Global Agriculture Reinsurance Market
Agriculture reinsurance is an evolving market across the globe. Agriculture reinsurance refers to the insurance that covers the financial as well as the production risks of the farmers. It also covers the shortfall risks of the interconnected stakeholders related to agriculture like the grain processors and input suppliers.
The agriculture reinsurance helps in preserving the capital required for enhancing production and ensure higher crop outputs. Agriculture reinsurance helps in providing the required capital, minimizing the damages, and preventing the potential risks. The global agriculture reinsurance market is anticipated to witness notable growth during the forecast period.
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Key Market Segmentation
The global market of agriculture reinsurance is segregated based on type, application, and region.
Depending on the type, the global agriculture reinsurance market is segmented into crop price reinsurance, crop revenue reinsurance, and crop yield reinsurance.
Based on the application, the agriculture reinsurance market is classified into livestock insurance, multi-peril crop insurance (MPCI), aquaculture insurance, managed crop hail insurance, forestry insurance, greenhouse insurances, and bloodstock insurance.
The geographical regions of global agriculture reinsurance market include Asia Pacific, Europe, North America, Central, and South America, and the Middle East and Africa.
The key contributors to the Asia Pacific region are China, Australia, Japan, India, Korea, and Southeast Asia. The Europe market includes Spain, UK, France, Germany, and Italy. The major contributors of the North America region are Canada and the United States. Central and South America encompass Mexico, Argentina, and Brazil. The Middle East and Africa region include South Africa and GCC countries.
The North America region is the global market leader owing to the advancement in technologies and government support in the region. The Asia Pacific region is a prominent region of the global agriculture reinsurance market due to the presence of agro-climatic zones. The regions of Latin America and the Middle East and Africa are expected to witness significant growth during the forecast period.
Important Market Dynamics
The uncertain climatic changes, increase in demand for food security, and the rice in natural catastrophes are some of the main drivers of the global agriculture reinsurance market. The advancements in the field of technology and the growing support of the governments towards the agricultural activities further propel the market growth. The growing demand for a suitable alternative to the shareholder’s capital is another factor that fuels global market growth.
The lack of awareness is a major restraining factor that limits the growth of the agriculture reinsurance market.
Key Players of Global Agriculture Reinsurance Market -
The major players of the global agriculture reinsurance market are Munich Re, Scor Re, Hannover Re, Swiss Re, Partner Re, Mapfre Re, Everest Re, and XL Group. Other significant players in the global market are Tokio Marine, Korean Reinsurance, Berkshire Hathaway, China Reinsurance, QBE, Lloyd’s, and Transatlantic.
Trending Industry News
Partnerships and collaborations are an important trend in the industry to ensure market growth.
In August 2019, Agriculture Insurance Company, a government-owned company in India planned to launch the crop reinsurance services in the countries abroad, especially Sri Lanka, Bangladesh, Nepal, and the Philippines.
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