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2017-2025 Agriculture Insurance and Reinsurance Market | Analysis, Modeling, Risk Factors, Growth Strategies, Drivers, Dynamics, Forecast and more

Press Release   •   Apr 05, 2018 02:37 EDT

Market Scenario

More than a century ago, agriculture insurance started off. All kinds of agricultural production risks can be covered in all agricultural areas for instance, open-air crop production or in greenhouses, livestock, aquaculture or forestry. The focus of agriculture insurance policies lies in thoughtful risk assessment, risk-specific design of policy conditions and an experienced loss assessment process for indemnity-based products or a reliable and transparent procedure of yield assessment for multi-peril crop insurance products. Some of the insurance products are mentioned below:

  • Aquaculture insurance: Coverage of aquaculture stock and equipment
  • Crop hail insurance: Coverage of hail on standing crops
  • Greenhouse insurance: Coverage of the failure of technical facilities (e.g. heating, irrigation systems) and natural hazards (hail, wind, etc.)
  • Insurance of forestry plantations: Coverage of forestry plantations, risk management of planted trees
  • Livestock insurance: Coverage includes animal accident and life insurance, transport and quarantine, business interruption due to epidemics, diseases, technical malfunction
  • Multi-peril crop insurance: Coverage of all natural perils (drought, excessive rainfall, frost, windstorm, etc.)
  • Revenue insurance: Coverage of natural perils (drought, excessive rainfall, frost, windstorm, etc.) which is linked to commodity price fluctuations

Rapid growth of population & increased demand for food worldwide is the major growth factor for global agriculture insurance and reinsurance market. Uncertainty of nature, Governments’ Support to Agricultural activities and increased traction for risk assessment and management are some of the other growth factors for global agriculture insurance and reinsurance market. Lack of Standardized System and low awareness about concept of agriculture insurance are acting as the major restraints for global agriculture insurance and reinsurance market.

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Market Segmentation

Global Agriculture Insurance and Reinsurance Market have been segmented majorly on the basis of Application. On the basis of Application, the market is bifurcated into: direct insurance company, original insurer and others. By geography, Global Agriculture Insurance and Reinsurance Market are studied across North America, Europe, Asia-Pacific, and LAMEA.

Regional Analysis

In terms of geography market is divided into North America, Europe, Asia-Pacific and LAMEA. Of North America is expected to be the largest market for agriculture insurance and reinsurance. Progressive insurance market environment combined with the growing need of new innovative insurance plans is fuelling the growth of this market in North America region. Europe is expected to be the second largest market for agriculture insurance and reinsurance. Increased awareness about the benefits and need of agriculture insurance is driving the growth for this market in this region.

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Key Players

Prominent player from Agriculture Insurance and Reinsurance Market are Agriculture Insurance Company of India Limited (AIC), Agroinsurance, Allianz Re, Aon, AXIS Capital, BlueOrchard Finance S.A., Endurance Specialty Holdings, Munich Re, Swiss Re, and XL Catlin.

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Mr. Kevin Thomas
Garner Insights
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