The global crop insurance market size reached USD 46.0 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 73.8 Billion by 2033, exhibiting a growth rate CAGR of 4.85%
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IMARC Group’s report titled “Crop Insurance Market Report by Coverage (Multi-Peril Crop Insurance (MPCI), Crop-Hail Insurance), Distribution Channel (Banks, Insurance Companies, Brokers and Agents, and Others), and Region 2025-2033”. The global crop insurance market size reached USD 46.0 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 73.8 Billion by 2033, exhibiting a growth rate (CAGR) of 4.85% during 2025-2033.
Factors Affecting the Growth of the Crop Insurance Industry:
Increasing Frequency of Extreme Weather Conditions:
Several weather disruptions, from more heat to unusual rain patterns and extreme weather events like hurricanes, wildfires, and droughts, cause farmers to fail in their crops and reduce Rio+PLUS production. To protect themselves from weather risks hurting their farms, farmers and farm businesses started taking out crop insurance. This insurance pays the company when climate factors cause them financial harm. From bad weather, it protects us by ensuring our money remains safe. The help they get lets farmers use modern farming methods, apply cutting-edge tools, and make their farming business grow.
New Farm Technology Improves How Farmers Work
Computers and sensors demand specific insurance coverage so farmers can plant precisely and handle their growing data. These new tools help monitor crops instantly and quickly measure crop damage. New tech helps farmers identify crop diseases quickly, and they can receive payment immediately. Data from satellites now helps farmers check weather conditions, track plant health conditions, and discover damages. Farmers can do more things online on mobile devices, from making accounts to making claims and talking to their insurance company.
Government Support:
Some payment examples are helpful for agricultural insurance. They help farmers by covering their costs, giving them money directly, or paying for things. Insurance companies get backup from reinsurance, which allows them to lower their prices. Insurance rates go down, and more farmers can afford it because government and private agencies offer discounts and lower insurance prices. As more countries join this measure, many are now making it mandatory that farmers must get crop insurance before planting a new crop. To get help with costs and some government programs, farmers must register for this crop protection scheme.
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Leading Companies Operating in the Global Crop Insurance Industry:
Agriculture Insurance Company of India Limited
Axa S.A.
Chubb Limited
Great American Insurance Company (American Financial Group Inc.)
ICICI Lombard General Insurance Company Limited (ICICI Bank Limited)
Philippine Crop Insurance Corporation
QBE Insurance Group
Santam (Sanlam)
Sompo International Holdings Ltd (Sompo Holdings Inc.)
Tokio Marine HCC
Zurich American Insurance Company
Crop Insurance Market Report Segmentation:
By Coverage:
Multi-Peril Crop Isurance (MPCI)
Crop-Hail Insurance
Multi-peril crop insurance dominates the crop insurance market due to its comprehensive coverage, which protects against a wide range of perils including weather events, pests, and yield fluctuations, providing farmers with a versatile risk management tool.
By Distribution Channel:
Banks
Insurance Companies
Brokers and Agents
Others
On the basis of distribution channel, the market has been classified into banks, insurance companies, brokers and agents, and others.
Regional Insights:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
North America's dominance in the crop insurance market is attributed to its large-scale commercial agriculture, government support and subsidies, and a well-established insurance infrastructure, making it the leading region for crop insurance adoption and market size.
Global Crop Insurance Market Trends:
The specific technologies related to precision agriculture are emerging as a market. The current technologies are very useful in helping the farmers to track crop, soil and growth. They also get problems on early intervention such as pest infestation or nutrient deficiencies. The growth of this segment is due to the IoT devices including the soil sensors, and weather stations among others.
The crop insurance industry is also going digital. This together with new insurance technology is positive. These platforms leverage data and the application of algorithms enabling much better risk assessment. They pull from such areas as satellite imagery and the Internet of Things sensors. This provides progressive information pertaining to crop risks. Relating developments are on demand insurances which are designed for small farmers.
Organic farming or environmentally safe farming are the new trends in doing farming. Now the insurers are encouraging farmers to embrace environmentally sustainable practices as they are able to offer them discounts. On the other hand, investments are making decisions based on the environmental and social indices. It is interacting with the farming communities to guarantee fair treatment and support to small farmers.
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