The global demand for Crop Reinsurance Market is presumed to reach the market size of nearly USD 62.51 MN by 2028 from USD 38.6 MN in 2021 with a CAGR of 7.13% under the study period 2022 - 2028.
Reinsurance is the process of purchasing insurance from one company by another to shield oneself from the potential for a sizable claim resulting from significant liability. So, the term crop reinsurance refers to a comprehensive yield-based policy that protects farmers from unforeseen losses of predicted crop yields. Further, the concept makes up for those losses by transferring some of their risks to other parties. It makes up for pre-sowing and post-harvest losses from cyclonic rains and rainfall deficits. These regulations have been introduced to protect farmers from financial loss due to the drop in agricultural production caused by these losses.
Market Dynamics
The worldwide crop reinsurance market is expanding due to increased digital crop insurance initiatives and government programmes that support these activities, such as subsidies. It is anticipated that the crop reinsurance market will expand due to end-users rising need for technological advancements. Furthermore, the market will profit from increased investments in launches, alliances, and other strategic efforts. Lack of awareness and unclear exposures, however, are thought to be limiting factors for market expansion. Additionally, governments globally have increased emphasis on promoting industrialisation and urbanisation which may further fuel the market expansion.
The research report covers Porter's Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of crop reinsurance. The growth and trends of crop reinsurance industry provide a holistic approach to this study.
Market Segmentation
This section of the crop reinsurance market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Type
- Crop Yield Reinsurance
- Crop Price Reinsurance
- Crop Revenue Reinsurance
By Application
- MPCI
- Crop Hail
- Livestock
- Forestry
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Crop Reinsurance market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Crop Reinsurance Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the crop reinsurance market include Munich Re, Swiss Re, Hannover Re, Partner Re, Scor Re, Mapfre Re, Lloyd's, Berkshire Hathaway, Everest Re, Korean Reinsurance. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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