Product Code: GVR-4-68040-573-0
Crop Insurance Market Size & Trends:
The global crop insurance market size was estimated at USD 38.70 billion in 2024 and is projected to grow at a CAGR of 6.1% from 2025 to 2030. The increasing unpredictability of climate patterns and the rising incidence of extreme weather events drive the market's growth. Farmers worldwide face growing risks from floods, droughts, hailstorms, and heat waves, which can severely damage crops and reduce agricultural output. This increasing climate volatility has made traditional farming riskier, pushing farmers to seek financial protection through insurance. Crop insurance provides a safety net by compensating for losses due to these natural calamities, enabling farmers to recover faster and continue operations.
As climate change intensifies, the need for structured risk management tools like crop insurance is becoming more urgent, fueling market demand. Government support and subsidy programs also play a major role in boosting crop insurance adoption. In several countries, especially the U.S., India, and China, governments provide subsidized premiums or operate public insurance schemes to protect farmers from crop loss. These programs significantly lower the cost burden on farmers, making insurance accessible even to smallholders. Moreover, some government-backed schemes are mandatory for farmers to access financial assistance or agricultural loans, further increasing coverage. This proactive involvement by governments has expanded the crop insurance market by ensuring large-scale participation and economic viability.
In addition, the increasing importance of agricultural finance contributes to the market growth. Crop insurance is often a prerequisite for farmers to access bank loans or credit from financial institutions. By reducing the lender's risk, insurance enables farmers to secure the necessary capital for investing in seeds, fertilizers, and equipment. Many financial institutions even link loan eligibility directly to crop insurance coverage, making it a critical tool for credit access. This interdependence between agricultural financing and insurance is particularly impactful in developing economies, where formal credit access is expanding.
High administrative costs and complex claim processes restrain the growth of the market. Traditional crop insurance systems often involve cumbersome paperwork, manual verification, and slow claim settlement, which frustrates farmers and reduces satisfaction. In some government-run programs, payment delays or inadequate compensation further erode trust in the system. Insurers face operational challenges due to fragmented farm records, a lack of digitization, and difficulty reaching remote agricultural areas. These inefficiencies increase the cost of delivering insurance services and reduce the profitability and scalability of insurance schemes.
Global Crop Insurance Market Report Segmentation
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global crop insurance market report based on type, coverage, distribution channel, and region.
- Type Outlook (Revenue, USD Billion; 2018 - 2030)
- Multi-peril Crop Insurance (MPCI)
- Crop-hail Insurance
- Revenue Insurance
- Coverage Outlook (Revenue, USD Billion; 2018 - 2030)
- Yield Protection
- Revenue Protection
- Price Protection
- Distribution Channel Outlook (Revenue, USD Billion; 2018 - 2030)
- Government Agencies
- Insurance Companies
- Others
- Regional Outlook (Revenue, USD Billion; 2018 - 2030)
- North America
- Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Latin America
- Middle East and Africa (MEA)
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation and Scope
- 1.2. Research Methodology
- 1.2.1. Information Procurement
- 1.3. Information or Data Analysis
- 1.4. Methodology
- 1.5. Research Scope and Assumptions
- 1.6. Market Formulation & Validation
- 1.7. Country Based Segment Share Calculation
- 1.8. List of Data Sources
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segment Outlook
- 2.3. Competitive Insights
Chapter 3. Crop Insurance Market Variables, Trends, & Scope
- 3.1. Market Lineage Outlook
- 3.2. Market Dynamics
- 3.2.1. Market Driver Analysis
- 3.2.2. Market Restraint Analysis
- 3.2.3. Industry Challenge
- 3.3. Crop Insurance Market Analysis Tools
- 3.3.1. Industry Analysis - Porter's
- 3.3.1.1. Bargaining power of the suppliers
- 3.3.1.2. Bargaining power of the buyers
- 3.3.1.3. Threats of substitution
- 3.3.1.4. Threats from new entrants
- 3.3.1.5. Competitive rivalry
- 3.3.2. PESTEL Analysis
- 3.3.2.1. Political landscape
- 3.3.2.2. Economic landscape
- 3.3.2.3. Social landscape
- 3.3.2.4. Technological landscape
- 3.3.2.5. Environmental landscape
- 3.3.2.6. Legal landscape
Chapter 4. Crop Insurance Market: Type Estimates & Trend Analysis
- 4.1. Segment Dashboard
- 4.2. Crop Insurance Market: Type Movement Analysis, 2024 & 2030 (USD Million)
- 4.3. Multi-peril Crop Insurance (MPCI)
- 4.3.1. Multi-peril Crop Insurance (MPCI) Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 4.4. Crop-hail Insurance
- 4.4.1. Crop-hail Insurance Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 4.5. Revenue Insurance
- 4.5.1. Revenue Insurance Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 5. Crop Insurance Market: Coverage Estimates & Trend Analysis
- 5.1. Segment Dashboard
- 5.2. Crop Insurance Market: Coverage Movement Analysis, 2024 & 2030 (USD Million)
- 5.3. Yield Protection
- 5.3.1. Yield Protection Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.4. Revenue Protection
- 5.4.1. Revenue Protection Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.5. Price Protection
- 5.5.1. Price Protection Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 6. Crop Insurance Market: Distribution Channel Estimates & Trend Analysis
- 6.1. Segment Dashboard
- 6.2. Crop Insurance Market: Distribution Channel Movement Analysis, 2024 & 2030 (USD Million)
- 6.3. Government Agencies
- 6.3.1. Government Agencies Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.4. Insurance Companies
- 6.4.1. Insurance Companies Cards Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.5. Others
- 6.5.1. Others Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 7. Crop Insurance Market: Regional Estimates & Trend Analysis
- 7.1. Crop Insurance Market Share, By Region, 2024 & 2030 (USD Million)
- 7.2. North America
- 7.2.1. North America Crop Insurance Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.2.2. U.S.
