Agriculture Crop Insurance Market to see Rapid Growth by 2029

Agriculture crop insurance market is anticipated to grow at a CAGR of 6.1% during the forecast period. The introduction of technologies such as satellites, drones, the Internet of Things (IoT), artificial intelligence, mobile application, and other web-based platforms drives the growth of the agriculture crop insurance market. This is attributed to the fact that these technologies enable detection of diseased crops, prediction of weather, storage of data related to crops & micro-level information about the size & condition of land for harvesting crops. Expansion of existing product lines and services offered by crop insurance providers to their customers along various government initatives for supporting the farmers' aganist fluctuation in prices, and yields fuel the growth of the global agriculture crop insurance market during the forecast period.  For instance, the Department of Fertilizers has approved a subsidy of $ 76.24 million to provide Nutrient Based Subsidy (NBS) rates for Phosphatic and Potassic (P&K) fertilizers to the farmers.  

Further, the presence of prominent players that are highly focused on the development of agriculture crop insurance services is expected to drive market growth. In December 2020, Sompo International Holdings Ltd. (SIH), announced that it has completed the acquisition of Diversified Crop Insurance Services (DCIS) a subsidiary of CGB Enterprises, Inc. (CGB). DCIS and ARMtech, Sompo International’s existing US federally sponsored multi-peril crop insurer, now operate under the brand name AgriSompo North America. Through a deep-rooted commitment to customer service, AgriSompo North America works to make a long-lasting impact on the nation’s farmers and ranchers, and become a premier market-leading multinational crop insurance and reinsurance company.  

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Agriculture Crop Insurance Market Segmentation

By Coverage

·        Multi-peril Crop Insurance (MPCI)

·        Crop-hail Insurance

·        Livestock Insurance

By Distribution Channel 

·        Banks 

·        Insurance Companies

·        Brokers/Agents

·        Others

A full Report of Agriculture Crop Insurance Market is Available @  https://www.omrglobal.com/industry-reports/agriculture-crop-insurance-market

Regional Analysis           

North America

·        United States

·        Canada

Europe

·        UK

·        Germany

·        Spain

·        France

·        Italy

·        Rest of Europe

Asia-Pacific

·                  India

·                  China

·                  Japan

·                  South Korea

·                  Rest of APAC

Rest of the World

Company Profiles 

·        Agriculture Insurance Co. of India Ltd. (AIC) 

·        AXA XL

·        Bajaj Allianz General Insurance Co. Ltd.   

·        Future Generali India Insurance Co. Ltd. 

·        Great American Insurance Group 

·        National Crop Insurance Services

·        Philippine Crop Insurance Corp

·        Sompo International Holdings Ltd

·        Tokio Marine HCC

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Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services. The company also offer Digital Marketing services through its subsidiary OMR Digital and Software development and Consulting Services through another subsidiary Encanto Technologies.

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