- Multi-peril Crop Insurance
- Crop-hail Insurance
- Livestock Insurance
- Greenhouse Insurance
- Others
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.
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Agriculture reinsurance market is growing due to the increasing risks of losing crop in agriculture due to natural disasters, insufficient water supply, climatic factors and other factors. In addition, the Governments engagement in subsidized reinsurance and wide participation of private reinsurance industry is expected to boost the growth of agriculture reinsurance market. The technology advancement, rising investments on research and development by the key players also play an important role in the growth of market. Regions like Asia pacific is expected to have an significant growth in the forecasted period due to its natural diversification owing to increased number of Agro-climatic zones. Hence, this will drive the global market growth at a significant rate.
The Agriculture Reinsurance market size was valued at USD 15,443.8 million in 2022.
Asia Pacific region is expected to have an significant growth in the forecasted years followed by Latin America and Africa.
The leading players in the global Agriculture Reinsurance market are Swiss Reinsurance Company Ltd., Sompo International Holdings Ltd., Axa XL, Syngenta, Munich Re, Agroinsurance, Hanover Re, Partner Re, Scor Re, Gramcover, Mapfre Re, Berkshire Hathaway, Everest Re, China Reinsurance, QBE, Tokio Marine
Historic years considered for the market study are 2018 through 2022, 2022 is considered as the base year for market estimation and Seven years forecast presented from 2023– 2029.