Agriculture reinsurance covers the financial and production risks of farmers and related shortfall risks of interrelated stakeholders such as input suppliers or grain processors. Growing global population and changing diets are fueling the demand for higher crop output, making agriculture reinsurance a necessity for capital to increase production.
The global agriculture reinsurance market is segmented by product and application. On the basis of product, the market is segmented into managed crop hail insurance, multi-peril crop insurance, livestock insurance, greenhouse insurance, aquaculture insurance, bloodstock insurance, and forestry insurance. Managed crop hail insurance reinsurance is expected to hold the largest market share during the forecast period.
By geography, the global reinsurance market has been studied across North America, Europe, Asia-Pacific, and Latin America and the Middle East and Africa (LAMEA).
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Governments in the U.S. and Canada provide significant reinsurance support. Advanced space and weather monitoring technologies are boosting the growth of the agriculture reinsurance market in North America.
Europe is one of the prominent regions in the agriculture reinsurance market, due to the presence of many agriculture reinsurance companies in the region. In Asia-Pacific, the robust and established institutional framework for agriculture research and strong sponsorship of the government of many countries in the region are driving the growth of the agriculture reinsurance market. LAMEA is expected to grow at a significant rate, as there is immense potential for reinsurance companies.
Some of the prominent players in the global agriculture reinsurance market are Munich Re, Swiss Re, Hannover Re, PartnerRe, Scor Re, Everest Re, Polish Re, Hamilton Re, Sompo International, and Toa Re.
About twenty reinsurance companies around the globe are presently providing reinsurance capacity for agriculture risks, yet a more limited group of reinsurance companies are able to provide terms and conditions for reinsurance treaties.
In February 2018, the global insurance firm, PartnerRe announced a multiyear partnership with the agriculture technology and decision software specialist Farmers Edge, allowing insurers to close the agricultural insurance gap across all continents. For PartnerRe, working with a data-driven agricultural solution helps to expand coverage, make better-informed underwriting decisions, and put its reinsurance capacity to work for the client base of Farmers Edge.
In February 2018, the casualty insurer and reinsurer, Sompo International, announced plans to acquire Italian agricultural insurer A&A, S.r.l. (A&A). The aim of AgriSompo to build integrated global capabilities in the crop insurance sector is expected to be supplemented by the acquisition of A&A, via leveraging Sompo International’s comprehensive agriculture insurance expertise and knowledge and acquiring specialty firms in key markets.
Global Agriculture Reinsurance Market: Segmentation
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* Customer Behaviour Analysis
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