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Crop Reinsurance Global Market is Likely to Upsurge $53.32 billion at a CAGR of 6.4% Globally By 2028, Size, Share, Trends, Demand, Growth Forecast and Opportunity outlook
Crop Reinsurance Global Market
The crop reinsurance market size is expected to see strong growth in the next few years. It will grow to $53.32 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to adoption of precision farming techniques, increasing awareness of climate-related risks, integration of satellite and drone technologies for risk assessment, rise of index-based insurance solutions for crops, customization of reinsurance products for regional risks. Major trends in the forecast period include technological advancements in agriculture, collaboration between insurers and reinsurers for risk mitigation, advances in data analytics for precision risk modeling, adoption of blockchain for transparency in reinsurance transactions, iot for real-time monitoring, increased focus on social and environmental sustainability in crop reinsurance.
Market Overview -
Crop reinsurance refers to the comprehensive yield-based policy that involves insurance companies transferring a portion of the risk associated with crop insurance policies they have underwritten to another party. This crop reinsurance protects farmers from unexpected losses in projected crop yields and compensates them by shifting parts of their risks to certain parties.
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Rising Natural Disasters Propel Expansion In Crop Reinsurance Market
An increase in natural disasters is expected to propel the growth of the crop reinsurance market going forward. Natural disasters refer to extreme and catastrophic events that occur in the natural environment and cause significant damage, destruction, and loss of life. These events are typically triggered by natural forces and processes rather than human intervention, such as earthquakes, floods, hurricanes, and wildfires. Crop reinsurance provides financial protection to crop insurers against losses caused by natural disasters and support to farmers or agricultural entities when their crops are damaged or destroyed due to these events. For instance, in May 2023, according to reports shared by the International Federation of Red Cross and Red Crescent Societies, a Switzerland-based humanitarian aid organization, in 2020-2021, there were 710 catastrophes brought on by natural disasters impacting over 220 million individuals and over 30,000 fatalities. Furthermore, in January 2023, according to Forbes Media LLC, a US-based media company, the US experienced 18 climate disasters that caused over $1 billion in damage and resulted in 474 fatalities in 2022. Therefore, an increase in natural disasters is driving the growth of the crop reinsurance market.
Competitive Landscape -
Major companies operating in the crop reinsurance market report are Munich Re Group, Swiss Reinsurance Company Ltd., Tokio Marine Holdings Inc., Chubb Group of Insurance Companies, Zurich Insurance Group Ltd., Sompo Holdings Inc., Hannover Re Group, SCOR SE, Allianz SE, Aon PLC, Everest Re Group Ltd., Axa XL, Arch Capital Group Ltd., Korean Reinsurance Co, American Financial Group Inc., PartnerRe Ltd., AXIS Capital Group, Lloyds of London, Hudson Insurance Group, MS Amlin AG, African Reinsurance Corporation, ProAg, Farmers Mutual Hail Insurance Company of Iowa, AgriLogic Insurance Services, Rain and Hail Insurance Service Inc., AgriSompo North America, National Crop Insurance Services, Gallagher Re.
Innovation In The Crop Reinsurance Market
Reinsurance practice is a key trend gaining popularity in the crop reinsurance market. Major companies operating in the crop reinsurance market are focused on developing innovative reinsurance practice solutions to sustain their position in the market. For instance, in September 2021, MS Amlin Ltd., a UK-based Insurance company, launched its agriculture and weather index reinsurance practice. Crop insurance, livestock insurance, aquaculture insurance, forestry goods, and weather index products are the five main things this new practice will offer globally. It can provide insurance to farmers in all significant agriculture markets worldwide. The practice's deep technical expertise and financial strength make it a reliable partner for farmers seeking protection against crop losses. Additionally, it benefits financial stability, crop yield insurance, and crop revenue insurance.
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Key Segments -
The crop reinsurance market covered in this report is segmented -
1) By Type: Crop Yield Reinsurance, Crop Price Reinsurance, Crop Revenue Reinsurance
2) By Application: Multi-Peril Crop Insurance (MPCI), Crop Hail, Livestock, Forestry
3) By Distribution Channel: Banks, Insurance Companies, Brokers And Agents, Other Distribution Channels
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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