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市場調查報告書
商品編碼
1475030
全球農作物保險市場評估:依類型、承保類型、保險公司類型、地區、機會、預測(2017-2031)Crop Insurance Market Assessment, By Type, By Coverage Type, By Insurer Type, By Region, Opportunities and Forecast, 2017-2031F |
全球農作物保險市場規模預計將從 2023 年的 423.8 億美元增至 2031 年的 676.5 億美元,預計 2024-2031 年的複合年增長率為 6.02%。 農業是世界經濟中最重要的部門和實踐之一。 然而,由於直接參與農業的農民和耕種者的利益始終處於風險之中,農作物保險成為了一個重要的工具。 全球農作物保險市場在保護農民免受自然災害、惡劣天氣、蟲害和市場波動造成的農作物損失相關經濟風險方面發揮著重要作用。 農作物保險為農民提供重要保護,確保農場生計穩定,促進糧食安全並支持世界各地的永續農業。
根據聯合國糧食及農業組織 (FAO) 的一項研究,2019 年全球約有 12.3 億人在農業食品系統中工作,幾乎佔世界上生活在與農業相關的家庭中的總人口。系統就這樣了。 為了保護如此龐大人口的利益,農作物保險成為應對經濟不確定性、確保全球經濟整體成長的重要工具。 全球農作物保險市場由從政府機構到私人公司的多家公司組成,提供各種產品,旨在減輕農民面臨的獨特風險並增強他們面對逆境的抵禦能力。作為
全球農作物保險市場具有巨大的成長潛力,因為農作物保險在發展中國家和欠發達經濟體的農業部門基本上沒有得到充分利用。 全球農作物保險市場擁有多種針對農民和農業企業特定需求量身訂製的保險產品。 農作物保險有不同類型,包括基於產量的保險(承保農作物產量損失)和基於收入的保險(承保因價格波動或產量減少而導致的農作物收入減少)。
根據聯合國糧食及農業組織 (FAO) 2023 年發佈的報告,過去 30 年災害給農作物和畜牧業生產造成的損失估計為 3.8 兆美元,平均每年為 1.23 兆美元。全球農業GDP的5%。
政府在全球農作物保險市場的成長中扮演重要角色
政府在保護個人利益和推廣造福更大群體的商品和服務方面始終發揮著重要作用。 同樣,政府的支持、措施和補貼在促進全球農作物保險市場的成長方面發揮著重要作用。 政府措施將增加農民參與、降低金融風險並提高農業應對氣候變遷和自然災害的能力。 政府補貼降低了農民的農作物保險成本,使保險更負擔得起和容易獲得,特別是對於小規模農民和低收入地區的農民來說。 政府將建立政策穩定性和監管框架,支持農作物保險市場的發展。 明確的法規、風險管理指引和執行機制為保險公司經營和拓展保險產品創造了良好的環境。
2023 年12 月發佈的一項聯邦監管機構研究發現,自2011 年以來,美國政府用於保障美國農作物安全的資金中有超過三分之一來自該計劃,每年有10 億美元流向賺取收入的保險公司。 由美國農業部管理的聯邦農作物保險計劃旨在保護農民免受自然災害和其他導致農作物損失或價格下跌的事件造成的經濟損失。
氣候變遷和異常天氣將推高市場規模
極端天氣和事件正在推動全球農作物保險市場的繁榮。 氣候變遷和天氣條件的變化與農業和農作物產量有關,因為大氣條件的變化會影響農作物的產量。 氣候變遷正在導致更頻繁和嚴重的極端天氣事件,包括乾旱、洪水、風暴、熱浪和不可預測的降雨模式。 這些事件可能會導致嚴重的農作物損失和產量下降,凸顯了針對天氣相關風險的保險保障的必要性。 這些環境因素凸顯了農業對氣候相關風險的脆弱性,並凸顯了農作物保險等風險管理策略在保護農民生計和促進農業抵禦能力的重要性。
本報告研究和分析了全球農作物保險市場,提供市場規模和預測、市場動態以及主要參與者的現狀和前景。
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