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LAMEA 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

  • 128 Pages
  • June 2025
  • Region: Africa, Middle East
  • Marqual IT Solutions Pvt. Ltd (KBV Research)
  • ID: 6107887
The Latin America, Middle East and Africa Crop Insurance Market is expected to witness market growth of 6.7% CAGR during the forecast period (2025-2032).

The Brazil market dominated the LAMEA 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 $1.40 billion by 2032. The Argentina market is showcasing a CAGR of 7.4% during 2025-2032. Additionally, the South Africa market would register a CAGR of 5.7% during 2025-2032.



International organizations and development agencies have supported the expansion of crop insurance in developing regions, where smallholder farmers often lack access to formal financial services. These efforts have led to the establishment of innovative insurance models, such as index-based insurance, which uses weather or satellite data to trigger payouts, making it easier for farmers in remote areas to participate. The increasing adoption of crop insurance reflects its growing importance as a tool for building resilience and supporting sustainable agricultural growth.

The market is witnessing several notable trends that are shaping its evolution and expanding its reach. One prominent trend is the increasing integration of technology into insurance products and processes. Advances in data analytics, remote sensing, and satellite imagery have transformed the way crop insurance is designed, underwritten, and administered. For instance, satellite-based monitoring allows insurers to assess crop health and damage with greater accuracy, enabling faster and more transparent claims processing.

The LAMEA region presents a diverse landscape for the market, marked by contrasting levels of development, agricultural dependency, and institutional support. In Latin America, countries like Brazil, Argentina, and Mexico are gradually strengthening their insurance frameworks through public-private initiatives and targeted subsidy programs. In the Middle East and Africa, the market remains underpenetrated but is gaining momentum due to increasing climate vulnerabilities and food security challenges. Crop insurance in this region is increasingly being tied to rural development, climate adaptation, and resilience strategies.

Innovative models such as index-based and microinsurance products are being piloted to address the needs of smallholder farmers and underserved populations. Access to technology and international aid is expected to be a crucial driver in expanding the market. The market in the UAE is gradually gaining attention, driven by the country’s efforts to enhance food security and promote sustainable agriculture. Although the UAE’s arid climate limits large-scale farming, vertical farming, hydroponics, and protected cultivation are growing rapidly. These high-tech agricultural practices are valuable and vulnerable to disruptions from water shortages, pest outbreaks, and climate variability, prompting farmers and agribusinesses to seek financial protection through insurance.

A growing trend in the UAE is the integration of parametric insurance solutions, which use satellite and weather data to trigger payouts, thereby enabling quicker claims processing. Brazil holds a well-established and dynamic market, being one of the global leaders in agricultural production. The country’s diverse climate and large-scale commercial farming make risk management essential, particularly in regions cultivating soybeans, corn, coffee, and sugarcane. The Brazilian government actively supports the market through the Programa de Subvenção ao Prêmio do Seguro Rural (PSR), which subsidizes premium costs for farmers. In Thus, LAMEA is gradually advancing in crop insurance through innovation and support programs, aiming to boost resilience and food security.

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

  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

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 LAMEA Crop Insurance Market, by Type
1.4.2 LAMEA Crop Insurance Market, by Coverage
1.4.3 LAMEA Crop Insurance Market, by Distribution Channel
1.4.4 LAMEA 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. LAMEA Crop Insurance Market by Type
6.1 LAMEA Multi-peril Crop Insurance (MPCI) Market by Country
6.2 LAMEA Crop-hail Insurance Market by Country
6.3 LAMEA Revenue Insurance Market by Country
Chapter 7. LAMEA Crop Insurance Market by Coverage
7.1 LAMEA Revenue Protection Market by Country
7.2 LAMEA Yield Protection Market by Country
7.3 LAMEA Price Protection Market by Country
Chapter 8. LAMEA Crop Insurance Market by Distribution Channel
8.1 LAMEA Government Agencies Market by Country
8.2 LAMEA Insurance Companies Market by Country
8.3 LAMEA Other Distribution Channel Market by Country
Chapter 9. LAMEA Crop Insurance Market by Country
9.1 Brazil Crop Insurance Market
9.1.1 Brazil Crop Insurance Market by Type
9.1.2 Brazil Crop Insurance Market by Coverage
9.1.3 Brazil Crop Insurance Market by Distribution Channel
9.2 Argentina Crop Insurance Market
9.2.1 Argentina Crop Insurance Market by Type
9.2.2 Argentina Crop Insurance Market by Coverage
9.2.3 Argentina Crop Insurance Market by Distribution Channel
9.3 South Africa Crop Insurance Market
9.3.1 South Africa Crop Insurance Market by Type
9.3.2 South Africa Crop Insurance Market by Coverage
9.3.3 South Africa Crop Insurance Market by Distribution Channel
9.4 Saudi Arabia Crop Insurance Market
9.4.1 Saudi Arabia Crop Insurance Market by Type
9.4.2 Saudi Arabia Crop Insurance Market by Coverage
9.4.3 Saudi Arabia Crop Insurance Market by Distribution Channel
9.5 UAE Crop Insurance Market
9.5.1 UAE Crop Insurance Market by Type
9.5.2 UAE Crop Insurance Market by Coverage
9.5.3 UAE Crop Insurance Market by Distribution Channel
9.6 Nigeria Crop Insurance Market
9.6.1 Nigeria Crop Insurance Market by Type
9.6.2 Nigeria Crop Insurance Market by Coverage
9.6.3 Nigeria Crop Insurance Market by Distribution Channel
9.7 Rest of LAMEA Crop Insurance Market
9.7.1 Rest of LAMEA Crop Insurance Market by Type
9.7.2 Rest of LAMEA Crop Insurance Market by Coverage
9.7.3 Rest of LAMEA 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