It is projected to augment the market and reach up to USD 32.8 Billion by recording a CAGR of 2.8% in terms of revenue over the forecast period. Mounting natural calamities ending farmlands and accordingly affecting the output of agriculture, revenue of farmers all over the world results in boosting the awareness related to the advantages provided by the resistance of agriculture. Growth in the occurrence of the natural calamities all over the globe is mounting the number of farmers choosing the agriculture insurance to look after their equipment, livestock and crops. Importance has been experienced in encouraging the agriculture insurance market in the agriculture-based regions consisting of China and India.
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Agricultural insurance market mainly started for the insurance of livestock to protect against the mortality of the livestock. Insurance against the failure of agriculture because of the storm was also protruding in the western regions of the world that spread to Canada, Japan and the other regions. Agricultural insurance is predominant in the established regions of Europe and North America because of the support of several official bodies. Evolving regions posture a substantial chance for the growth of substantial savings made by several local bodies to offer insurance in contradiction of the risk for the failure of the crop. The global agriculture insurance market is propelled to experience the fascinating growth in the coming future.
Agriculture is the main sponsors to GDP of various savings across the globe involving China, U.S and India. Regions, whose main source of income is agriculture and is facing many risks in the production because of which agriculture insurance has developed the tool for risk management for agriculture producers, farmers and the stakeholders. Agriculture insurance market consists of crop insurance as it covers the livestock, aquaculture, bloodstock, greenhouse and forestry.
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Continuous demand for food from the growing inhabitants of the world is putting the pressure on developing yields of agriculture. Factors like uncontrollable issues of environment and seasonality with the pressure on the prices of food resulting in the margins of low-profit to the farmers. The agriculture insurance market has been emerged as a safety by the assembly of important bodies of government across the globe to safeguard food security concerns and farmers for the escalating population in the world. The global agriculture insurance industry is growing very quickly from the past years because of the rise in demand for food, its availability and flexibility. From the various varieties of crops in the market, the value for crops like rice, wheat, peanuts, soya beans, cotton, sunflower, potatoes and dry edible beans are increasing because of the easy availability.
The global agriculture insurance market is segmented into insurance type, distribution channel, and region. On considering the insurance type, the agriculture insurance industry is divided into livestock insurance, crop/hail insurance, crop/MPCI insurance and others. Based on the distribution channel, the agriculture insurance industry is divided into direct writing, bancassurance, broker and agency.
Geographically, regions involved in the agriculture insurance market analysis are Europe, North America, South America, Asia Pacific and Middle East & Africa. North America holds the largest global agriculture insurance market share. The Asia Pacific is anticipated to increase the market in the coming future.
Key players involved in the agriculture insurance industry analysis are Rural Community Insurance Agency, American Financial Group, People’s Insurance Company of China, Chubb Corporation and more.
Key segments of the global Agriculture Insurance Market:
1] Agriculture Insurance Market Distribution Channel Overview:
2] Agriculture Insurance Type Overview;
3] Regions Covered in report:
Middle East and Africa
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