Agricultural Insurance Market Report 2025 (Global Edition)

Global Agricultural Insurance Market Report 2025 Market Size Split by Product Type (Multi-peril Crop Insurance (MPCI), Crop-hail Insurance, Livestock Insurance, Others), by Organization (Government, P...

Agricultural Insurance Market Report Description

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Competitive Landscape of the Agricultural Insurance Market

The competitive landscape of the Agricultural Insurance market is characterized by a diverse range of players competing to gain market share through product innovation, strategic partnerships, and aggressive marketing efforts. Key players in the market include established electronics manufacturers, specialized Air Fresheners companies, and emerging start-ups aiming to disrupt the market with innovative solutions.

Top Companies Market Share in Agricultural Insurance Industry: (In no particular order of Rank)

• PICC
• Zurich (RCIS)
• Chubb Limited
• QBE Insurance
• American Financial Group
• Prudential Financial
• Axa XL
• Everest Re Group
• Fairfax Financial
• Sompo International
• CUNA Mutual
• Agriculture Insurance Company of India
• Tokio Marine
• Diversified Crop Insurance Services
• Farmers Mutual Hail
• New India Assurance
• Confidential Data
• Access The Paid Version
• Data Hidden

*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of Agricultural Insurance Market

Which Region Dominates the Agricultural Insurance Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. The agriculture insurance industry in North America is expanding, owing to increased awareness of climate risks and government support measures. With an emphasis on protecting farmers against crop losses and revenue volatility, the region's rich agricultural sector benefits from a diversified crop landscape-specific insurance portfolio. This expansion emphasizes the necessity of risk-mitigation measures in maintaining agricultural sustainability.

Which Region is Expanding at the Fastest CAGR?

Asia Pacific stands out as the fastest-growing region in the Agricultural Insurance market due to several compelling reasons. The agriculture insurance industry is developing as farmers become more aware of climate-related hazards and the need for financial protection. The region provides a wide range of insurance products covering crop, livestock, and revenue risks, backed up by government programs and legislative frameworks that promote sustainable agriculture. With a focus on resilience and stability, Asia Pacific's agricultural insurance market is critical in protecting farmer livelihoods and supporting long-term sustainability in the industry.

The current report Scope analyzes Agricultural Insurance Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Agricultural Insurance Market

According to Cognitive Market Research, the global Agricultural Insurance market size was estimated at USD 39514.2 Million out of which North America held the major market of more than 40% of the global revenue with a market size of USD 15805.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2031. The agricultural insurance industry in North America is thriving, thanks to a wide range of insurance policies tailored to the region's diversified crop environment. Crop insurance is a key segment that provides coverage against a variety of risks, including unfavorable weather events and revenue changes. Farmers benefit from financial protection and risk mitigation methods through government subsidies and regulatory frameworks that encourage insurance adoption. As climate risks worsen, agricultural insurance is critical to guaranteeing the resilience and sustainability of North America's agricultural sector, which contributes to food security and rural lives.

• According to Cognitive Market Research, the US had a major share in the Agricultural Insurance market with a market size of USD 12470.68 million in 2024 and is projected to grow at a CAGR of 4.0% during the forecast period. The demand is amplified by the technological advances in insurance products.

• The Canada Agricultural Insurance market had a market share of USD 1896.68 million in 2024 and is projected to grow at a CAGR of 5.0% during the forecast period. Canada's high-quality standards and regulatory systems.

• The Mexico Agricultural Insurance market is projected to witness growth at a CAGR of 4.7% during the forecast period with a market size of USD 1438.32 million in 2024.

Europe Agricultural Insurance Market

According to Cognitive Market Research,  the global Agricultural Insurance market size was estimated at USD 39514.2 Million out of which Europe held the market of more than 30% of the global revenue with a market size of USD 11854.26 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.5% from 2024 to 2031. The agricultural insurance market in Europe is growing, owing to increased awareness of climate-related risks and government backing for sustainable agriculture programs. Crop insurance emerges as a significant segment, providing protection against unfavorable weather conditions, pests, and market changes. With a focus on resilience and stability, European farmers benefit from a comprehensive selection of insurance solutions customized to their unique crop terrain. As climate change offers new challenges to agriculture, agricultural insurance plays an increasingly important role in protecting farmers' livelihoods and fostering long-term sustainability in the region's agricultural industry.

• The United Kingdom Agricultural Insurance market had a market share of USD 1991.52 million in 2024 and is projected to grow at a CAGR of 5.3% during the forecast period. In the UK, Agricultural Insurance sales witness an upswing due to the emphasis is on sustainable agriculture and risk management.

• The France Agricultural Insurance market is projected to witness growth at a CAGR of 3.7% during the forecast period with a market size of USD 1090.59 million in 2024.

• According to Cognitive Market Research, the Germany Agricultural Insurance market size was valued at USD 2347.14 million in 2024 and is projected to grow at a CAGR of 4.7% during the forecast period. In Germany, Agricultural Insurance sales surge due to the farmers are increasingly seeking financial security.

• The Italy Agricultural Insurance market is projected to witness growth at a CAGR of 3.9% during the forecast period with a market size of USD 1019.47 million in 2024.

