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Agriculture Reinsurance Market: By Product Coverage, By Distribution Channel, and Geography.
Agriculture Reinsurance Market: By Product Coverage, By Distribution Channel, and Geography.
Agriculture Reinsurance Market size was valued at US$ 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:
Study Period
2024-2030Base Year
2023CAGR
13.3%Largest Market
Asia PacificFastest Growing Market
North America
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.
Agriculture reinsurance market is segmented based on regions into North America, Asia-pacific, Europe, and the Middle East and the Africa. Asia Pacific agriculture reinsurance market is likely to hold a significant revenue share, and in the forecasted years, it is predicted to increase rapidly due to the natural diversification present in the region owing to large number of Agro-climatic zones which makes the region with more agricultural benefits. The Asia pacific region is expected to have a significant growth due to the vast spread of agricultural land and resources available in this region and the government support in funding the reinsurers in country like India. Latin America & Africa region to have a significant growth rate in the forecasted years due to the regions immense potential of reinsurance company. For instance, insurance companies from France, Morocco, and Bermuda have merged to establish reinsurance company named Mamda Re to provide insurance facility to Moroccan and African market
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2022 |
US$ 15,443.8 million |
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Market CAGR |
13.3% |
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By Product |
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By Distribution Channel |
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By Region |
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The Agriculture Reinsurance market size was valued at US$ 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.
| 1.Executive Summary |
| 2.Global Agriculture Reinsurance Market Introduction |
| 2.1.Global Agriculture Reinsurance Market - Taxonomy |
| 2.2.Global Agriculture Reinsurance Market - Definitions |
| 2.2.1.Product |
| 2.2.2.Distribution Channel |
| 2.2.3.Region |
| 3.Global Agriculture Reinsurance Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Product Landscape |
| 3.6. New Product Launches |
| 3.7. Impact of COVID 19 on Market |
| 4.Global Agriculture Reinsurance Market Analysis, 2018 - 2022 and Forecast 2023 - 2029 |
| 4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million) |
| 4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5.Global Agriculture Reinsurance Market By Product, 2018 - 2022 and Forecast 2023 - 2029 (Sales Value USD Million) |
| 5.1. Multi-peril Crop Insurance |
| 5.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million) |
| 5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Crop-hail Insurance |
| 5.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million) |
| 5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. Livestock Insurance |
| 5.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million) |
| 5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 5.4. Greenhouse Insurance |
| 5.4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million) |
| 5.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.4.3. Market Opportunity Analysis |
| 5.5. Others |
| 5.5.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million) |
| 5.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.5.3. Market Opportunity Analysis |
| 6.Global Agriculture Reinsurance Market By Distribution Channel, 2018 - 2022 and Forecast 2023 - 2029 (Sales Value USD Million) |
| 6.1. Banks |
| 6.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million) |
| 6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Insurance Companies |
| 6.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million) |
| 6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Brokers/Agents |
| 6.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million) |
| 6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 6.4. Others |
| 6.4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million) |
| 6.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.4.3. Market Opportunity Analysis |
| 7.Global Agriculture Reinsurance Market By Region, 2018 - 2022 and Forecast 2023 - 2029 (Sales Value USD Million) |
| 7.1. North America |
| 7.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million) |
| 7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Europe |
| 7.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million) |
| 7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Asia Pacific (APAC) |
| 7.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million) |
| 7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Middle East and Africa (MEA) |
