Plant Insurance Market Growth, Business Overview 2023, and Forecast to 2030 | PICC, Zurich (RCIS), Chubb

The plant insurance market refers to the industry that offers insurance coverage for many sorts of plants, such as agricultural crops, horticultural plants, trees, and other vegetation. Plant insurance protects against risks such as damage caused by natural catastrophes, pests, diseases, or poor weather conditions that might affect plant growth and health. A thorough market analysis of the plant insurance market entails assessing several elements such as market size, development drivers, obstacles and possibilities, competitive landscape, and client demand.

Plant Insurance Market size was evaluated at USD 33.62 billion in 2023 and is expected to reach USD 68.30 billion by 2030, increasing at an 8.30% CAGR from 2023 to 2030.

Precision agriculture has evolved as a result of the use of modern technology such as drones, satellite images, and Internet of Things (IoT) sensors in agriculture. These technologies are being used by plant insurance companies to assess risks, monitor crop health, and offer tailored insurance solutions based on real-time data. As the frequency and severity of climate-related disasters such as droughts, floods, and storms increase, so does the demand for plant insurance that covers climate risks. Insurance firms are creating new policies to meet the unique risks posed by shifting weather patterns and climate unpredictability. Data analytics and artificial intelligence (AI) algorithms are being used by plant insurance businesses to evaluate enormous amounts of data relating to weather patterns, soil conditions, and crop health.

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Leading players of Plant Insurance Market including:

PICC, Zurich (RCIS), Chubb, QBE, China United Property Insurance, American Financial Group, Prudential, XL Catlin, Everest Re Group, Endurance Specialty, CUNA Mutual, Agriculture Insurance Company of India, Tokio Marine, CGB Diversified Services, Farmers Mutual Hail, Archer Daniels Midland, New India Assurance, ICICI Lombard,

Total Market by Segment:

Global Plant Insurance Market Segment Percentages By Type

Type I

Type II

Global Plant Insurance Market Segment Percentages by Application

Crop/MPCI

Crop/Hail

Livestock

Others

Plant Insurance Market – Covid-19 Impact and Recovery Analysis:

The plant insurance market has been impacted differently by the COVID-19 outbreak. While the agriculture industry has been deemed important and has continued to operate, interruptions in supply chains, labor availability, and market demand have had an impact on farmers’ incomes. Plant insurance has offered a safety net for farmers, protecting them from unanticipated events and assisting them in risk management during this difficult time. The pandemic has also emphasized the significance of resilient and sustainable farming methods, which may increase demand for plant insurance products during the post-pandemic recovery period.

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Plant Insurance Market Regional Analysis:

The plant insurance market differs by area due to factors such as climate, agricultural methods, and plant insurance knowledge. Some agriculturally active regions, such as North America, Europe, Asia-Pacific, and South America, are projected to have a stronger need for plant insurance products. The market dynamics and significant players in each region may fluctuate due to local legislation, climate variances, and crop diversity.

North America (United States, Canada and Mexico)

Europe (Germany, UK, France, Italy, Russia and Spain etc.)

Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia etc.)

South America (Brazil, Argentina and Colombia etc.)

Middle East & Africa (South Africa, UAE and Saudi Arabia etc.)

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The provision of plant insurance is critical in lowering the risks that farmers, horticulturists, and agricultural industries face. Plant insurance allows farmers to recover from unfavorable circumstances and continue operating by offering financial protection against crop losses. Furthermore, the rise of the plant insurance industry can drive investment in agricultural technology, improve sustainable farming practices, and contribute to food security.

Table of Content (TOC):

Chapter 1 Introduction and Overview

Chapter 2 Economic Impact and Industry Pricing

Chapter 3 New technologies and emerging trends with significant critical roles

Chapter 4 Analysis, trends, and growth drivers of the global remote Plant Insurance Market

Chapter 5 Plant Insurance Market Application and Business with Potential Analysis

Chapter 6 Global Plant Insurance Market Segment, Type, Application

Chapter 7 Global Plant Insurance Market Analysis (by Application, Type, End User)

Chapter 8 Major Key Vendors Analysis of Plant Insurance Market

Chapter 9 Development Trend of Analysis

Chapter 10 Conclusion

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