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.
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