Market Overview:
The global farm insurance market is expected to grow at a CAGR of 7.5% from 2018 to 2030. The market growth is attributed to the increasing demand for crop/MPCI, crop/hail, livestock, and other applications across the globe. In addition, the growing awareness about the benefits of farm insurance among farmers is also propelling the growth of this market. Based on type, the global farm insurance market can be segmented into bancassurance, digital & direct channel, broker-based distribution channels and agency-based distribution channels. Bancassurance dominates this market owing to its wide reach and easy accessibilities offered by banks to their customers. Digital & direct channel is projected to grow at a high rate during the forecast period as it offers convenience and transparency in transactions for both buyers and sellers.
Product Definition:
Farm Insurance is a type of property insurance that covers farms and their contents from certain risks, such as fire, theft, or storm damage. The importance of Farm Insurance is that it can help protect farmers from financial losses if their farm is damaged or destroyed.
Bancassurance:
Bancassurance is a new term in the insurance industry. It is an arrangement between banks and insurance companies, where the bank acts as an agent for both financial institutions providing various services such as savings accounts, checking accounts, loans, credit cards etc., and also provides insurance facilities to its customers. In return for these services provided by the bank; Insurance company pays a commission (marketing fees) to bank every year based on volume of business done.
Digital & Direct Channel:
Digital and direct channel are two different ways to sell farm products. Digital channel is the newer way of selling farm products and it's main use is in online sales of farm products. It has many advantages over the traditional way such as no middle man, easy payment method, less time consumption etc.
Application Insights:
The crop/MPCI application segment accounted for the largest market share in 2017 and is projected to expand at a CAGR of XX% over the forecast period. The growth can be attributed to increasing demand for crop insurance as a tool against risks associated with natural disasters, such as floods and droughts. Furthermore, growing use of technology by companies such as Aon Benfield to provide cover to farmers on a digital platform is expected to drive the growth further.
Crop/Hail application segment was valued over USD 100 billion in 2017 and is estimatedto reach USD 156 billion by 2030 driven primarily by high adoption ratesin emerging economies including China, India, Brazil and Mexico among others in Latin America region where climatic conditions are favorable for hail-induced damage.
Regional Analysis:
Asia Pacific dominated the global farm insurance market in 2017. The region is expected to witness significant growth over the forecast period owing to increasing demand for crop and livestock insurance policies from emerging economies, such as China and India. In addition, favorable government regulations aimed at promoting agricultural production are anticipated to drive regional growth over the next eight years.
The European market held a share of around 25% in terms of premium income in 2017 on account of high adoption levels for coverage against natural calamities across countries like Spain, France, Italy and Russia among others. However, factors like low arable area; short growing seasons; complex soil types; variable weather conditions etc.; limit productivity which has led to a decline in crop/livestock insurance since 2014 resulting into lower revenue generation capacity for insurers operating within Europe thus affecting overall industry growths negatively since then.
Growth Factors:
- Increasing demand for organic food: The global market for organic food is projected to grow at a CAGR of more than 14% from 2016 to 2021. This growth can be attributed to the increasing awareness about the benefits of organic food among consumers.
- Rising demand for convenience foods: The growing trend of busy lifestyles has led to an increase in the demand for convenience foods, which are easy-to-prepare and do not require a lot of time. This is expected to benefit the farm insurance market as well, as it offers coverage against losses incurred due to damage or destruction of crops caused by natural calamities or accidents.
- Growing population and rising income levels: The global population is expected to reach 9 billion by 2050, while the middle class is estimated to grow from 1 billion in 2010 to 3 billion by 2030. Both these factors are likely to drive the demand for agricultural products, thereby benefiting the farm insurance market as well..
Scope Of The Report
Report Attributes
Report Details
Report Title
Farm Insurance Market Research Report
By Type
Bancassurance, Digital & Direct Channel, Broker, Agency
By Application
Crop/MPCI, Crop/Hail, Livestock, Other
By Companies
PICC, Zurich (RCIS), Chubb, QBE, China United Property Insurance, American Financial Group, Prudential, XL Catlin, Everest Re Group, Sompo International (Endurance Specialty), CUNA Mutual, Agriculture Insurance Company of India, Tokio Marine, CGB Diversified Services, Farmers Mutual Hail, Archer Daniels Midland, New India Assurance, ICICI Lombard
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
121
Number of Tables & Figures
85
Customization Available
Yes, the report can be customized as per your need.