- 7.2.2.1. U.S. Crop Insurance Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.2.3. Canada
- 7.2.3.1. Canada Crop Insurance Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.2.4. Mexico
- 7.2.4.1. Mexico Crop Insurance Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.3. Europe
- 7.3.1. Europe Crop Insurance Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.3.2. UK
- 7.3.2.1. UK Crop Insurance Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.3.3. Germany
- 7.3.3.1. Germany Crop Insurance Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.3.4. France
- 7.3.4.1. France Crop Insurance Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.4. Asia Pacific
- 7.4.1. Asia Pacific Crop Insurance Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.4.2. China
- 7.4.2.1. China Crop Insurance Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.4.3. Japan
- 7.4.3.1. Japan Crop Insurance Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.4.4. India
- 7.4.4.1. India Crop Insurance Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.4.5. South Korea
- 7.4.5.1. South Korea Crop Insurance Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.4.6. Australia
- 7.4.6.1. Australia Crop Insurance Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.5. Latin America
- 7.5.1. Latin America Crop Insurance Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.5.2. Brazil
- 7.5.2.1. Brazil Crop Insurance Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.6. Middle East and Africa
- 7.6.1. Middle East and Africa Crop Insurance Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.6.2. UAE
- 7.6.2.1. UAE Crop Insurance Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.6.3. KSA
- 7.6.3.1. KSA Crop Insurance Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.6.4. South Africa
- 7.6.4.1. South Africa Crop Insurance Market Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 8. Competitive Landscape
- 8.1. Company Categorization
- 8.2. Company Market Positioning
- 8.3. Company Heat Map Analysis
- 8.4. Company Profiles/Listing
- 8.4.1. Kshema General Insurance Limited
- 8.4.1.1. Participant's Overview
- 8.4.1.2. Financial Performance
- 8.4.1.3. Product Benchmarking
- 8.4.1.4. Strategic Initiatives
- 8.4.2. QBE Insurance Ltd.
- 8.4.2.1. Participant's Overview
- 8.4.2.2. Financial Performance
- 8.4.2.3. Product Benchmarking
- 8.4.2.4. Strategic Initiatives
- 8.4.3. Chubb
- 8.4.3.1. Participant's Overview
- 8.4.3.2. Financial Performance
- 8.4.3.3. Product Benchmarking
- 8.4.3.4. Strategic Initiatives
- 8.4.4. Zurich
- 8.4.4.1. Participant's Overview
- 8.4.4.2. Financial Performance
- 8.4.4.3. Product Benchmarking
- 8.4.4.4. Strategic Initiatives
- 8.4.5. Sompo
- 8.4.5.1. Participant's Overview
- 8.4.5.2. Financial Performance
- 8.4.5.3. Product Benchmarking
- 8.4.5.4. Strategic Initiatives
- 8.4.6. Great American Insurance Company
- 8.4.6.1. Participant's Overview
- 8.4.6.2. Financial Performance
- 8.4.6.3. Product Benchmarking
- 8.4.6.4. Strategic Initiatives
- 8.4.7. American International Group, Inc.
- 8.4.7.1. Participant's Overview
- 8.4.7.2. Financial Performance
- 8.4.7.3. Product Benchmarking
- 8.4.7.4. Strategic Initiatives
- 8.4.8. Agriculture Insurance Company of India Limited
- 8.4.8.1. Participant's Overview
- 8.4.8.2. Financial Performance
- 8.4.8.3. Product Benchmarking
- 8.4.8.4. Strategic Initiatives
- 8.4.9. Tokio Marine HCC
- 8.4.9.1. Participant's Overview
- 8.4.9.2. Financial Performance
- 8.4.9.3. Product Benchmarking
- 8.4.9.4. Strategic Initiatives
- 8.4.10. FBL Financial Group, Inc
- 8.4.10.1. Participant's Overview
- 8.4.10.2. Financial Performance
- 8.4.10.3. Product Benchmarking
- 8.4.10.4. Strategic Initiatives