• The Russia Agricultural Insurance market is projected to witness growth at a CAGR of 3.5% during the forecast period with a market size of USD 1837.41 million in 2024.

• The Spain Agricultural Insurance market is projected to witness growth at a CAGR of 3.6% during the forecast period with a market size of USD 972.05 million in 2024.

• The Luxembourg Agricultural Insurance market is projected to witness growth at a CAGR of 4.6% during the forecast period with a market size of USD 367.48 million in 2024.

• The Portugal Agricultural Insurance market is projected to witness growth at a CAGR of 4.3% during the forecast period with a market size of USD 248.94 million in 2024.

• The Greece Agricultural Insurance market is projected to witness growth at a CAGR of 4.8% during the forecast period with a market size of USD 142.25 million in 2024.

• Rest of Europe Agricultural Insurance market is projected to witness growth at a CAGR of 3.2% during the forecast period with a market size of USD 1837.41 million in 2024

Asia Pacific Agricultural Insurance Market

According to Cognitive Market Research, the global Agricultural Insurance market size was estimated at USD 39514.2 Million out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 9088.27 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.0% from 2024 to 2031. The agricultural insurance market in Asia Pacific is developing, owing to increased knowledge of climate risks and government attempts to assist farmers. Crop insurance emerges as an important segment, protecting against weather-related risks and market uncertainty. Given the region's diversified agricultural terrain and rising population, agricultural insurance is critical to guaranteeing food security and rural livelihoods. As governments promote agricultural resilience and sustainability, the Asia Pacific agriculture insurance market provides prospects for growth and development, helping to strengthen the region's agricultural industry and ensure its long-term survival.

• According to Cognitive Market Research, the China Agricultural Insurance market size was valued at USD 4089.72 million in 2024 and is projected to grow at a CAGR of 7.5% during the forecast period. Agricultural Insurance sales surge in China due to the government has launched steps to modernize agriculture.

• The Japan Agricultural Insurance market is projected to witness growth at a CAGR of 6.5% during the forecast period with a market size of USD 1254.18 million in 2024.

• The India Agricultural Insurance market had a market share of USD 1090.59 million in 2024 and is projected to grow at a CAGR of 9.8% during the forecast period. The demand is augmented by India's rising climate-related hazards and natural calamities.

• The South Korea Agricultural Insurance market is projected to witness growth at a CAGR of 7.1% during the forecast period with a market size of USD 908.83 million in 2024.

• The Australia Agricultural Insurance market is projected to witness growth at a CAGR of 7.7% during the forecast period with a market size of USD 472.59 million in 2024.

• The South East Asia Agricultural Insurance market is projected to witness growth at a CAGR of 9.0% during the forecast period with a market size of USD 627.09 million in 2024.

• The Rest of Asia Pacific Agricultural Insurance market is projected to witness growth at a CAGR of 7.8% during the forecast period with a market size of USD 645.27 million in 2024

South America Agricultural Insurance Market

According to Cognitive Market Research, the global Agricultural Insurance market size was estimated at USD 39514.2 Million out of which Latin America market of more than 5% of the global revenue with a market size of USD 1975.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031. The agricultural insurance industry in Latin America is growing, owing to rising climatic risks and government support for farmers. Crop insurance is a popular area, providing coverage against weather-related losses and market volatility. Given the region's abundant agricultural resources and vulnerability to natural disasters, agriculture insurance is critical for protecting farmers' livelihoods and boosting sector resilience. As governments prioritize agricultural development and risk management, the Latin American agricultural insurance industry offers prospects for expansion and innovation, helping to ensure the region's food security and economic stability.

• According to Cognitive Market Research, the Brazil Agricultural Insurance market size was valued at USD 845.60 million in 2024 and is projected to grow at a CAGR of 6.0% during the forecast period. Agricultural Insurance sales flourish in Brazil due to the diverse crop landscape and large-scale farming enterprises.

• The Argentina Agricultural Insurance market had a market share of USD 331.92 million in 2024 and is projected to grow at a CAGR of 6.3% during the forecast period. The demand is augmented by Argentina's regulatory frameworks boosting insurance adoption.

• The Colombia Agricultural Insurance market is projected to witness growth at a CAGR of 5.2% during the forecast period with a market size of USD 175.84 million in 2024.

• The Peru Agricultural Insurance market is projected to witness growth at a CAGR of 5.6% during the forecast period with a market size of USD 162.01  million in 2024.

• The Chile Agricultural Insurance market is projected to witness growth at a CAGR of 5.7% during the forecast period with a market size of USD 142.25 million in 2024.

• The Rest of Latin America Agricultural Insurance market is projected to witness growth at a CAGR of 4.5% during the forecast period with a market size of USD 318.09 million in 2024.

Middle East Agricultural Insurance Market

According to Cognitive Market Research, the global Agricultural Insurance market size was estimated at USD 39514.2 Million out of which Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 790.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2031. The agricultural insurance market in the Middle East and Africa (MEA) is growing, owing to increased awareness of climate risks and government measures to protect farmers. Crop insurance is an important area that provides protection against drought, pests, and market volatility. With the region's arid temperatures and sensitivity to climate change impacts, crop insurance is critical for increasing farmer resilience and guaranteeing food security. As governments prioritize agricultural development and risk management, the MEA agricultural insurance market provides potential for expansion and collaboration, helping to ensure the region's agricultural sector's sustainability and profitability.

