Why there is expansion of crop insurance product line?

The global crop insurance market size was valued at $34.05 billion in 2019 and is projected to reach $53.02 billion by 2027, growing at a CAGR of 6.1% from 2020 to 2027.

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Rise in support from governments to protect farmers against fluctuations in revenues, prices, and yields fuel the growth of the crop insurance market. In addition, this subsidized funding helps the insured to avail of crop insurance coverage with more alternatives & customized options in the market. For instance, in the U.S., the federal government spends more than $20,000 million a year on subsidies for farm businesses. In addition, nearly 39% of the nation’s 2.1 million farms receive subsidies, majorly to the largest producers of corn, soybeans, wheat, cotton, and rice.

Key Market Players:

Agriculture Insurance Company of India Limited (AIC), American Financial Group, Inc., Chubb, Fairfax Financial Holdings Limited, ICICI Lombard General Insurance Company Limited, PICC, QBE Insurance Group Limited, Sompo International Holdings Ltd., Tokio Marine HCC, Zurich

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