QYResearch: Agricultural Insurance Market

will Reach $36 Billion Globally

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Xiang Yongfei
Analyst
Company
QYResearch

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Agricultural insurance protects against loss of or damage to crops or livestock. It has great potential
to provide value to low-income farmers and their communities, both by protecting farmers when
shocks occur and by encouraging greater investment in crops. However, in practice its effectiveness
has often been constrained by the difficulty of designing good products and by demand constraints.

The Agricultural Insurance is expected to grow at a CAGR of 4.1% from 28.25 billion USD in 2016 to
reach 36 billion USD by 2022 in global market. The global crop industry has been growing rapidly
since the past several years mainly due to increasing demand of food, its flexibility and availability.
Among the several varieties of crops available in the market, the demand for crops such as wheat,
rice, soya beans, peanuts, sunflower, cotton, dry edible beans, potatoes among others are on a rise
due to its easy availability. These factors drive global Agricultural Insurance market.

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The leading manufactures mainly are PICC, Zurich (RCIS), Chubb, QBE, China United Property
Insurance, American Financial Group, Prudential and XL Catlin. PICC is the largest player; its
premiums of global market exceed 10.25% in 2016, followed by Zurich and Chubb.

The main applications of Agricultural Insurance are: Crop/MPCI, Crop/Hail and Livestock etc.
Crop/MPCI enjoyed the largest proportion in global market, accounting for over two thirds.

Geographically, the global Agricultural Insurance has been segmented into North America, Europe,
China, Japan, India and other. The North America held the largest share in the global Agricultural
Insurance market, its premiums of global market exceeds 44% in 2016. China and India have being
the most populous country has fast growing Agricultural Insurance market.

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Along with the Asia-Pacific region; European countries have had some form of crop or livestock
insurance for more than a century. They are now mature markets with high penetration rates and
offer comprehensive risk coverage for farmers. The developing countries that have succeeded in
setting up a strong Agricultural Insurance system (India, China), show that this success has been due,
in large part, to public support granted through premium subsidies or reinsurance. Growth of the
Agricultural Insurance industry could also be attributed to North America which introduced the
revenue-based Agricultural Insurance and, more recently, from emerging markets such as China,
India and Brazil, driven by rapidly increasing insurance penetration.

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