Crop Reinsurance Global Market Report 2024

The crop reinsurance market size has grown strongly in recent years. It will grow from $38.83 billion in 2023 to $41.57 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth observed in the historical period can be linked to conventional farming methods and the necessity for effective risk management. Additionally, the expansion of agricultural insurance and reinsurance, the global increase in agricultural production, the impact of weather patterns on crop yields, and the overall growth of the reinsurance industry have contributed to this trend.

The crop reinsurance market size is expected to see strong growth in the next few years. It will grow to $53.32 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The anticipated growth in the forecast period can be ascribed to the adoption of precision farming techniques, a heightened awareness of climate-related risks, the integration of satellite and drone technologies for risk assessment, the emergence of index-based insurance solutions for crops, and the tailoring of reinsurance products to address regional risks. Key trends expected in the forecast period encompass technological advancements in agriculture, collaborative efforts between insurers and reinsurers to mitigate risks, progress in data analytics for precise risk modeling, the adoption of blockchain to enhance transparency in reinsurance transactions, the implementation of IoT for real-time monitoring, and an increased emphasis on social and environmental sustainability in the field of crop reinsurance.

An anticipated rise in natural disasters is set to drive the growth of the crop reinsurance market in the future. Natural disasters encompass extreme and catastrophic events occurring in the natural environment, leading to significant damage, destruction, and loss of life. These events, triggered by natural forces and processes, include phenomena such as earthquakes, floods, hurricanes, and wildfires. Crop reinsurance serves as a financial safeguard for crop insurers against losses resulting from natural disasters, offering support to farmers or agricultural entities when their crops are adversely affected or destroyed due to such events. As an illustration, reports shared by the International Federation of Red Cross and Red Crescent Societies in May 2023 revealed that in 2020–2021, 710 catastrophes caused by natural disasters impacted over 220 million individuals, resulting in over 30,000 fatalities. Additionally, Forbes Media LLC reported in January 2023 that the US witnessed 18 climate disasters causing over $1 billion in damage and leading to 474 fatalities in 2022. Thus, the surge in natural disasters is a driving force behind the crop reinsurance market's growth.

The increase in agricultural productivity is poised to contribute to the growth of the crop reinsurance market in the future. Agricultural productivity denotes the efficiency and output of crop and livestock production within a specified area or timeframe. Crop reinsurance plays a pivotal role in enhancing agricultural productivity by mitigating financial risks associated with crop losses, thereby fostering stability in the farming sector. As per information from Gov UK in May 2023, the total factor productivity (TFP) of the agricultural industry in the United Kingdom saw a 3.4% increase between 2021 and 2022. Consequently, the heightened agricultural productivity serves as a driving factor for the crop reinsurance market.


Reinsurance practices are emerging as a significant trend gaining traction in the crop reinsurance market. Major companies in the crop reinsurance sector are actively engaged in developing innovative solutions in reinsurance practices to maintain their market positions. For example, in September 2021, MS Amlin Ltd., a UK-based insurance company, introduced its agriculture and weather index reinsurance practice. This new practice offers coverage for crop insurance, livestock insurance, aquaculture insurance, forestry goods, and weather index products globally. It serves as a reliable option for farmers across major agriculture markets worldwide, providing insurance against crop losses. The practice, backed by deep technical expertise and financial strength, contributes to the financial stability of farmers and offers insurance for crop yield and crop revenue.

Major companies in the crop reinsurance market are directing their efforts toward the development of advanced solutions, including AI-driven data analytics, to elevate agricultural risk management and gain a competitive advantage. AI-driven data analytics involves leveraging artificial intelligence to analyze extensive datasets and extract valuable insights. For instance, in March 2023, Ceres Imaging, a US-based data analytics company, unveiled the Risk Solutions product suite, delivering AI-driven data analytics tailored for agricultural reinsurers and lenders. This suite aims to enhance underwriting processes, claims responsiveness, and the visualization of risk exposure for global agricultural lenders, insurers, and reinsurers. The product suite encompasses features such as automated measurements, localized data for payout forecasting, peril-specific damage assessments, and insights into portfolio performance at the individual plant level.

In July 2023, American Financial Group (AFG), a US-based insurance holding company, completed the acquisition of Crop Risk Services for $240 million. This strategic move by American Financial Group (AFG) is intended to expand its crop insurance business, elevate customer service standards, and establish a more significant presence in the market. Crop Risk Services, a US-based risk management agency, specializes in providing crop reinsurance services.

Major companies operating in the crop reinsurance market report are Munich Re Group, Swiss Reinsurance Company Ltd., Tokio Marine Holdings Inc., Chubb Group of Insurance Companies, Zurich Insurance Group Ltd., Sompo Holdings Inc., Hannover Re Group, SCOR SE, Allianz SE, Aon PLC, Everest Re Group Ltd., Axa XL, Arch Capital Group Ltd., Korean Reinsurance Co, American Financial Group Inc., PartnerRe Ltd., AXIS Capital Group, Lloyds of London, Hudson Insurance Group, MS Amlin AG, African Reinsurance Corporation, ProAg, Farmers Mutual Hail Insurance Company of Iowa, AgriLogic Insurance Services, Rain and Hail Insurance Service Inc., AgriSompo North America, National Crop Insurance Services, Gallagher Re.


North America was the largest region in the crop reinsurance market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the crop reinsurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the crop reinsurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary categories of crop reinsurance include crop yield reinsurance, crop price reinsurance, and crop revenue reinsurance. Crop yield reinsurance provides coverage to agricultural producers against losses arising from low crop yields. Its various applications include multi-peril crop insurance (MPCI), crop hail, livestock, and forestry. These reinsurance products are distributed through channels such as banks, insurance companies, brokers and agents, and other relevant avenues.

The crop reinsurance market research report is one of a series of new reports that provides crop reinsurance market statistics, including crop reinsurance industry global market size, regional shares, competitors with a crop reinsurance market share, detailed crop reinsurance market segments, market trends and opportunities, and any further data you may need to thrive in the crop reinsurance industry. This crop reinsurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The crop reinsurance market includes revenues earned by entities by providing services such as risk assessment, claims settlement services, financial stability, excess of loss reinsurance, stop loss reinsurance and catastrophe reinsurance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).


The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.