Agriculture Reinsurance Market by Product Coverage (Multi-peril Crop Insurance, Crop-hail Insurance, Livestock Insurance, Greenhouse Insurance, and Others), By Distribution Channel (Banks, Insurance Companies, Brokers/Agents, and Others), and Geography (North America, Europe, Asia Pacific, Latin America, and MEA) and forecast to 2029.

Agriculture Reinsurance Market size was valued at USD 15,443.8 million in 2022 and is expected to grow at a CAGR of 13.3% from 2023 to 2029. Agriculture Insurance is the production and financial risks of farmer associated with the shortfall risks of stakeholders such as input suppliers and grain processors. The term ceding can be defined as the insurance of insurance. In reinsurance the insurer bares risk and premium. Governments engagement in subsidized reinsurance and wide participation of private reinsurance industry are the key growing factors of agriculture reinsurance market. The government’s support for agriculture, technology advancement, and technology revolution are the key growth factors of the agriculture reinsurance market. The loss occurring in the Agro industry can be predicted by using satellite images in real time.In addition, the technology also contributes to mitigating the information between the insured and reinsurer, this is expected to boost the growth of the agriculture reinsurance market. The increasing need for having an alternative capital in order to level up the massive demand drives market growth in some countries. Government support also fuels the market growth. For instance, the Indian government has committed itself in funding the reinsurance scheme due to profitable social and economic benefits strong crop insurance market. Asia Pacific region is the prominent region to show significant growth in the market due to its natural diversification owing to large number of Agro-climatic zones. Hence, geographically Asia Pacific region is expected to hold the major market share and is expected to dominate the global agriculture reinsurance market in the forecasted years.

Agriculture Reinsurance Market Key Developments:
In August 2019, Indian Government-owned Agriculture Insurance Company (AIC) plans to launch crop reinsurance services abroad, particularly in other South Asian countries like Nepal, Sri Lanka, and Bangladesh and the Philippines.
In September 2021, Global reinsurer MS Amlin AG (MS AAG) has entered the agriculture reinsurance market.
In March 2023, Ceres Imaging releases AI data analytics suite for Agriculture reinsurer.