Global Farm Insurance Market Report Segments:
The global Farm Insurance market is segmented on the basis of:
Types
Bancassurance, Digital & Direct Channel, Broker, Agency
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Crop/MPCI, Crop/Hail, Livestock, Other
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- PICC
- Zurich (RCIS)
- Chubb
- QBE
- China United Property Insurance
- American Financial Group
- Prudential
- XL Catlin
- Everest Re Group
- Sompo International (Endurance Specialty)
- CUNA Mutual
- Agriculture Insurance Company of India
- Tokio Marine
- CGB Diversified Services
- Farmers Mutual Hail
- Archer Daniels Midland
- New India Assurance
- ICICI Lombard
Highlights of The Farm Insurance Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Bancassurance
- Digital & Direct Channel
- Broker
- Agency
- By Application:
- Crop/MPCI
- Crop/Hail
- Livestock
- Other
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Farm Insurance Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Farm insurance is a type of insurance that helps protect farmers and their families from financial losses caused by natural disasters, such as floods or hurricanes. Farmers typically receive coverage for crops, livestock, equipment, and other property.
Some of the key players operating in the farm insurance market are PICC, Zurich (RCIS), Chubb, QBE, China United Property Insurance, American Financial Group, Prudential, XL Catlin, Everest Re Group, Sompo International (Endurance Specialty), CUNA Mutual, Agriculture Insurance Company of India, Tokio Marine, CGB Diversified Services, Farmers Mutual Hail, Archer Daniels Midland, New India Assurance, ICICI Lombard.
The farm insurance market is expected to grow at a compound annual growth rate of 7.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Farm Insurance Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Farm Insurance Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Farm Insurance Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Farm Insurance Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Farm Insurance Market Size & Forecast, 2018-2028
4.5.1 Farm Insurance Market Size and Y-o-Y Growth
4.5.2 Farm Insurance Market Absolute $ Opportunity
Chapter 5 Global Farm Insurance Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Farm Insurance Market Size Forecast by Type
5.2.1 Bancassurance
5.2.2 Digital & Direct Channel
5.2.3 Broker
5.2.4 Agency
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Farm Insurance Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Farm Insurance Market Size Forecast by Applications
6.2.1 Crop/MPCI
6.2.2 Crop/Hail
6.2.3 Livestock
6.2.4 Other
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Farm Insurance Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Farm Insurance Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Farm Insurance Analysis and Forecast
9.1 Introduction
9.2 North America Farm Insurance Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Farm Insurance Market Size Forecast by Type
9.6.1 Bancassurance
9.6.2 Digital & Direct Channel
9.6.3 Broker
9.6.4 Agency
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Farm Insurance Market Size Forecast by Applications
9.10.1 Crop/MPCI
9.10.2 Crop/Hail
9.10.3 Livestock
9.10.4 Other
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Farm Insurance Analysis and Forecast
10.1 Introduction
10.2 Europe Farm Insurance Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Farm Insurance Market Size Forecast by Type
10.6.1 Bancassurance
10.6.2 Digital & Direct Channel
10.6.3 Broker
10.6.4 Agency
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Farm Insurance Market Size Forecast by Applications
10.10.1 Crop/MPCI
10.10.2 Crop/Hail
10.10.3 Livestock
10.10.4 Other
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Farm Insurance Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Farm Insurance Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Farm Insurance Market Size Forecast by Type
11.6.1 Bancassurance
11.6.2 Digital & Direct Channel
11.6.3 Broker
11.6.4 Agency
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Farm Insurance Market Size Forecast by Applications
11.10.1 Crop/MPCI
11.10.2 Crop/Hail
11.10.3 Livestock
11.10.4 Other
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Farm Insurance Analysis and Forecast
12.1 Introduction
12.2 Latin America Farm Insurance Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Farm Insurance Market Size Forecast by Type
12.6.1 Bancassurance
12.6.2 Digital & Direct Channel
12.6.3 Broker
12.6.4 Agency
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Farm Insurance Market Size Forecast by Applications
12.10.1 Crop/MPCI
12.10.2 Crop/Hail
12.10.3 Livestock
12.10.4 Other
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Farm Insurance Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Farm Insurance Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Farm Insurance Market Size Forecast by Type
13.6.1 Bancassurance
13.6.2 Digital & Direct Channel
13.6.3 Broker
13.6.4 Agency
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Farm Insurance Market Size Forecast by Applications
13.10.1 Crop/MPCI
13.10.2 Crop/Hail
13.10.3 Livestock
13.10.4 Other
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Farm Insurance Market: Competitive Dashboard
14.2 Global Farm Insurance Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 PICC
14.3.2 Zurich (RCIS)
14.3.3 Chubb
14.3.4 QBE
14.3.5 China United Property Insurance
14.3.6 American Financial Group
14.3.7 Prudential
14.3.8 XL Catlin
14.3.9 Everest Re Group
14.3.10 Sompo International (Endurance Specialty)
14.3.11 CUNA Mutual
14.3.12 Agriculture Insurance Company of India
14.3.13 Tokio Marine
14.3.14 CGB Diversified Services
14.3.15 Farmers Mutual Hail
14.3.16 Archer Daniels Midland
14.3.17 New India Assurance
14.3.18 ICICI Lombard
