insurance Market Size to Grow by USD 10.59 billion | Agriculture Insurance Co. of India Ltd. and American Financial Group Inc. Among Key Vendors | Technavio

NEW YORK, April 11, 2022 /PRNewswire/ -- According to the report "Crop Insurance Market by Product and Geography - Forecast and Analysis 2022-2026", the market will witness a YOY growth of 6.05% in 2022 and a CAGR of 5.43% during the forecast period. The report is segmented by product (indemnity-based and index-based) and geography (North America, APAC, Europe, South America, and Middle East and Africa).

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The report also covers the following areas:

• Crop Insurance Market Size
• Crop Insurance Market Trends
• Crop Insurance Market Industry Analysis

Vendor Insights 

The crop insurance market is concentrated, and the vendors are deploying growth strategies such as maintaining agents for distributing crop insurance schemes and offering indemnity or index-based products that cover specific risks to compete in the market. The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Agriculture Insurance Co. of India Ltd.
• American Financial Group Inc.
• American International Group Inc.
• AmTrust Financial Services Inc.
• AXA Group
• Chubb Ltd.
• Groupama Assurances Mutuelles
• ICICI Bank Ltd.
• Indian Farmers Fertiliser Cooperative Ltd. (IFFCO)
• QBE Insurance Group Ltd.
• Santam Ltd.
• Sompo Holdings Inc.
• The New India Assurance Co. Ltd.
• Tokio Marine Holdings Inc.
• Zurich Insurance Co. Ltd.

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Geographical Market Analysis 

APAC will provide maximum growth opportunities in the market. According to our research, the region will contribute to 32% of the global market growth during the forecast period. China and India are the key countries for the crop insurance market in APAC. The presence of large tracts of agricultural land and favorable climatic conditions will drive the crop insurance market growth in APAC during the forecast period.

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Key Segment Analysis

The crop insurance market share growth by the indemnity-based segment will be significant during the forecast period. This type of insurance protects the policyholder from losses incurred from a crop loss. The payment of claims is calculated based on the number of losses. MPCI is comprehensive insurance that covers most agricultural risks. Moreover, governments of various countries are trying to support the adoption of MPCI by offering subsidies on the premium. Such government initiatives may drive the segment growth during the forecast period.

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Key Market Drivers & Challenges: 

Frequent extreme weather conditions due to global warming is one of the key drivers supporting the crop insurance market growth. According to the National Oceanic and Atmospheric Administration of the US, there is a strong correlation between climate change and extreme weather events. The demand for crop insurance has increased to reduce the risk of crops being damaged. Such an increasing demand for crop insurance will drive market growth during the forecast period.

Problems of moral hazard and adverse selection in crop insurance are challenging the crop insurance market growth. This affects indemnity-based insurance schemes. These schemes need to monitor the values of indexes such as the amount of rainfall or vegetation index. However, their adoption remains limited due to the lack of data. Such challenges will limit the market growth during the forecast period.

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Table of Contents

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 06: Executive Summary – Chart on Incremental Growth
• Exhibit 07: Executive Summary – Data Table on Incremental Growth
• Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 09: Parent market
• Exhibit 10: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 11: Offerings of vendors included in the market definition

• 3.2 Market segment analysis
• Exhibit 12: Market segments

• 3.3 Market size 2021

• 3.4 Market outlook: Forecast for 2021-2026
• Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
• Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
• Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
• Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

• 4.1 Five forces summary
• Exhibit 17: Five forces analysis - Comparison between2021 and 2026

• 4.2 Bargaining power of buyers
• Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026

• 4.3 Bargaining power of suppliers
• Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

• 4.4 Threat of new entrants
• Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026

• 4.5 Threat of substitutes
• Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026

• 4.6 Threat of rivalry
• Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026

• 4.7 Market condition
• Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by Product

• 5.1 Market segments
• Exhibit 24: Chart on Product - Market share 2021-2026 (%)
• Exhibit 25: Data Table on Product - Market share 2021-2026 (%)

• 5.2 Comparison by Product
• Exhibit 26: Chart on Comparison by Product
• Exhibit 27: Data Table on Comparison by Product

• 5.3 Indemnity-based - Market size and forecast 2021-2026
• Exhibit 28: Chart on Indemnity-based - Market size and forecast 2021-2026 ($ million)
• Exhibit 29: Data Table on Indemnity-based - Market size and forecast 2021-2026 ($ million)
• Exhibit 30: Chart on Indemnity-based - Year-over-year growth 2021-2026 (%)
• Exhibit 31: Data Table on Indemnity-based - Year-over-year growth 2021-2026 (%)

