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市场调查报告书
商品编码
1475030
全球农作物保险市场评估:依类型、承保类型、保险公司类型、地区、机会、预测(2017-2031)Crop Insurance Market Assessment, By Type, By Coverage Type, By Insurer Type, By Region, Opportunities and Forecast, 2017-2031F |
全球农作物保险市场规模预计将从 2023 年的 423.8 亿美元增至 2031 年的 676.5 亿美元,预计 2024-2031 年的复合年增长率为 6.02%。 农业是世界经济中最重要的部门和实践之一。 然而,由于直接参与农业的农民和耕种者的利益始终处于风险之中,农作物保险成为了一个重要的工具。 全球农作物保险市场在保护农民免受自然灾害、恶劣天气、虫害和市场波动造成的农作物损失相关经济风险方面发挥着重要作用。 农作物保险为农民提供重要保护,确保农场生计稳定,促进粮食安全并支持世界各地的永续农业。
根据联合国粮食及农业组织 (FAO) 的一项研究,2019 年全球约有 12.3 亿人在农业食品系统中工作,几乎占世界上生活在与农业相关的家庭中的总人口。系统就这样了。 为了保护如此庞大人口的利益,农作物保险成为应对经济不确定性、确保全球经济整体成长的重要工具。 全球农作物保险市场由从政府机构到私人公司的多家公司组成,提供各种产品,旨在减轻农民面临的独特风险并增强他们面对逆境的抵御能力。作为
全球农作物保险市场具有巨大的成长潜力,因为农作物保险在发展中国家和欠发达经济体的农业部门基本上没有得到充分利用。 全球农作物保险市场拥有多种针对农民和农业企业特定需求量身订製的保险产品。 农作物保险有不同类型,包括基于产量的保险(承保农作物产量损失)和基于收入的保险(承保因价格波动或产量减少而导致的农作物收入减少)。
根据联合国粮食及农业组织 (FAO) 2023 年发布的报告,过去 30 年灾害给农作物和畜牧业生产造成的损失估计为 3.8 兆美元,平均每年为 1.23 兆美元。全球农业GDP的5%。
政府在全球农作物保险市场的成长中扮演重要角色
政府在保护个人利益和推广造福更大群体的商品和服务方面始终发挥着重要作用。 同样,政府的支持、措施和补贴在促进全球农作物保险市场的成长方面发挥着重要作用。 政府措施将增加农民参与、降低金融风险并提高农业应对气候变迁和自然灾害的能力。 政府补贴降低了农民的农作物保险成本,使保险更负担得起和容易获得,特别是对于小规模农民和低收入地区的农民来说。 政府将建立政策稳定性和监管框架,支持农作物保险市场的发展。 明确的法规、风险管理指引和执行机制为保险公司经营和拓展保险产品创造了良好的环境。
2023 年12 月发布的一项联邦监管机构研究发现,自2011 年以来,美国政府用于保障美国农作物安全的资金中有超过三分之一来自该计划,每年有10 亿美元流向赚取收入的保险公司。 由美国农业部管理的联邦农作物保险计划旨在保护农民免受自然灾害和其他导致农作物损失或价格下跌的事件造成的经济损失。
气候变迁和异常天气将推高市场规模
极端天气和事件正在推动全球农作物保险市场的繁荣。 气候变迁和天气条件的变化与农业和农作物产量有关,因为大气条件的变化会影响农作物的产量。 气候变迁正在导致更频繁和严重的极端天气事件,包括干旱、洪水、风暴、热浪和不可预测的降雨模式。 这些事件可能会导致严重的农作物损失和产量下降,凸显了针对天气相关风险的保险保障的必要性。 这些环境因素凸显了农业对气候相关风险的脆弱性,并凸显了农作物保险等风险管理策略在保护农民生计和促进农业抵御能力的重要性。
本报告研究和分析了全球农作物保险市场,提供市场规模和预测、市场动态以及主要参与者的现状和前景。
Global crop insurance market is projected to witness a CAGR of 6.02% during the forecast period 2024-2031, growing from USD 42.38 billion in 2023 to USD 67.65 billion in 2031. Agriculture is one of the most important sectors and practices in the global economy. Good agriculture safeguards global food security; however, as the interests of farmers and cultivators who are directly involved in agriculture are always at stake, crop insurance emerges as an important tool. The global crop insurance market plays a critical role in safeguarding agricultural producers against the financial risks associated with crop losses due to natural disasters, adverse weather conditions, pests, diseases, and market fluctuations. Crop insurance provides vital protection to farmers, ensuring the stability of agricultural livelihoods, promoting food security, and supporting sustainable farming practices worldwide.
According to research by the Food and Agriculture Organization of the United Nations (FAO), approximately 1.23 billion people worked in the world's agrifood systems in 2019, which is almost half of the world's population living in households linked to agrifood systems. To safeguard the interest of such a gigantic population, crop insurance becomes a vital tool to secure economic uncertainties and the overall growth of the global economy. The global crop insurance market has multiple players ranging from government institutions to private players dominating the market by offering various products and services, aiming to mitigate the inherent risks faced by farmers and bolstering their resilience in the face of adversities.
