Harvest Period Crop Insurance Market Report 2025

The harvest period crop insurance market size has grown strongly in recent years. It will grow from $12.95 billion in 2024 to $13.89 billion in 2025 at a compound annual growth rate (CAGR) of 7.2%. Growth during the historic period was driven by factors such as the rising use of advanced weather forecasting, greater government subsidies and support, increased awareness of crop risk management, and the growing frequency of natural disasters impacting crops.

The harvest period crop insurance market size is expected to see strong growth in the next few years. It will grow to $18.12 billion in 2029 at a compound annual growth rate (CAGR) of 6.9%. In the forecast period, growth is expected to result from the escalating effects of climate change, higher demand for personalized insurance products, expanded government initiatives for farmer protection, increased adoption of satellite technology, and the rising occurrence of extreme weather events. Key trends anticipated for this period include advancements in remote sensing technology, innovations in artificial intelligence-based risk assessment, the integration of blockchain for transparent claims processing, progress in mobile-based insurance platforms, and the development of customized crop insurance solutions.

The growing adoption of precision agriculture techniques is expected to drive the growth of the harvest period crop insurance market moving forward. Precision agriculture techniques involve the use of advanced technologies and data-driven approaches to optimize farming efficiency and manage crops more effectively. The rise in the adoption of these techniques is attributed to their ability to increase crop yield efficiency by enabling precise resource utilization and improved field management. Harvest period crop insurance supports this trend by providing financial security during critical harvest times, encouraging investment in advanced farming technologies through risk mitigation, and thus boosting productivity and informed decision-making. For example, in March 2025, the Department for Environment, Food, and Rural Affairs, a UK government department, reported that approximately 28% of farms utilized precision farming techniques in 2022-23, up from 25% in 2021-22. Therefore, the increased adoption of precision agriculture techniques is fueling the growth of the harvest period crop insurance market.

Leading companies in the harvest period crop insurance market are focusing on creating technologically advanced solutions, such as satellite index-based farm yield insurance policies, to enhance the accuracy and speed of claim settlements. Satellite index-based farm yield insurance policies use satellite data to estimate crop yields and determine payouts, rather than relying on traditional on-site yield assessments. For instance, in October 2022, HDFC ERGO General Insurance Company Limited, an India-based insurer, introduced a satellite index-based farm yield insurance policy. This innovative product leverages remote real-time crop condition analytics to offer localized, farm-level coverage by using satellite-derived crop yield indices. It provides comprehensive protection from sowing to harvest by automatically triggering claim payments when satellite data indicates yield shortfalls, removing the need for farmers to file claims. The policy covers various risks, including drought, excessive rainfall, pest infestations, and natural disasters, ensuring compensation is accurate, transparent, and timely based on crop losses observed through remote sensing technology.

In July 2023, American Financial Group, a US-based property and casualty insurer, acquired Crop Risk Services, Inc. from AIG for $240 million. This acquisition aims to strengthen American Financial Group’s position in the US crop insurance market by expanding its scale, geographic reach, and operational efficiency through integration with its Great American Insurance Group. Crop Risk Services Inc. is a US-based agricultural insurance company that offers harvest period crop insurance through federally reinsured programs.

Major players in the harvest period crop insurance market are AXA S.A., Allianz SE, Munich Reinsurance Company, Nationwide Mutual Insurance Company, Tokio Marine Holdings Inc., Swiss Reinsurance Company Ltd, Zurich Insurance Group Ltd, Sompo International Holdings Ltd., Hannover Rück SE, MAPFRE S.A., American Financial Group, Inc., The New India Assurance Company Limited, COUNTRY Mutual Insurance Company, ICICI Lombard General Insurance Company Ltd, Westfield Insurance Company, Future Generali India Insurance Company Ltd, Tata AIG General Insurance Company Limited, Farmers Mutual Hail Insurance Company, QBE Insurance Group Limited, Agriculture Insurance Company of India Limited.

North America was the largest region in the harvest period crop insurance market in 2024. The regions covered in harvest period crop insurance report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the harvest period crop insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s recommendations and conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

The rapid escalation of U.S. tariffs and the resulting trade tensions in spring 2025 are significantly impacting the financial sector, particularly in investment strategies and risk management. Heightened tariffs have fueled market volatility, prompting cautious behavior among institutional investors and increasing demand for hedging instruments. Banks and asset managers are facing higher costs associated with cross-border transactions, as tariffs disrupt global supply chains and dampen corporate earnings, key drivers of equity market performance. Insurance companies, meanwhile, are grappling with increased claims risks tied to supply chain disruptions and trade-related business losses. Additionally, reduced consumer spending and weakened export demand are constraining credit growth and investment appetite. The sector must now prioritize diversification, digital transformation, and robust scenario planning to navigate the heightened economic uncertainty and protect profitability.

Harvest period crop insurance is a form of agricultural insurance designed to provide protection specifically for crops during the harvesting phase. It safeguards farmers from losses resulting from unexpected events such as severe weather, pest infestations, or natural disasters occurring during the crucial harvest period. This type of insurance supports financial stability by reducing risks when crops are at their most vulnerable stage.

The primary types of harvest period crop insurance products include yield insurance, revenue insurance, multi-peril crop insurance (MPCI), named peril insurance, and crop-hail insurance. Yield insurance is a type of coverage that shields farmers from reductions in crop output caused by factors such as weather conditions, pests, or plant diseases. Covered crop categories include cereal crops, oilseed crops, fruit crops, vegetable crops, and pulses and legumes. Policy durations may be short-term, long-term, seasonal, flexible-duration, or multi-season. Distribution channels include agents or brokers, direct sales, bancassurance, and other methods, catering to end-users such as farmers, agribusinesses, and other related entities.

The harvest period crop insurance market research report is one of a series of new reports that provides harvest period crop insurance market statistics, including the harvest period crop insurance industry global market size, regional shares, competitors with the harvest period crop insurance market share, detailed harvest period crop insurance market segments, market trends, and opportunities, and any further data you may need to thrive in the harvest period crop insurance industry. This harvest period crop insurance 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 harvest period crop insurance market includes revenues earned by entities through crop stand insurance, quality loss insurance, and custom harvest insurance. 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.

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