Significant findings from Crop Insurance Market Outlook - 2027
In the end of 2019, crop insurance market size was valued at $34.05 billion and it is expected to expand further in upcoming years with the significant growth of 6,1% by 2027.
In 2020, several other findings made a significant impact on the global market as well:
Some countries have imposed mandatory crop insurance coverage for farmers;
Digital initiatives and services derived from new technologies (satellite, drones, Internet of Things (IoT), artificial intelligence, mobile applications, etc.) drive the demand for crop insurance coverage in the global market;
By implementing technologies and creating new insure-tech partnerships, AgI players in Asia are offering new value-added services and, in that way, the crop insurance market expands the business significantly;
The multi-peril crop (MPCI) insurance model dominated the crop insurance industry, accounting the highest revenue in 2019 and at the same time, increasing the demand for multiple & personalized coverage for crop insurance and rise in development of existing offerings of MPCI;
Although challenges faced during crop supplying decrease the demand for crop insurance, COVID-19 pandemic had positive impact on crop revenues and disrupted supply chains in major crop producing countries such as India and Brazil. Nevertheless, market is projected to prosper more in the upcoming years after the recovery from the COVID-19 pandemic.
In addition, pandemic slowly pushes the implementation of novel technologies in agri-insurance business, transforming it into modern one that will foster the self-growth;
Above mentioned value-added services offered by crop insurance providers, development of novel product & service based on the new technologies contribute toward the growth of the global market. Therefore, expansion of existing product line is expected to provide more opportunities for crop insurance players in the upcoming years.