• 5.4 Index-based - Market size and forecast 2021-2026
• Exhibit 32: Chart on Index-based - Market size and forecast 2021-2026 ($ million)
• Exhibit 33: Data Table on Index-based - Market size and forecast 2021-2026 ($ million)
• Exhibit 34: Chart on Index-based - Year-over-year growth 2021-2026 (%)
• Exhibit 35: Data Table on Index-based - Year-over-year growth 2021-2026 (%)

• 5.5 Market opportunity by Product
• Exhibit 36: Market opportunity by Product ($ million)

6 Customer Landscape

• 6.1 Customer landscape overview
• Exhibit 37: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

• 7.1 Geographic segmentation
• Exhibit 38: Chart on Market share by geography 2021-2026 (%)
• Exhibit 39: Data Table on Market share by geography 2021-2026 (%)

• 7.2 Geographic comparison
• Exhibit 40: Chart on Geographic comparison
• Exhibit 41: Data Table on Geographic comparison

• 7.3 North America - Market size and forecast 2021-2026
• Exhibit 42: Chart on North America - Market size and forecast 2021-2026 ($ million)
• Exhibit 43: Data Table on North America - Market size and forecast 2021-2026 ($ million)
• Exhibit 44: Chart on North America - Year-over-year growth 2021-2026 (%)
• Exhibit 45: Data Table on North America - Year-over-year growth 2021-2026 (%)

• 7.4 APAC - Market size and forecast 2021-2026
• Exhibit 46: Chart on APAC - Market size and forecast 2021-2026 ($ million)
• Exhibit 47: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
• Exhibit 48: Chart on APAC - Year-over-year growth 2021-2026 (%)
• Exhibit 49: Data Table on APAC - Year-over-year growth 2021-2026 (%)

• 7.5 Europe - Market size and forecast 2021-2026
• Exhibit 50: Chart on Europe - Market size and forecast 2021-2026 ($ million)
• Exhibit 51: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
• Exhibit 52: Chart on Europe - Year-over-year growth 2021-2026 (%)
• Exhibit 53: Data Table on Europe - Year-over-year growth 2021-2026 (%)

• 7.6 South America - Market size and forecast 2021-2026
• Exhibit 54: Chart on South America - Market size and forecast 2021-2026 ($ million)
• Exhibit 55: Data Table on South America - Market size and forecast 2021-2026 ($ million)
• Exhibit 56: Chart on South America - Year-over-year growth 2021-2026 (%)
• Exhibit 57: Data Table on South America - Year-over-year growth 2021-2026 (%)

• 7.7 Middle East and Africa - Market size and forecast 2021-2026
• Exhibit 58: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
• Exhibit 59: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
• Exhibit 60: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
• Exhibit 61: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)

• 7.8 US - Market size and forecast 2021-2026
• Exhibit 62: Chart on US - Market size and forecast 2021-2026 ($ million)
• Exhibit 63: Data Table on US - Market size and forecast 2021-2026 ($ million)
• Exhibit 64: Chart on US - Year-over-year growth 2021-2026 (%)
• Exhibit 65: Data Table on US - Year-over-year growth 2021-2026 (%)

• 7.9 China - Market size and forecast 2021-2026
• Exhibit 66: Chart on China - Market size and forecast 2021-2026 ($ million)
• Exhibit 67: Data Table on China - Market size and forecast 2021-2026 ($ million)
• Exhibit 68: Chart on China - Year-over-year growth 2021-2026 (%)
• Exhibit 69: Data Table on China - Year-over-year growth 2021-2026 (%)

• 7.10 Spain - Market size and forecast 2021-2026
• Exhibit 70: Chart on Spain - Market size and forecast 2021-2026 ($ million)
• Exhibit 71: Data Table on Spain - Market size and forecast 2021-2026 ($ million)
• Exhibit 72: Chart on Spain - Year-over-year growth 2021-2026 (%)
• Exhibit 73: Data Table on Spain - Year-over-year growth 2021-2026 (%)

• 7.11 India - Market size and forecast 2021-2026
• Exhibit 74: Chart on India - Market size and forecast 2021-2026 ($ million)
• Exhibit 75: Data Table on India - Market size and forecast 2021-2026 ($ million)
• Exhibit 76: Chart on India - Year-over-year growth 2021-2026 (%)
• Exhibit 77: Data Table on India - Year-over-year growth 2021-2026 (%)

• 7.12 Canada - Market size and forecast 2021-2026
• Exhibit 78: Chart on Canada - Market size and forecast 2021-2026 ($ million)
• Exhibit 79: Data Table on Canada - Market size and forecast 2021-2026 ($ million)
• Exhibit 80: Chart on Canada - Year-over-year growth 2021-2026 (%)
• Exhibit 81: Data Table on Canada - Year-over-year growth 2021-2026 (%)

• 7.13 Market opportunity by geography
• Exhibit 82: Market opportunity by geography ($ million)

