Agricoltura
Agricultural Insurance Market to Reach $67.4 Billion Globally by 2032 at 5.8% CAGR: Allied Market Research
The dependency of farmers on weather-based conditions for rain, various risks due to climate change, and frequent occurrence of plant diseases are the factors expected to drive the growth of the global agricultural insurance market in the forecast period from 2023 to 2032. However, the high cost of premiums and the inability of this insurance to reach marginal farmers may hamper the agricultural insurance market growth in the coming future. On the contrary, the awareness campaigns to drive the importance and advantages of agricultural insurance is expected to offer remunerative opportunities for the expansion of the agricultural insurance market during the forecast period.
The multi-peril crop insurance (MPCI) sub-segment of the global agricultural insurance market accounted for the largest share of 59.6% in 2022 and is expected to grow at a CAGR of 6.0% during the forecast period. This is mainly because multi-peril crop insurance (MPCI) policies protect agricultural producers against a variety of naturally occurring hazards. In addition to the dangers covered by ordinary loss of yield coverage, these combination plans cover value loss owing to a change in market price throughout the crop insurance period.
The banks sub-segment of the global market accounted for the highest share of 50.0% in 2022 and is projected to rise at a CAGR of 6.1% during the forecast period. This is mainly because banks are a major source of financial resources for farmers globally. As key financial institutions, banks have established themselves as a primary channel for offering insurance products to farmers worldwide. Due to their extensive reach, banks effectively bridge the gap between insurance providers and the agricultural community. By leveraging their established networks and expertise in financial services, banks have emerged as the preferred choice for farmers seeking reliable coverage and seamless access to insurance solutions.
The agricultural insurance market in the North America region accounted for the largest share of 45.4% in 2022 and is predicted to continue to hold major market share by 2032. This growth is mainly due to the government initiatives to expand infrastructure in the insurance sectors and the improving economic situation in the region. In addition, the agricultural industry in North America is vulnerable to a broad range of hazards, including weather variations, market volatility, and pests, due to its diversified crop and farming practices.
The report provides a detailed analysis of the key players of the global agricultural insurance market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
by Type (Facultative Reinsurance, Treaty Reinsurance), by Product (Disease Insurance, Medical Insurance), by Distribution Channel (Direct Writing, Broker): Global Opportunity Analysis and Industry Forecast, 2023-2032
by Type (Life Insurance, Non-life Insurance), by Interest Rate (Fixed Interest Rate, Floating Interest Rate), by Provider (Banks, NBFCs, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
by Component (Solution, Service), by Deployment Mode (On-premise, Cloud), by Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises), by End User (Business, Individual): Global Opportunity Analysis and Industry Forecast, 2023-2032
by Service Type (Money Transfer, Currency Exchange), by End User (Business, Individual): Global Opportunity Analysis and Industry Forecast, 2023-2032
by Type (Family Takaful, General Takaful), by Distribution Channel (Agents and Brokers, Banks, Direct Response, Others), by Application (.Personal, Commercial): Global Opportunity Analysis and Industry Forecast, 2023-2032
by Business Model (Traditional Lending, Alternate Marketplace Lending), by Loan Type (Consumer Credit Loans, Small Business Loans, Student Loans, Real estate Loans), by End User (Business, Personal): Global Opportunity Analysis and Industry Forecast, 2023-2032
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