| 7.4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million) |
| 7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 7.5. Latin America |
| 7.5.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million) |
| 7.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.5.3. Market Opportunity Analysis |
| 8.North America Agriculture Reinsurance Market ,2018 - 2022 and Forecast 2023 - 2029 (Sales Value USD Million) |
| 8.1. Product Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.1.1.Multi-peril Crop Insurance |
| 8.1.2.Crop-hail Insurance |
| 8.1.3.Livestock Insurance |
| 8.1.4.Greenhouse Insurance |
| 8.1.5.Others |
| 8.2. Distribution Channel Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.2.1.Banks |
| 8.2.2.Insurance Companies |
| 8.2.3.Brokers/Agents |
| 8.2.4.Others |
| 8.3. Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.3.1.United States of America (USA) |
| 8.3.2.Canada |
| 9.Europe Agriculture Reinsurance Market ,2018 - 2022 and Forecast 2023 - 2029 (Sales Value USD Million) |
| 9.1. Product Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1.Multi-peril Crop Insurance |
| 9.1.2.Crop-hail Insurance |
| 9.1.3.Livestock Insurance |
| 9.1.4.Greenhouse Insurance |
| 9.1.5.Others |
| 9.2. Distribution Channel Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1.Banks |
| 9.2.2.Insurance Companies |
| 9.2.3.Brokers/Agents |
| 9.2.4.Others |
| 9.3. Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.3.1.Germany |
| 9.3.2.France |
| 9.3.3.Italy |
| 9.3.4.United Kingdom (UK) |
| 9.3.5.Spain |
| 9.3.6.Rest of EU |
| 10.Asia Pacific (APAC) Agriculture Reinsurance Market ,2018 - 2022 and Forecast 2023 - 2029 (Sales Value USD Million) |
| 10.1. Product Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1.Multi-peril Crop Insurance |
| 10.1.2.Crop-hail Insurance |
| 10.1.3.Livestock Insurance |
| 10.1.4.Greenhouse Insurance |
| 10.1.5.Others |
| 10.2. Distribution Channel Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1.Banks |
| 10.2.2.Insurance Companies |
| 10.2.3.Brokers/Agents |
| 10.2.4.Others |
| 10.3. Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.3.1.China |
| 10.3.2.India |
| 10.3.3.Australia and New Zealand (ANZ) |
| 10.3.4.Japan |
| 10.3.5.Rest of APAC |
| 11.Middle East and Africa (MEA) Agriculture Reinsurance Market ,2018 - 2022 and Forecast 2023 - 2029 (Sales Value USD Million) |
| 11.1. Product Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1.Multi-peril Crop Insurance |
| 11.1.2.Crop-hail Insurance |
| 11.1.3.Livestock Insurance |
| 11.1.4.Greenhouse Insurance |
| 11.1.5.Others |
| 11.2. Distribution Channel Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1.Banks |
| 11.2.2.Insurance Companies |
| 11.2.3.Brokers/Agents |
| 11.2.4.Others |
| 11.3. Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.3.1.GCC Countries |
| 11.3.2.South Africa |
| 11.3.3.Rest of MEA |
| 12.Latin America Agriculture Reinsurance Market ,2018 - 2022 and Forecast 2023 - 2029 (Sales Value USD Million) |
| 12.1. Product Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1.Multi-peril Crop Insurance |
| 12.1.2.Crop-hail Insurance |
| 12.1.3.Livestock Insurance |
| 12.1.4.Greenhouse Insurance |
| 12.1.5.Others |
| 12.2. Distribution Channel Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1.Banks |
| 12.2.2.Insurance Companies |
| 12.2.3.Brokers/Agents |
| 12.2.4.Others |
| 12.3. Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.3.1.Brazil |
| 12.3.2.Mexico |
| 12.3.3.Rest of LA |
| 13. Competition Landscape |
| 13.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
| 13.2.1.Swiss Reinsurance Company Ltd |
| 13.2.2.Sompo International Holdings Ltd |
| 13.2.3.Axa XL |
| 13.2.4.Syngenta |
| 13.2.5.Munich Re |
| 13.2.6.Agroinsurance |
| 13.2.7.Hanover Re |
| 13.2.8.Partner Re |
| 13.2.9.Scor Re |
| 13.2.10.Gramcover |
| 13.2.11.Mapfre Re |
| 13.2.12.Berkshire Hathaway |
| 13.2.13.Everest Re |
| 13.2.14.China Reinsurance |
| 13.2.15.QBE |
| 13.2.16.Tokio Marine |
| 14. Research Methodology |
| 15. Appendix and Abbreviations |
Key Market Players
Author
Manoj Kumar is a postgraduate in Life Sciences with over seven years of dedicated experience in the fields of animal health and agriculture. His passion lies in unraveling the complexities of these domains through rigorous research and practical insights. Manoj Kumar’s journey has been marked by several key achievements: as a market analyst and competitive intelligence expert, he dissects data to provide actionable insights for global clients. Simultaneously, he champions animal healthcare, diagnosing ailments, and designing preventive care strategies. In the realm of agriculture, his focus on sustainable practices, emphasizing crop nutrition, soil health, and precision agriculture. His holistic approach and commitment to advancing science make him a respected figure in the ever-evolving landscape of life sciences.