Agricultural Parametric Insurance Market to Reach $11.3 billion, Globally, by 2033 at 6.5% CAGR: Allied Market Research

Factors such as government support and policy initiatives and demand for faster claims processing drive the growth of the agricultural parametric insurance market.

/EIN News/ -- Wilmington, Delaware, Feb. 19, 2025 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Agricultural Parametric Insurance Market by Type (Natural Catastrophes Insurance, Specialty Insurance, and Others) and Provider Channel (Insurance Providers Companies and Brokers): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the "agricultural parametric insurance market" was valued at $5.9 billion in 2023, and is estimated to reach $11.3 billion by 2033, growing at a CAGR of 6.5% from 2024 to 2033. 

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Prime Determinants of Growth 

Government support and policy initiatives and demand for faster claims processing are the factors expected to propel the growth of the global agricultural parametric insurances market. However, limited awareness of agriculture parametric insurance in rural areas is anticipated to hamper the growth of global market. On the contrary, high growth potential in emerging countries further likely to create lucrative opportunities for the growth of the global market. 

Report Coverage & Details: 

Report Coverage	Details
Forecast Period	2024–2033
Base Year	2023
Market Size in 2023	$5.9 billion
Market Size in 2033	$11.3 billion
CAGR	6.5%
Segments covered	Type, Provider Channel, and Region
Drivers	Government Support and Policy Initiatives  Demand for Faster Claims Processing
Opportunities	High Growth Potential in Emerging Countries
Restraint	Limited Awareness of Agriculture Parametric Insurance in Rural Areas

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The natural catastrophes insurance segment held the highest market share in 2023. 

By type, the natural catastrophes insurance segment held the highest market share in 2023, accounting for more than three- fifths of the agricultural parametric insurances market revenue and is estimated to maintain its leadership status during the forecast period, as farmers and agricultural businesses are highly vulnerable to natural disasters like floods, droughts, and storms. These events can cause significant damage to crops and livestock, leading to large financial losses. However, the in specialty insurance segment agricultural parametric insurances segment is expected to attain the largest CAGR of 9.3% from 2023 to 2033 and is projected to maintain its lead position during the forecast period, owing to the increasing need for tailored solutions that address specific risks in agriculture, such as crop disease outbreaks or unusual weather patterns. As agriculture becomes more sophisticated and diverse, farmers are looking for more customized insurance products to protect against unique challenges, which drives the segment growth in the medical insurance market. 

The insurance provider companies segment held the highest market share in 2023. 

By provider channel, the insurance provider companies segment accounted for the largest share in 2023, contributing for more than four-fifth of the agricultural parametric insurances market revenue, owing to these companies have established networks, resources, and expertise to offer direct insurance policies to farmers. They can easily set up parametric insurance products, handle claims, and provide efficient coverage, which makes them the go-to choice for most agricultural businesses seeking reliable protection. However, the BFSI segment is expected to attain the largest CAGR of 48.7% from 2023 to 2033 and is projected to maintain its lead position during the forecast period, owing to brokers help farmers navigate the complex insurance options available in the market. As the agriculture industry grows and becomes more diverse, brokers are increasingly sought after for their ability to provide tailored insurance solutions from various providers. Their expertise in matching the right insurance products with specific agricultural needs is driving the rapid growth of this segment. Thereby, driving the growth of this segment in the global agriculture parametric insurance market. 

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Asia-Pacific held the highest market share in 2023. 

By region, the Asia-Pacific segment held the highest market share in terms of revenue in 2023, contributing for more than half of the agricultural parametric insurances market revenue owing to large agricultural sector in countries such as India, China, where farming is a major part of the economy. These countries are prone to natural disasters such as floods, droughts, and cyclones, which make parametric insurance an essential tool for protecting farmers. The widespread adoption of technology in this region has also made it easier for farmers to access and benefit from parametric insurance products further fueled market growth in the region. However, the LAMEA segment is projected to attain the highest CAGR of 49.3% from 2023 to 2033, owing to the increasing awareness of parametric insurance as a solution for mitigating risks caused by unpredictable weather events, which are becoming more frequent in these areas. As agriculture in these regions faces challenges such as climate change and natural disasters, the demand for efficient, fast-claim insurance products further boost market growth. 

Leading Market Players: - 

• Chubb Limited 

• SCOR SE 

• Swiss Re 

• Hannover Rück SE 

• AXA XL 

• Munich Re 

• Sompo Holdings, Inc., 

• Liberty Mutual Reinsurance 

• Assicurazioni Generali S.p.A. 

• Arbol 

• Allianz 

• Descartes Inc. 

• Arthur J. 

• Gallagher & Co. 

• Willis Towers Watson PLC. 

The report provides a detailed analysis of these key players in the agricultural parametric insurances market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

Key Benefits For Stakeholders 

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the agricultural parametric insurance market analysis from 2023 to 2033 to identify the prevailing agricultural parametric insurance market opportunities. 

• The market research is offered along with information related to key drivers, restraints, and opportunities. 

• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network and agricultural parametric insurance market outlook. 

• In-depth analysis of the market segmentation assists to determine the prevailing agricultural parametric insurance market opportunity. 

• Major countries in each region are mapped according to their revenue contribution to the global agricultural parametric insurance market. 

• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the agricultural parametric insurance market players. 

• The report includes the analysis of the regional as well as global agricultural parametric insurance market trends, key players, market segments, application areas, and agricultural parametric insurance market growth strategies. 

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Agricultural Parametric Insurance Market Key Segments: 

By Type 

• Natural Catastrophes Insurance 

• Specialty Insurance 

• Others 

By Provider channel 

• Insurance Providers Companies 

• Brokers 

By Region 

• North America (U.S., Canada) 

• Europe (France, Germany, UK, Italy, Spain, Rest of Europe) 

• Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific) 

• LAMEA (Latin America, Middle East, Africa) 

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