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North America Crop Insurance Market Size, Share & Industry Analysis Report By Type, By Coverage, By Distribution Channel, By Country and Growth Forecast, 2025 - 2032

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    Report

  • 120 Pages
  • June 2025
  • Region: North America
  • Marqual IT Solutions Pvt. Ltd (KBV Research)
  • ID: 6107840
The North America Crop Insurance Market is expected to witness market growth of 5.3% CAGR during the forecast period (2025-2032).

The US market dominated the North America Crop Insurance Market by country in 2024, and is expected to continue to be a dominant market till 2032; thereby, achieving a market value of $20.14 billion by 2032. The Canada market is experiencing a CAGR of 8.2% during 2025-2032. Additionally, the Mexico market is expected to exhibit a CAGR of 7% during 2025-2032.



The crop insurance market has emerged as a critical component of modern agriculture, offering farmers a financial safety net against the unpredictable risks inherent in farming. As agriculture remains a cornerstone of global economies, ensuring food security and supporting rural livelihoods, crop insurance has evolved into a vital tool for mitigating losses caused by natural disasters, market fluctuations, and other unforeseen events. By providing a mechanism to stabilize farmers' incomes and promote sustainable agricultural practices, crop insurance plays an indispensable role in fostering resilience in the face of environmental and economic uncertainties.

Crop insurance serves a wide range of applications, addressing the diverse risks farmers face across different regions and farming systems. At its core, crop insurance is designed to protect farmers from financial losses due to crop failure or reduced yields caused by events such as droughts, floods, hailstorms, pests, diseases, or extreme weather conditions. It provides coverage for a variety of crops, including staple grains like wheat, rice, and maize, as well as cash crops such as cotton, soybeans, and coffee.

The market in North America is highly structured and mature, driven by well-established government support systems, a high level of agricultural productivity, and increasing climate-related risks. The region - comprising major economies like the United States, Canada, and Mexico - has a significant stake in global food production, which necessitates effective risk mitigation tools. In countries like the U.S. and Canada, strong public-private partnerships and substantial government subsidies have made crop insurance a fundamental part of agricultural sustainability.

Meanwhile, Mexico is rapidly evolving its insurance infrastructure to support its large base of smallholder farmers. As climate change intensifies the frequency and severity of extreme weather events, demand for tailored, data-driven crop insurance solutions continues to rise across the region. In the United States, the market is well-established and supported by a robust public-private partnership, primarily governed by the Federal Crop Insurance Corporation (FCIC) and administered through the Risk Management Agency (RMA) under the USDA.

The agriculture sector’s substantial economic contribution - approximately $1.264 trillion in 2021, with $164.7 billion directly from farm output - underscores the importance of risk mitigation tools like crop insurance. U.S. farmers face diverse challenges ranging from climate change to volatile commodity prices, which has amplified the need for comprehensive crop insurance coverage. The Canadian market is witnessing trends such as an increasing focus on coverage for climate-related perils, including drought, floods, and early frost.

There is also growing interest in integrating parametric insurance models and weather-based indexes to better serve regions with unpredictable climatic patterns. Competition is primarily among provincial agencies and a few private players operating under government frameworks. Provinces like Saskatchewan and Alberta have recently adopted digital claim filing and monitoring systems to streamline services. Thus, North America leads in crop insurance with strong government backing and tech adoption and is set to expand further amid rising climate risks.

List of Key Companies Profiled

  • USI Insurance Services, LLC
  • QBE Insurance Group Limited
  • Chubb Limited
  • Zurich Insurance Group Ltd.
  • Great American Insurance Company (American Financial Group, Inc.)
  • American International Group, Inc. (AIG)
  • Nationwide Mutual Insurance Company
  • ICICI Lombard General Insurance Company Limited (ICICI Bank Limited)
  • AXA SA
  • Bajaj Allianz General Insurance Company

Market Report Segmentation

By Type

  • Multi-peril Crop Insurance (MPCI)
  • Crop-hail Insurance
  • Revenue Insurance

