Agricultural Insurance in the UK - Industry Research Report

Cultivating growth: Industry revenue is on the rise in 2022-23 thanks to product development

Insurers in the Agricultural Insurance Industry have had to contend with poor investment returns, volatility in underwriting returns and dampened demand amid the COVID-19 outbreak. Global warming seems to be making its mark with the frequency of natural disasters, particularly flooding, on the rise, driving up claims volumes. Another bone of contention for insurers is having to follow the Solvency II directive before Brexit. The accumulation of such difficult conditions has led smaller insurers in the industry to diversify and focus on other high-margin insurance markets. Despite this, industry-wide revenue has still grown at a compound annual rate of 1% to £1.6 billion over the past five years, including growth of 1.6% in 2022-23.

Firms in this industry provide agricultural insurance, also known as farm or crop insurance. Agricultural insurance is purchased by agricultural producers to protect against either the loss of their crops due to natural disasters, such as hail, drought and floods, or the loss of revenue due to farm-specific risks.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.