Agri crop insurance can ensure greater investment in crops. Crop loss occurs due to natural disasters like hail, drought, floods, or the loss of revenue due to price reduction of agricultural commodities.
According to MarketIntelReports' “ Global Agricultural Insurance Market by Manufacturers, Countries, Type and Application, Forecast to 2022”:
Browse 117 Pages and an in-depth TOC on “Agricultural Insurance Market 2017-2022 ” here
Crop insurance is supposed to protect against the damage to crops or livestock. It provides value to farmers having low income.
There are two types of crop insurance in the Agricultural Insurance Market namely crop yield insurance and crop revenue insurance. A farmer can grow a crop which is associated with an attribute that qualifies for a premium over similar commodity crops.
Farmers need a crop insurance program to tackle the risk of growing crops associated with a particular attribute.
Scope & Regional Forecast of the Agricultural Insurance Market
A farm insurance compensates policy holders for the losses. Agriculture is the main source of income for rural people in developing countries.
More than 2 billion people depend on the small holder farms for a living. Hence, it is important to improve the conditions for these holders, so that poverty levels are reduced.
The challenges for farmers include uncertain weather conditions affecting harvest, restricted access to inputs like fertiliser or seeds, and unfavourable trade policies. In agricultural marketing, the insurance has the potential to resolve these constraints.
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In Agricultural research, an insurance enables farmers to invest in more lucrative farm activities. The timely insurance payouts after a crop loss prevents the sale of assets.
It acts as a catalyst as lenders can extend credit to farmers in an agribusiness. In India, farmers having rainfall insurance shifted their investments to cash crops.
Bringing such schemes to scale for becoming sustainable is a big challenge for the Agricultural Insurance Market.
The success in insurance projects depends on the combination of insurance with other services like loans, in kind seed payouts, and government programs which improves the soil conditions and infrastructure.
Segmentations & Key Players Involved in the Agricultural Insurance Market
- Application- Crop/MPCI, Crop/Hail, Livestock, and Others.
- Region- North America (USA, Canada and Mexico), Europe (Germany, France, UK, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia), South America (Brazil, Argentina, Columbia etc.), and Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa).
Some of the key players involved in the Agricultural Insurance Market are as follows:
- Zurich (RCIS)
- China United Property Insurance
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