By Coverage

  • Revenue Protection
  • Yield Protection
  • Price Protection

By Distribution Channel

  • Government Agencies
  • Insurance Companies
  • Other Distribution Channel

By Country

  • US
  • Canada
  • Mexico
  • Rest of North America

Table of Contents

Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 North America Crop Insurance Market, by Type
1.4.2 North America Crop Insurance Market, by Coverage
1.4.3 North America Crop Insurance Market, by Distribution Channel
1.4.4 North America Crop Insurance Market, by Country
1.5 Methodology for the Research
Chapter 2. Market at a Glance
2.1 Key Highlights
Chapter 3. Market Overview
3.1 Introduction
3.1.1 Overview
3.1.1.1 Market Composition and Scenario
3.2 Key Factors Impacting the Market
3.2.1 Market Drivers
3.2.2 Market Restraints
3.2.3 Market Opportunities
3.2.4 Market Challenges
3.3 Porter Five Forces Analysis
Chapter 4. Value Chain Analysis of Crop Insurance Market
4.1 Product Development
4.2 Regulatory & Compliance Management
4.3 Marketing & Awareness
4.4 Distribution & Sales
4.5 Policy Underwriting
4.6 Premium Collection & Payment Systems
4.7 Monitoring & Risk Assessment
4.8 Claims Management
4.9 Customer Service & Support
4.10. Feedback & Product Improvement
Chapter 5. Key Customer Criteria of Crop Insurance Market
5.1 Coverage & Risk Protection
5.2 Premium Affordability
5.3 Claim Settlement Speed & Ease
5.4 Customization & Flexibility
5.5 Reputation & Reliability
5.6 Government Support & Subsidies
5.7 Technology & Data Use
5.8 Ease of Purchase & Access
5.9 Customer Service & Support
5.10. Policy Transparency
Chapter 6. North America Crop Insurance Market by Type
6.1 North America Multi-peril Crop Insurance (MPCI) Market by Country
6.2 North America Crop-hail Insurance Market by Country
6.3 North America Revenue Insurance Market by Country
Chapter 7. North America Crop Insurance Market by Coverage
7.1 North America Revenue Protection Market by Country
7.2 North America Yield Protection Market by Country
7.3 North America Price Protection Market by Country
Chapter 8. North America Crop Insurance Market by Distribution Channel
8.1 North America Government Agencies Market by Country
8.2 North America Insurance Companies Market by Country
8.3 North America Other Distribution Channel Market by Country
Chapter 9. North America Crop Insurance Market by Country
9.1 US Crop Insurance Market
9.1.1 US Crop Insurance Market by Type
9.1.2 US Crop Insurance Market by Coverage
9.1.3 US Crop Insurance Market by Distribution Channel
9.2 Canada Crop Insurance Market
9.2.1 Canada Crop Insurance Market by Type
9.2.2 Canada Crop Insurance Market by Coverage
9.2.3 Canada Crop Insurance Market by Distribution Channel
9.3 Mexico Crop Insurance Market
9.3.1 Mexico Crop Insurance Market by Type
9.3.2 Mexico Crop Insurance Market by Coverage
9.3.3 Mexico Crop Insurance Market by Distribution Channel
9.4 Rest of North America Crop Insurance Market
9.4.1 Rest of North America Crop Insurance Market by Type
9.4.2 Rest of North America Crop Insurance Market by Coverage
9.4.3 Rest of North America Crop Insurance Market by Distribution Channel
Chapter 10. Company Profiles
10.1 USI Insurance Services, LLC
10.1.1 Company Overview
10.2 QBE Insurance Group Limited
10.2.1 Company Overview
10.2.2 Financial Analysis
10.2.3 Regional Analysis
10.3 Chubb Limited
10.3.1 Company Overview
10.3.2 Financial Analysis
10.3.3 Segmental and Regional Analysis
10.3.4 SWOT Analysis
10.4 Zurich Insurance Group Ltd.
10.4.1 Company Overview
10.4.2 Financial Analysis
10.4.3 SWOT Analysis
10.5 Great American Insurance Company (American Financial Group, Inc.)
10.5.1 Company Overview
10.5.2 Financial Analysis
10.6 American International Group, Inc. (AIG)
10.6.1 Company Overview
10.6.2 Financial Analysis
10.6.3 Regional Analysis
10.6.4 SWOT Analysis
10.7 Nationwide Mutual Insurance Company
10.7.1 Company Overview
10.8 ICICI Lombard General Insurance Company Limited (ICICI Bank Limited)
10.8.1 Company Overview
10.8.2 Financial Analysis
10.9 AXA SA
10.9.1 Company Overview
10.9.2 Financial Analysis
10.9.3 Segmental and Regional Analysis
10.9.4 SWOT Analysis
10.10. Bajaj Allianz General Insurance Company
10.10.1 Company Overview
10.10.2 Financial Analysis

Companies Mentioned

  • USI Insurance Services, LLC
  • QBE Insurance Group Limited
  • Chubb Limited
  • Zurich Insurance Group Ltd.
  • Great American Insurance Company (American Financial Group, Inc.)
  • American International Group, Inc. (AIG)
  • Nationwide Mutual Insurance Company
  • ICICI Lombard General Insurance Company Limited (ICICI Bank Limited)
  • AXA SA
  • Bajaj Allianz General Insurance Company