LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global crop insurance market to have an incremental growth of USD 5.70 billion during the forecast period, according to their latest market research report. The growth momentum of the market is expected to accelerate in the year-over-year growth.
Increasing reach of crop insurance schemes by farmers is one of the major trends being witnessed in the global crop insurance market 2018-2022. The rapid adoption of smartphones has facilitated farmers’ access to information, they have become more aware of developments taking place in the agriculture sector, including various crop insurance schemes. The apps installed in smartphones provide information related to crop insurance premiums and the coverage amount to be received by the farmers for any crop.
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According to Technavio analysts, one of the key factors contributing to the growth of the global crop insurance market is the government subsidies for crop insurance:
Global crop insurance market: Government subsidies for crop insurance
Globally, governments of various countries are offering crop insurance subsidies. This is mainly to protect the farmer’s interest in growing crops. While most governments globally provide subsidies on crop insurance, some governments such as in Germany favor the private model of providing crop insurance, where the premium is borne by the farmer.
According to a senior analyst at Technavio, “In the US, the government has decided to subsidize the crop insurance premium paid by farmers up to 48% starting from 2018. In India, crop insurance subsidies are expected to increase by the end of 2018 by 10%-15% from the previous years as the part of the Pradhan Mantri Fasal Bhima Yojna. Also, in 2017, the German Ministry of Economic Cooperation and Development provided $11.3 million to a World Bank initiative, for the development of index-based insurance products for small-sized farmers.”
Global crop insurance market: Segmentation analysis
The global crop insurance market research report provides market segmentation by product (indemnity-based insurance and index-based insurance) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2017, accounting for close to 47% share. It was followed by APAC and EMEA respectively. The dominance of the Americas can be attributed to the government subsidies for crop insurance and increasing investment in agriculture requiring protection.
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