Global Agricultural Insurance Market is projected to grow to USD 69.82 billion by 2033.

From GlobeNewswire: 2024-08-05 11:00:00

The Global Agricultural Insurance Market is set to grow from USD 40.24 billion in 2023 to USD 69.82 billion by 2033, with a CAGR of 5.6%. Agricultural insurance protects farmers from weather-related incidents and disasters, with coverage including extreme weather events, fires, floods, and more. Government initiatives and commercialization of farming are driving the demand for insurance products in the industry. The multi-peril crop insurance (MPCI) segment is expected to lead the market, offering coverage for various risks in crop production. Banks play a crucial role in distributing agricultural insurance, ensuring inclusivity for farmers in both rural and urban areas. North America holds the largest share in the global agricultural insurance market, while Asia Pacific is projected to grow rapidly, facing challenges from natural disasters impacting agricultural output and financial security. Key players in the market include Zurich Insurance Group, Munich Re, and American International Group (AIG). In February 2024, the SARATHI portal was launched to facilitate farmer-insurance company interactions, offering tailored products and government-subsidized insurance programs. The Global Blood Meal Market, Agrochemicals Market, Blockchain in Agriculture Market, and Agriculture Biologicals Testing Market are among related reports offered by Spherical Insights & Consulting.



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