Crop Insurance Market Size, Share, Growth Analysis, By Coverage(Multi Peril Crop Insurance (MPCI), Crop Hail Insurance), By Type(Crop Yeild Insurance, and Crop Revenue Insurance), By Distribution Channel(Banks, Insurance Companies, Brokers/Agents, and Others), By Region - Industry Forecast 2025-2032

Global Crop Insurance Market size was valued at USD 39.10 billion in 2022 and is poised to grow from USD 42.50 billion in 2023 to USD 82.84 billion by 2031, growing at a CAGR of 8.7% in the forecast period (2024-2031).

The crop insurance market is comprised of a mix of public and private players, offering insurance products tailored to meet agricultural needs. Key players include government-sponsored schemes such as the US Federal Crop Insurance Corporation (FCIC) and Zurich Insurance Group, Allianz SE, QBE Insurance, ICICI Lombard General Insurance etc. and private insurers. These companies focus on innovation, technology-driven risk and partnerships to extend their reach and improve operational efficiency. In 2022, BASF partnered with HDFC ERGO General Insurance of India to provide tailored crop insurance solutions for farmers. The collaboration leverages BASF’s expertise in crop protection and agriculture solutions with HDFC ERGO insurance. The objective of this partnership was to provide India’s farmers with a comprehensive insurance package that would mitigate the risks of both production and income.  'Great American Insurance Company (US) ', 'Chubb (US) ', 'ICICI Lombard General Insurance Company Limited (India) ', 'Allianz Ghana (Ghana) ', 'Future Generali India Insurance Company Ltd (India) ', 'Santam (South Africa) ', 'Sompo International Holdings Ltd. (Bermuda) ', 'Hannover Rück SE (Germany) ', 'Tokio Marine HCC (US) ', 'Global AG Insurance Services, LLC (US) ', 'Compeer Financial, ACA (US) ', 'Kshema General Insurance Limited (India) ', 'QBE Holdings, Inc. (Australia) ', 'Reliance General Insurance Company Ltd. (India) ', 'Tata-AIG General Insurance Company Ltd. (India) ', 'Fairfax Financial Holdings Limited (Canada) ', 'Zurich (Switzerland) ', 'PICC (China) ', 'Agriculture Insurance Company of India Limited (AIC) (India) ', 'American Financial Group, Inc. (US) ', 'QBE Insurance Group Limited (Australia)'

Integrating Technology into Crop Insurance: Insurance companies are increasingly using such technologies ensuring quality work and paying farmers fair wages. These tools can accurately assess crop damage, fraud detection, risk prediction, streamline claims processing and increase operational efficiency. Technological advances, including satellite imagery, drones and the big data analytics, are transforming the crop insurance industry.  

North America is the dominant region in the crop insurance market. North America had the largest market share as the region has well-established financial institutions that facilitate the easy integration of crop insurance into financial planning and ensure its availability. Additionally, a competitive private insurance industry coupled with the government programs increases options for farmers and encourages innovation and customized coverage options. Meanwhile, it forces the number of children to be adopted to increase encouragement. In addition, the region’s agricultural heritage enhances the understanding of risk management in agriculture, further increasing the demand for crop insurance to protect livelihoods.