Crop Insurance Market by Manufacturers, Product Types, Cost Structure Analysis, Leading Countries, Companies to 2027
The report also helps in understanding Crop Insurance Market dynamics, structure by analyzing the market segments and projects the Crop Insurance Market size. Clear representation of competitive analysis of key players by Type, price, financial position, Product portfolio, growth strategies, and regional presence in the Crop Insurance Market make the report investor’s
Crop Insurance Market : was valued at US$ 2.46 Bn. in 2021. The Global Crop Insurance Market size is estimated to grow at a CAGR of 6.87 % over the forecast period.
Crop Insurance Market Overview: The Crop Insurance market research provides a full competition picture, including the market share and company profiles of the major players in the worldwide industry. The scope of the research covers a complete examination of the Crop Insurance Market, as well as the causes for variances in the industry's growth in different areas.
This Crop Insurance market report covers new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographies, and product approvals, product launches. To learn more about Maximize Market Research Crop Insurance market, please contact us for an Analyst Brief; our experts will assist you in making an informed market choice to achieve your goals.
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Segmentation:
By Coverage Type, the global Crop Insurance market is segmented into Multi-peril Crop Insurance (MPCI) and crop-hail insurance. MPCI is a government-sponsored and regulated crop insurance program that is offered and serviced by private crop insurance companies and brokers. More than 78 % of farmers who purchase crop insurance choose MPCI. The cost of insurance and the amount an insurer will payout in the event of a loss are determined by the crop's value. MPCI is accessible for over 120 crops, albeit not all crops are available in every geographic area. Each planting season, MPCI policies must be purchased by federal government deadlines before a crop is grown. If the damage is discovered early enough in the growing season, the policy may contain incentives to replant or penalties for failing to replant. Thus, due to various attributes offered by MPCI, it is expected to dominate the market during the projection period.
By Application, the Crop Insurance Market is divided into, Banks, Insurance Companies, Brokers/Agents and Others. Crop Insurance Market is dominated by insurance companies followed by banks and brokers, this trend is expected to continue during the projection period. For example, in India, the five years since the PMFBY scheme's inception, these companies have received USD 16.31 Bn. in premium payments and paid USD 8.73 Bn. in loss claims to farmers, resulting in a savings of almost 31%. According to the research, the scheme benefited 72.5 million farmers between April 2016 and December 14, 2020. According to the department, farmers submitted 269.9 million crop insurance applications covering 235.4 million hectares of crops.
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Key Players: The entire approach involves a review of the financial reports of the major market participants. Following the determination of the overall market size, the complete market was divided into many segments and sub-segments and checked with key industry professionals such as CEOs, VPs, directors, and marketing executives. The major players in the Crop Insurance market are
• Agriculture Insurance Co. of India Ltd.
• American Financial Group Inc.
• American International Group Inc.
• AmTrust Financial Services Inc.
• AXA Group
• Chubb Ltd.
• Groupama Assurances Mutuelles
• ICICI Bank Ltd.
• Indian Farmers Fertiliser Cooperative Ltd. (IFFCO)
• QBE Insurance Group Ltd.
Regional Analysis: The region portion of the Crop Insurance market study also includes individual market affecting elements and changes in legislation in the market that affect present and future market trends. Current and future trends are discussed in order to estimate the entire market potential and to highlight profitable trends in order to obtain a firmer footing. The geographic market assessment is based on the existing scenario and predicted developments.
COVID-19 Impact Analysis on Crop Insurance Market:
Following the outbreak of the pandemic, end-user sectors where Crop Insurance are used had a fall in growth from January to May in a variety of countries, including China, Italy, Germany, the United Kingdom, the United States, Spain, France, and India, due to a suspension in operations. This resulted in a major decrease in the revenues of firms operating in these industries and, as a consequence, in demand for Crop Insurance manufacturers, influencing the growth of the Crop Insurance market in 2020. With lockdowns and a rising number of COVID-19 cases throughout the world, the demand for Crop Insurance from end-user businesses has decreased significantly.
Key Questions Answered in the Crop Insurance Market Report are:
- Which are the major companies in the Crop Insurance market?
- Which is the potential market for Crop Insurance in terms of the region?
- What are the opportunities for new market entrants?
- What is expected to drive the growth of the market in the next seven years?
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