Livestock Insurance Market to Grow with a CAGR of 7.65% Globally through 2028
Growing concerns about livestock diseases and changing
climate conditions are factors driving the global livestock insurance market in
the forecast period 2024-2028.
According to TechSci Research report, “Global Livestock
Insurance Market - Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, the Global Livestock Insurance Market stood at USD
3.21 billion in 2022 and is anticipated to grow with a CAGR of 7.65% in the
forecast period, 2024-2028. Global livestock insurance provides essential
financial protection for livestock farmers against various risks. It
encompasses coverage for perils like disease outbreaks, natural disasters, and
market fluctuations that can threaten livestock and livelihoods. This insurance
promotes food security, rural development, and resilience in the face of
climate change and emerging diseases. Key trends include the increasing demand
for coverage driven by climate-related risks, digitalization enhancing
data-driven approaches, innovative insurance products catering to specific
needs, and strong government and international support. Commercial mortality
insurance is emerging as the fastest-growing segment, offering critical
protection for livestock and poultry losses, further solidifying the importance
of livestock insurance in the global agricultural landscape. One of the primary
drivers behind the adoption of global livestock insurance is the increasing
awareness of the impacts of climate change on agriculture. Climate-related
challenges, including more frequent and severe weather events like droughts and
floods, pose a significant threat to livestock health and forage availability.
As a result, farmers are turning to insurance as a vital tool to protect their
herds and mitigate the financial risks associated with unpredictable weather
patterns. In response to climate change, insurers are developing
specialized insurance products that factor in climate-related risks. These
products use climate data, historical weather patterns, and predictive modeling
to assess and price risks accurately. By doing so, they enable farmers to adapt
to changing conditions and reduce economic vulnerabilities associated with
extreme weather events.
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Digitalization and data analytics have also played a
pivotal role in the evolution of global livestock insurance. The integration of
digital technologies has revolutionized the way insurance operates. Satellite
imagery, remote sensing technologies, and weather data are used to monitor
livestock health, environmental conditions, and forage quality in real-time.
These technologies enable insurance providers to offer more accurate coverage
and streamline claims processing, making the insurance process more efficient
for both farmers and insurers.
Additionally, the digital revolution has led to the
development of innovative insurance products that cater to the specific needs
of different livestock sectors. For example, livestock disease insurance has
gained prominence due to the increasing threats of infectious diseases like
African Swine Fever and Avian Influenza. These policies provide compensation
for losses resulting from disease-related culling or trade restrictions.
Similarly, livestock price insurance helps farmers hedge against volatile market
prices by offering protection against price drops. Another significant trend in
global livestock insurance is the rise of parametric insurance. This type of
insurance pays out based on predetermined triggers, such as weather conditions
or disease prevalence, without the need for the traditional claims assessment
process. These triggers are objective and easily verifiable, allowing for
faster payouts and reducing the administrative burden on both farmers and
insurers. The global Livestock Insurance market is segmented into type,
application, distribution channel, end user, regional distribution, and
company. Based on end user, the market is segmented into commercial,
individuals. The commercial segment is experiencing remarkable growth in global
livestock insurance. This rapid expansion can be attributed to heightened
awareness of financial risks within livestock and poultry farming industries.
Commercial mortality insurance, a subset of this segment, provides coverage for
losses due to diseases, accidents, and natural disasters. It's becoming
increasingly popular as it offers essential risk management tools for
agricultural businesses. Factors like advancements in technology, streamlined
underwriting processes, and rising global demand for animal-based products are
propelling the commercial livestock insurance segment to unprecedented growth,
making it the fastest-growing segment in the broader global livestock insurance
market.
Major companies operating in Global Livestock
Insurance Market are:
- The Hartford, GramCover
- HUB International Limited
- The Accel Group
- Rural Mutual Insurance Company
- The Bath State Bank
- Howden Insurance & Reinsurance Brokers (Phil.),
Inc.
- ICICI Lombard General Insurance Company Limited
- Farm Bureau Financial Services
- Future Generali India Insurance Company Ltd.
- Shelter Insurance
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“Global livestock insurance is a vital tool in
mitigating risks associated with livestock farming worldwide. It addresses
challenges like climate change impacts, emerging diseases, market volatility,
and supports food security and rural economies. Key trends include increased
demand due to climate change, digitalization enhancing data-driven approaches,
innovative products tailored to different sectors, and strong government and
international support. Commercial mortality insurance has emerged as the fastest-growing
segment, offering protection for livestock and poultry losses. This insurance
segment's rapid growth is fueled by the need for financial security in
agriculture and advancements in technology,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Livestock
Insurance Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast, Segmented By Type (Commercial Mortality Insurance, Non-commercial
Mortality Insurance), By Application (Dairy, Cattle, Swine, Others), By
Distribution Channel (Direct Sales, Bancassurance, Agents and Brokers), By End
User (Commercial, Individuals), By
Region, Competition”, has evaluated the future growth potential of global
livestock insurance market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in the global livestock
insurance market.
Contact
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