Agricultural parametric insurance market to grow 6.5% yearly

Natural catastrophes insurance segment held the highest market share in 2023. 

The global agricultural parametric insurance market is forecasted to reach $11.3b in 2033, registering a compound annual growth rate (CAGR) of 6.5%, according to Allied Market Research.

The report said the industry will be driven by government support and policy initiatives, and demand for faster claims processing are the factors expected to propel the growth of the global agricultural parametric insurance market.

In terms of type, the natural catastrophes insurance segment held the highest market share in 2023. 

But, the specialty insurance segment agricultural parametric insurance segment, is expected to attain the largest CAGR of 9.3% to

2033 and is projected to maintain its lead position during the forecast period

By region, Asia-Pacific held the highest market share in terms of revenue in 2023, contributing more than half of the agricultural parametric insurance market revenue.