Global Agricultural Insurance Market growing at a CAGR of 7.1% from 2023 to 2030

Category : Agriculture | Published Date : Jul 2023

Key Market Overview

Consegic Business Intelligence analyzes that the global agricultural insurance market is growing with a CAGR of 7.1% and is expected to reach USD 65,654.02 million in 2030 from USD 38,221.36 million in 2022.

The report highlights the increasing demand for agricultural insurance owing to the rising awareness among farmers and agribusinesses. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the agricultural insurance market.

Global Agricultural Insurance Market By Overview

Global Agricultural Insurance Market

The agricultural insurance market is bifurcated into type and provider. Based on type, the market is segmented into crop insurance, livestock insurance, machinery insurance, and others. In 2022, the crop insurance segment accounted for the highest market share in the agricultural insurance market. On the basis of provider, the market is categorized into banks, insurance companies, brokers/agents, and others. In 2022, the insurance companies segment accounted for the highest market share in the overall agricultural insurance market.

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Market Dynamics



  • Increased frequency of extreme weather conditions has augmented the demand for agricultural insurance.
  • Rising favourable government initiatives to safeguard farmers is fostering market growth.



  • Low access and acceptability of agricultural insurance in developing countries.


  • Technological advancements in farming equipment is likely to fuel the demand for agricultural insurance.

Market Segmentation:

Report Attributes Report Details
By Type Crop Insurance (Multi-Peril Crop Insurance, Named Peril Insurance, and Index-Based Insurance), Livestock Insurance, Machinery Insurance, and Others
By Provider Banks, Insurance Companies, Brokers/Agents, and Others
By Region North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Competitive Landscape :

The market is dominated by certain major companies such as Great American Insurance Company, Asian Development Bank, and American Agricultural Insurance Company among others have a strong market position in current market circumstances. Further, the agricultural insurance market is expected to witness significant growth in the coming years due to the rise in favourable government initiatives to safeguard farmers. The market players compete for a firm market position through mergers and acquisitions, product innovations, and business strategies. Thus, evolving research and developments are expected to help market players adopt innovative ways of product creation to cater to the growing needs of various end-use industries.

  • Great American Insurance Company
  • Chubb
  • QBE Insurance (Australia) Ltd.
  • Himalayan Everest Insurance CO.LTD.
  • Agriculture Insurance Company of India Limited
  • Munich Re
  • Zurich American Insurance Company
  • Asian Development Bank
  • HUB International Limited
  • AXA SA
  • American Agricultural Insurance Company
  • AgroBrasil
  • Haughn & Associates