8 Drivers, Challenges, and Trends

• 8.1 Market drivers

• 8.2 Market challenges

• 8.3 Impact of drivers and challenges
• Exhibit 83: Impact of drivers and challenges in 2021 and 2026

• 8.4 Market trends

9 Vendor Landscape

• 9.1 Overview

• 9.2 Vendor landscape
• Exhibit 84: Overview on Criticality of inputs and Factors of differentiation

• 9.3 Landscape disruption
• Exhibit 85: Overview on factors of disruption

• 9.4 Industry risks
• Exhibit 86: Impact of key risks on business

10 Vendor Analysis

• 10.1 Vendors covered
• Exhibit 87: Vendors covered

• 10.2 Market positioning of vendors
• Exhibit 88: Matrix on vendor position and classification

• 10.3 Agriculture Insurance Co. of India Ltd.
• Exhibit 89: Agriculture Insurance Co. of India Ltd. - Overview
• Exhibit 90: Agriculture Insurance Co. of India Ltd. - Product / Service
• Exhibit 91: Agriculture Insurance Co. of India Ltd. - Key offerings

• 10.4 American Financial Group Inc.
• Exhibit 92: American Financial Group Inc. - Overview
• Exhibit 93: American Financial Group Inc. - Business segments
• Exhibit 94: American Financial Group Inc. - Key offerings
• Exhibit 95: American Financial Group Inc. - Segment focus

• 10.5 AmTrust Financial Services Inc.
• Exhibit 96: AmTrust Financial Services Inc. - Overview
• Exhibit 97: AmTrust Financial Services Inc. - Product / Service
• Exhibit 98: AmTrust Financial Services Inc. - Key news
• Exhibit 99: AmTrust Financial Services Inc. - Key offerings

• 10.6 AXA Group
• Exhibit 100: AXA Group - Overview
• Exhibit 101: AXA Group - Business segments
• Exhibit 102: AXA Group - Key offerings
• Exhibit 103: AXA Group - Segment focus

• 10.7 Chubb Ltd.
• Exhibit 104: Chubb Ltd. - Overview
• Exhibit 105: Chubb Ltd. - Business segments
• Exhibit 106: Chubb Ltd. - Key news
• Exhibit 107: Chubb Ltd. - Key offerings
• Exhibit 108: Chubb Ltd. - Segment focus

• 10.8 Groupama Assurances Mutuelles
• Exhibit 109: Groupama Assurances Mutuelles - Overview
• Exhibit 110: Groupama Assurances Mutuelles - Business segments
• Exhibit 111: Groupama Assurances Mutuelles - Key offerings
• Exhibit 112: Groupama Assurances Mutuelles - Segment focus

• 10.9 QBE Insurance Group Ltd.
• Exhibit 113: QBE Insurance Group Ltd. - Overview
• Exhibit 114: QBE Insurance Group Ltd. - Business segments
• Exhibit 115: QBE Insurance Group Ltd. - Key news
• Exhibit 116: QBE Insurance Group Ltd. - Key offerings
• Exhibit 117: QBE Insurance Group Ltd. - Segment focus

• 10.10 Sompo Holdings Inc.
• Exhibit 118: Sompo Holdings Inc. - Overview
• Exhibit 119: Sompo Holdings Inc. - Business segments
• Exhibit 120: Sompo Holdings Inc. - Key news
• Exhibit 121: Sompo Holdings Inc. - Key offerings
• Exhibit 122: Sompo Holdings Inc. - Segment focus

• 10.11 Tokio Marine Holdings Inc.
• Exhibit 123: Tokio Marine Holdings Inc. - Overview
• Exhibit 124: Tokio Marine Holdings Inc. - Business segments
• Exhibit 125: Tokio Marine Holdings Inc. - Key news
• Exhibit 126: Tokio Marine Holdings Inc. - Key offerings
• Exhibit 127: Tokio Marine Holdings Inc. - Segment focus

• 10.12 Zurich Insurance Co. Ltd.
• Exhibit 128: Zurich Insurance Co. Ltd. - Overview
• Exhibit 129: Zurich Insurance Co. Ltd. - Business segments
• Exhibit 130: Zurich Insurance Co. Ltd. - Key offerings
• Exhibit 131: Zurich Insurance Co. Ltd. - Segment focus

11 Appendix

• 11.1 Scope of the report

• 11.2 Inclusions and exclusions checklist
• Exhibit 132: Inclusions checklist
• Exhibit 133: Exclusions checklist

• 11.3 Currency conversion rates for US$
• Exhibit 134: Currency conversion rates for US$

• 11.4 Research methodology
• Exhibit 135: Research methodology
• Exhibit 136: Validation techniques employed for market sizing
• Exhibit 137: Information sources

• 11.5 List of abbreviations
• Exhibit 138: List of abbreviations

About Us: 

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. 

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