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

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    Report

  • 129 Pages
  • June 2025
  • Region: Asia Pacific
  • Marqual IT Solutions Pvt. Ltd (KBV Research)
  • ID: 6108026
The Asia Pacific Crop Insurance Market is expected to witness market growth of 6.6% CAGR during the forecast period (2025-2032).

The China market dominated the Asia Pacific 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 $4.50 billion by 2032. The Japan market is registering a CAGR of 5.3% during 2025-2032. Additionally, the India market is expected to showcase a CAGR of 7.1% during 2025-2032.



The adoption of crop insurance has grown significantly over the years, driven by increasing awareness of its benefits and supportive government policies. In many countries, governments play a pivotal role in promoting crop insurance through subsidies, public-private partnerships, and regulatory frameworks that make policies more accessible and affordable.

In countries like India, government-backed schemes have expanded access to crop insurance for millions of smallholder farmers, enabling them to protect their livelihoods against climate-induced risks. The adoption of crop insurance is also influenced by the growing recognition of its role in enhancing food security and rural development. By providing a financial buffer, crop insurance enables farmers to invest in improved seeds, fertilizers, and technologies without the fear of catastrophic losses.

The Asia Pacific region hosts some of the world’s largest agricultural economies, including China, India, and Indonesia, along with a vast population dependent on farming for livelihood. However, the market here is highly fragmented and at various stages of development across different countries. While advanced economies such as Japan and Australia have more structured insurance systems, developing nations are increasingly leveraging government schemes and parametric insurance models to provide coverage to smallholder farmers. The region faces high exposure to climate risks like floods, typhoons, and droughts, making crop insurance essential for food security and income stabilization.

Digital transformation and the use of satellite and weather-based data are emerging as key trends to expand coverage and improve efficiency. Across Asia-Pacific, governments remain central players in subsidizing crop insurance and promoting awareness among farmers. Technological innovation is a shared theme - remote sensing, AI, and blockchain are being incorporated to streamline underwriting and claim processing. Competitive landscapes vary, with China and India featuring both domestic giants and international reinsurers, while Japan's system is dominated by cooperative banks and government-linked institutions.

India's crop insurance landscape is significantly shaped by its vast agricultural base, which contributes 18.3% to the country’s gross value added (GVA) as of FY 2022-23, according to Invest India. The government-led Pradhan Mantri Fasal Bima Yojana (PMFBY) remains a cornerstone initiative, offering widespread coverage for crops across different regions. With the rapid expansion of digital infrastructure in rural areas, insurers are deploying mobile applications, drones, and satellite imaging for faster claims settlement and policy enrollment. In Japan, agriculture holds a strategic role despite the country's limited arable land. In 2022, Japan ranked as the fourth-largest export market for agriculture and related products, valued at $16.8 billion, per the International Trade Administration.

The country's crop insurance model is government-backed through the Norinchukin Bank and JA Insurance Group. The market in Japan is mature and highly regulated, with strong focus on risk reduction and resilience. Recent trends include diversification of insurance products to cover specific risks such as typhoons, floods, and droughts. In conclusion, Asia Pacific shows rapid growth in crop insurance, driven by climate urgency and digital tools, despite regional development gaps.

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

  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Malaysia
  • Rest of Asia Pacific

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