Global crop insurance market has huge growth potential as the agricultural sector in developing and underdeveloped economies is largely not exposed to crop insurance. The global crop insurance market encompasses a diverse array of insurance products tailored to meet the specific needs of farmers and agricultural enterprises. There are different types of crop insurance, including yield-based insurance, which protects against losses in crop yield, while revenue-based insurance covers the declines in crop revenue due to price fluctuations or reduced yields.
In 2023, according to a report released by the Food and Agriculture Organisation of the United Nations (FAO), disasters have costed an estimated USD 3.8 trillion in crop and livestock production over the last 30 years, equating to an average loss of USD 123 billion per year or 5% of global agricultural GDP.
Government to Have a Major Role in Global Crop Insurance Market Growth
The government always plays a key role in protecting the interests of individuals and promoting the products and services that are in the interest of larger groups. In the same way government support, initiatives, and subsidies play a key role in driving the growth of global crop insurance market. Government initiatives incentivize farmer participation, mitigate financial risks, and promote agricultural resilience in the face of climate variability and natural disasters. Government subsidies reduce the cost of crop insurance premiums for farmers, making insurance coverage more affordable and accessible, especially for smallholder farmers and those in low-income regions. Governments establish policy stability and regulatory frameworks that support the growth of crop insurance markets. Clear regulations, risk management guidelines, and enforcement mechanisms create a conducive environment for insurers to operate and expand their offerings.
According to a federal watchdog study released on December 2023, over one-third of the United States government funding to ensure the nation's crops since 2011 has gone to insurance companies that profit from the program by more than USD 1 billion per year. The federal crop insurance program, operated by the United States Department of Agriculture, is designed to protect farmers from financial losses caused by natural disasters or other occurrences that result in crop losses or price declines.
Climate Variability and Extreme Weather Events Drives the Market Size
Extreme weather conditions and events drive the booming global crop insurance market. Climate variability and changes in weather conditions are linked with agriculture and crop yield as the changes in atmospheric conditions affect the crops and the agricultural yield. Climate change is leading to more frequent and severe extreme weather events, including droughts, floods, storms, heatwaves, and unpredictable rainfall patterns. These events can cause significant crop losses and yield reductions, highlighting the need for insurance protection against weather-related risks. These environmental factors underscore the vulnerability of agriculture to climate-related risks and highlight the importance of risk management strategies, such as crop insurance, in safeguarding farmers' livelihoods and promoting agricultural resilience.
In 2024, A new study by CIMMYT has shown relations between rising temperatures and the destructive fungal plant disease wheat blast. The disease currently threatens 6.4 million hectares, and by 2050, climate change is expected to exacerbate the situation, threatening 13.5 million hectares of agriculture. Wheat blast has the potential to reduce wheat yield by 13% worldwide. South America and Africa will be the most vulnerable locations to wheat blast in the future climate, with up to 75% of their wheat acreage under threat by 2050.
Integration of Technology and Data Analytics
Over the years, the global crop insurance market has expanded for various reasons, mainly safeguarding the interests of a large global population engaged in the primary sector. However, the dynamics of the market are changing due to the adoption of technologies in various products and services. The trend is transforming traditional insurance practices, improving risk assessment accuracy, enhancing operational efficiency, and expanding insurance coverage for agricultural producers.
Remote sensing, along with satellite imagery and drones, is being implemented, enabling insurers to monitor crop conditions, assess vegetation health, and detect anomalies in real time. The data estimates crop yields, predicts potential losses, and facilitates faster claims processing. Access to historical weather data and advanced climate models allows insurers to quantify weather-related risks more effectively. By analyzing long-term climate patterns and seasonal forecasts, insurers can develop more accurate risk assessment models and offer customized insurance products tailored to specific weather conditions.
Due to innovative technologies such as Farmers Edge's FarmCommand and IBM's GenAI, crop insurance operations are now more efficient and effective. FarmCommand combines satellite imagery, weather data, and AI-powered analytics to give farmers actionable insights for improving crop management practices.
Future Market Scenario (2024 - 2031F)
In the coming years, the market will witness major changes in how the crop insurance industry offers its products, minimizes farmers' risks, and maximizes their profits. In this context, major players will incorporate various technologies like AI, blockchain, and data analytics based on different platforms.
Parametric and index-based insurance products will gain traction due to their simplicity, transparency, and scalability. These innovative insurance models offer faster claims settlements based on predefined triggers, such as weather indices, reducing administrative costs and improving risk management efficiency.
In the foreseeable future, the market will witness high growth in developing countries or underdeveloped countries of Asia, Africa, and South America as product awareness and acceptance will increase.
Key Players Landscape and Outlook
The outlook for global crop insurance market is positive, it is expected that the market will continue to grow and expand in the forecast period due to various market drivers such as support, schemes, and initiatives from governments, integration of technologies and data analytics. The increasing frequency and severity of climate-related risks drive the demand for crop insurance as a critical risk management tool. Farmers seek financial protection against weather extremes, market volatility, and production uncertainties, stimulating market growth. Continued investment in data-driven solutions and multi-stakeholder partnerships will further accelerate market development and expand insurance coverage for farmers worldwide.
In April 2024, Farmers Mutual Hail Insurance Company of Iowa (FMH) announced the acquisition of Global Ag Insurance Services, an AXA XL company that specializes in crop insurance. Global Ag, based in the western United States, specializes in providing a wide range of crop insurance solutions, including the USDA multi-peril crop insurance program as well as several specialty private and named peril products designed to meet the specific needs of agricultural producers and growers.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work