Agricultural insurance market to hit $67.4b by 2032

High premiums and limited access for marginal farmers could constrain growth. 

The global agricultural insurance market is slated to reach $67.4b by 2032, registering a compound annual growth rate of 5.8% from 2023 to 2032, according to Allied Market Research.

The report attributes market growth to rising climate-related risks, including weather uncertainties, frequent plant diseases, and the increasing vulnerability of farming operations.

These factors are pushing farmers toward insurance products like multi-peril crop insurance (MPCI), crop-hail, and livestock coverage.

However, the report also notes that high premiums and limited access for marginal farmers could constrain growth. 

Awareness campaigns highlighting the benefits of agricultural insurance are expected to create new opportunities in the coming years, the report added.