• The GCC Countries Agricultural Insurance market is projected to witness growth at a CAGR of 6.5% during the forecast period with a market size of USD 338.24 million in 2024. Agricultural Insurance sales flourish due to the government subsidies and assistance programs.

• The Egypt Agricultural Insurance market is projected to witness growth at a CAGR of 6.0% during the forecast period with a market size of USD 82.98 million in 2024.

• The South Africa Agricultural Insurance market is projected to witness growth at a CAGR of 6.7% during the forecast period with a market size of USD 124.86 million in 2024. Agricultural Insurance sales flourish in the South Africa due to the raising awareness about climate dangers.

• The Turkey Agricultural Insurance market is projected to witness growth at a CAGR of 5.2% during the forecast period with a market size of USD 67.96 million in 2024.

• The Nigeria Agricultural Insurance market is projected to witness growth at a CAGR of 4.8% during the forecast period with a market size of USD 82.98  million in 2024.

• The Rest of MEA Agricultural Insurance market is projected to witness growth at a CAGR of 4.7% during the forecast period with a market size of USD 93.25 million in 2024

Agricultural Insurance Market Analysis

Agricultural Insurance Market Product Type Segment Analysis

According to Cognitive Market Research, Multi-peril Crop Insurance (MPCI) Product Type stands out as the dominating category.Multi-peril Crop Insurance (MPCI) is driving growth in the agricultural insurance market by providing complete coverage against a variety of perils, including weather, pests, and diseases. With rising climatic risks and uncertainties, MPCI offers farmers financial insurance for their crops, thereby strengthening agricultural resilience and stability. Its configurable features and government support efforts help to drive wider acceptance and business expansion.

Crop-hail Insurance Product Type emerges as the fastest-growing category in the Agricultural Insurance market. Crop-hail insurance is driving growth in the agriculture insurance sector by providing coverage for hail damage to crops. Hailstorms pose a serious danger to crop yields and farmer earnings, so crop-hail insurance is critical coverage for farmers, particularly in hailstorm-prone areas. Its customizable features, cost, and effectiveness in managing agricultural risks all contribute to its growing popularity and market share.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Agricultural Insurance Industry. Request a Free Sample PDF!

Agricultural Insurance Market Organization Segment Analysis

According to Cognitive Market Research, the dominating category is Government. The agricultural insurance market's growth is heavily influenced by government support and efforts. Governments encourage farmers to use crop insurance by providing subsidies, premium discounts, and risk-sharing arrangements, thereby increasing their resilience to climate threats and market uncertainty. Furthermore, regulatory frameworks and policy interventions encourage the creation and availability of insurance products, creating a favorable climate for market expansion and sustainability in agriculture.

The fastest-growing category in the Agricultural Insurance market is Private. Private insurers are driving the expansion of the agriculture insurance sector by providing farmers with innovative products and specialized risk management solutions. Private insurers supplement government-supported schemes by emphasizing efficiency, customization, and customer service, thereby increasing the availability and accessibility of crop insurance. Their low pricing, numerous coverage options, and technology improvements all help to drive the adoption and expansion of the agriculture insurance sector.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Agricultural Insurance Distribution Channel Segment Analysis

According to Cognitive Market Research, the dominating category is Banks. Banks are becoming significant actors in generating growth in the agriculture insurance sector by incorporating insurance products into their financial services offerings. Banks cooperate with insurers to provide farmers with access to agricultural insurance, thereby improving their risk management capacities and financial resilience. By incorporating insurance products into their portfolios, banks help to expand and sustain the agriculture insurance industry.

The fastest-growing category in the Agricultural Insurance market is Insurance Companies. Insurance companies play an important role in promoting growth in the agriculture insurance sector by creating innovative products and risk management solutions customized to farmers' needs. Insurers provide comprehensive coverage for crops, livestock, and revenue while focusing on mitigating climate-related risks and market uncertainties. Their experience in risk assessment, pricing mechanisms, and customer service helps to drive the adoption and spread of agricultural insurance products.

• Banks
• Insurance Companies
• Brokers/Agents
• Others

Agricultural Insurance Type of Crop Segment Analysis

• Cereals and Grains
• Fruits and Vegetables
• Oilseeds and Pulses
• Cotton
• Sugarcane
• Others

Agricultural Insurance Premium Size Segment Analysis

• Small Premium (Below USD 5
• 000)
• Medium Premium (USD 5
• 000 - USD 25
• 000)
• Large Premium (USD 25
• 000 - USD 100
• 000)
• High Premium (Above USD 100
• 000) Source:

Author's Detail

Vinayak Bali

Senior Research Analyst at Cognitive Market Research

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Catering to tailored needs of clients in Consulting, Business Intelligence, Market Research, Forecasting, Matrix-Modeling, Data Analytics, Competitive Intelligence, Primary research and Consumer Insights.

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