PUNE, Sept. 23, 2022 (GLOBE NEWSWIRE) — “Global Agricultural Crop Insurance Market” is the title of a recently published report by JCMR Market Research. The research study included first and second sources of data, and efforts are not limited only to this, the process of research on a specific market elaborates the study of both impacts; positively or negatively on the industry or the market worldwide. While research report includes various factors such as hіѕtоrісаl dаtа, tесhnоlоgісаl іnnоvаtіоnѕ, gоvеrnmеnt роlісіеѕ аnd mаndаtеѕ, соmреtіtіvе lаndѕсаре, nеw ѕоlutіоnѕ аnd аltеrаtіоnѕ сurrеnt аnd hіѕtоrісаl trеndѕ іn thе mаrkеt, mаrkеt еnvіrоnmеnt, tесhnоlоgісаl аdvаnсеmеntѕ іn rеlаtеd іnduѕtrіеѕ as well as mаrkеt grоwth bаrrіеrѕ аnd сhаllеngеѕ , future scenarios, opportunities and market risks have been covered and details have been included in the report. The market has been segmented on the basis of disease type, distribution channel, regions and countries. The global agricultural crop insurance market revenue is projected to reach US$57,917.6 million in 2030.
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Market share of the global agricultural crop insurance market value (US$ million) by distribution channel in 2022
Global Agricultural Crop Insurance Market Overview:
The global agricultural crop insurance products market is valued at US$34,156.4 million in 2022 and is projected to grow at a CAGR of 5.5% during the forecast period. Increasing literacy rates across the world and a growing number of youth turning to higher education are among the major factors driving the market growth.
Crop insurance is protection against loss of revenue due to declines in the price of agricultural commodities and loss of crops due to natural disasters such as drought, hail, disease and wildlife, flood, fire and pests. It involves massive participation by a diverse group of insured such as farmers, ranchers and other agricultural producers. In addition, several countries have introduced mandatory standards for obtaining crop insurance for farmers who avail crop loans in the market. In addition, crop insurance offers value to low-income farmers and their communities by both insuring against unexpected losses and encouraging significant investments in crops. However, consumers face several challenges when dealing with crop insurance, such as: B. low awareness of crop insurance premiums and delays in claims settlement.
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Global Agricultural Crop Insurance Market Dynamics:
Rapid digital initiatives that predict weather, detect diseased crops, store data on crops and micro-level information from land for crop harvesting. Therefore, these features provided by technologies such as satellites, drones, Internet of Things (IoT), artificial intelligence, mobile applications and other web-based platforms are driving the demand for crop insurance coverage in the global market.
The use of technologies such as satellites, remote sensing data and artificial intelligence can help in the registration of farmers’ information and locations, as well as the collection of premiums and payout claims. Hence, these factors are expected to provide lucrative opportunities for the expansion of the market during the forecast period.
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Global Agricultural Crop Insurance Market Drivers Regional Focus and Analysis:
The regional segment in the global agricultural crop insurance market includes North America, South America, America, America, and USA. North America has the highest revenue share in the global agricultural crop insurance market and is expected to register a robust САGR over the forecast period. This is attributed to the fact that farmers and ranchers in the US strive to maintain and improve economic crop production by taking advantage of prominent crop insurance coverage.
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Global Agricultural Crop Insurance Ѕеgmеntаtіon:
- Multi-Peril Crop Insurance
- hail insurance
By distribution channel
- insurance companies
- By region
- Аѕіа Расіfіс
- About Аmerіса
- Міddle Еаѕt & Аfrіса
- Agricultural Insurance Company of India Limited (AIC)
- American Financial Group, Inc.
- Fairfax Financial Holdings Limited
- ICICI Lombard General Insurance Company Limited
- QBE Insurance Group Limited
- Sompo International Holdings Ltd
- Tokyo Navy HCC