According to a market
report by Lucintel, the future of the global agricultural insurance market looks promising with
opportunities in the multi-peril crop insurance, crop-hail insurance, and
livestock markets. The global agricultural insurance market is expected to
reach an estimated $48.5 billion by 2030 with a CAGR of 3.5% from 2024 to 2030.
The major drivers for this market are increased use of agricultural insurance,
growing demand for safeguards against losses in the agricultural industry, as well
as, initiatives to educate farmers of all stripes on the value and benefits of
agriculture insurance.
In this market, banks,
insurance companies, and brokers/agents are the major segments of agricultural
insurance market by application type.
Lucintel forecast that
insurance companies is expected to witness highest growth over the forecast
period because of the knowledge and assets to oversee and underwrite policies
in the agricultural insurance sector, as well as, to connect with farmers and
other agricultural producers, they also have a large network of agents and
brokers.
Within this market,
multi-peril crop insurance will remain the highest growing segment because of
the benefits provided as well as the fact that many farmers plant a variety of
crops seasonally and sporadically in order to boost yield and boost
profitability.
North America is
expected to witness highest growth over the forecast period due to the growing
awareness of risk management strategies and insurance packages combined with
emerging economies, along with the growing investments made by regional
manufacturers on technical innovations.
China United Property
Insurance, ICICI Lombard, Chubb, QBE, CUNA Mutual, Farmers Mutual Hail,
Agriculture Insurance Company Of India, PICC, and American Financial are the
major suppliers in the agricultural insurance.
This unique research
report will enable you to make confident business decisions in this globally
competitive marketplace. For a detailed table of contents, contact Lucintel at
+1-972-636-5056 or write us at helpdesk@lucintel.com.
About Lucintel
At Lucintel, we offer solutions for
you growth through game changer ideas and robust market &
unmet needs analysis. We are based in
Dallas, TX and have been a trusted advisor for 1,000+ clients for over 20
years. We are quoted in several publications like the Wall Street Journal,
ZACKS, and the Financial Times.
Contact:
Roy Almaguer
Lucintel
Dallas, Texas, USA
Email: roy.almaguer@lucintel.com
Tel. 972.636.5056
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