Out of the nearly $6 Trillion global insurance market, the agricultural crop insurance products market was valued at $36.6 Billion in 2021 and is expected to increase at a compound annual growth rate (“CAGR”) of 5.9% over a nearly decade-long forecast period, reaching $61.3 Billion by 2030.
The global parametric insurance market – especially germane to agriculture and farming due to its underwriting against climate and natural disaster risks - was valued at $11.7 Billion in 2021 and is expected to expand at a CAGR of 9.9% from 2022 through the forecast period, reaching $29.3 billion by 2031.
The global microinsurance market – also quite relevant to agriculture due to innovations aimed at financially securing agrarian populations, crop growers and their stakeholders throughout the developing world - reached a value of $78.4 Billion in 2021 and is expected to grow at a CAGR of 6.7% through the forecast period, reaching $131.7 Billion by 2029.