The Global Agriculture Reinsurance Market Size is predicted to show a 10.82% CAGR during the forecast period for 2023-2031.
Agriculture reinsurance is a type of insurance that protects insurance firms and other organizations that supply farm insurance policies. It operates as a risk management strategy for these insurers by shifting a portion of their policyholders' agricultural risk to a reinsurance business. To address the large demand, there is an increasing need for an alternative to shareholder capital, which is driving market expansion. Reinsurers are critical in reducing damage, supplying capital to the actual economy, and preventing dangers. Government support in many countries, such as the Indian Government's commitment to subsidizing crop insurance reinsurance plans, is also boosting market expansion.
However, the pandemic created uncertainty in agricultural productivity due to supply chain interruptions, labor shortages, and movement limitations. This ambiguity made assessing and pricing agricultural risks difficult for reinsurance companies.
Competitive Landscape:
Some of the Agriculture Reinsurance Market players are:
- Munich Re
- Swiss Re
- Hannover Re
- PartnerRe
- Scor Re
- Everest Re
- Polish Re
- Hamilton Re
- Sompo International
- Toa Re
Market Segmentation:
The Agriculture Reinsurance Market is segmented on the basis of product. Product segment includes Managed Crop Hail Insurance, Multi-Peril Crop Insurance, Greenhouse Insurance, Aquaculture Insurance, Livestock Insurance, Bloodstock Insurance, and Forestry Insurance.
Based On Product, The Managed Crop Hail Insurance Segment Is Accounted As A Major Contributor In The Agriculture Reinsurance Market
The Managed Crop Hail Insurance category is expected to hold a major share of the global Agriculture Reinsurance Market in 2022. This type of insurance protects against crop loss or damage caused by hail or fire. It is typically offered by private insurance companies and is purchased by farmers who grow crops in hail-prone areas. Furthermore, Multi-Peril Crop Insurance is projected to skyrocket. This insurance protects against various hazards that could result in crop losses, such as natural disasters, disease, pests, and weather-related occurrences. It is often provided by government-sponsored programs and is intended to cover a considerable amount of the agricultural production of the insured farmer.
The North America Agriculture Reinsurance Market Holds A Significant Revenue Share In The Region
The North America Agriculture Reinsurance Market is expected to register the highest market share in terms of revenue shortly due to its substantial agricultural activity and implementation of innovative technologies in the area. The US government assists its farmers significantly and significantly contributes to the region's agriculture reinsurance market. Furthermore, Asia Pacific is predicted to grow considerably during the projection period.
Increased government initiatives and assistance to farmers in managing crop losses are driving demand for agriculture reinsurance in the region. The growing frequency of extreme weather catastrophes such as floods, droughts, and typhoons has raised the demand for crop insurance and reinsurance.
Agriculture Reinsurance Market Report Scope:
Report Attribute |
Specifications |
Growth Rate CAGR |
CAGR of 10.82 % from 2023 to 2031 |
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2023 to 2031 |
Historic Year |
2019 to 2022 |
Forecast Year |
2023-2031 |
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
Segments Covered |
By Disease Type, By Treatment, By End-User |
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
Competitive Landscape |
Munich Re, Swiss Re, Hannover Re, Partner Re, Scor Re, Everest Re, Polish Re, Hamilton Re, Sompo International, and Toa Re |
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |