Weather Based Crop Insurance Scheme: Cummulative: Kerala: State Government Share in Premium data was reported at 6,401.540 Share in 2020. This records an increase from the previous number of 3,296.650 Share for 2019. Weather Based Crop Insurance Scheme: Cummulative: Kerala: State Government Share in Premium data is updated yearly, averaging 1,099.665 Share from Mar 2013 (Median) to 2020, with 8 observations. The data reached an all-time high of 6,401.540 Share in 2020 and a record low of 283.000 Share in 2013. Weather Based Crop Insurance Scheme: Cummulative: Kerala: State Government Share in Premium data remains active status in CEIC and is reported by Directorate of Economics and Statistics, Department of Agriculture and Farmers Welfare. The data is categorized under India Premium Database’s Agriculture Sector – Table IN.RIM006: Agriculture Insurance: Weather Based Crop Insurance Scheme (WBCIS): by States.

In the financial year 2023, Indian agriculture insurers had underwritten gross premiums amounting to 279 bilion Indian rupees. This decreased from last financial year when the collected premium amounted to nearly 296 billion Indian rupees. Gross premiums underwritten by agriculture insurers saw a gradual increase from the financial year 2017 to the financial year 2020.

This dataset provides Year, Scheme and Season-wise statistics on crop insurance schemes in India. It includes data from 1985 onward, covering various schemes such as the Comprehensive Crop Insurance Scheme (CCIS), National Agricultural Insurance Scheme (NAIS), Modified National Agricultural Insurance Scheme (MNAIS), Weather-Based Crop Insurance Scheme (WBCIS), Pradhan Mantri Fasal Bima Yojana (PMFBY), and Restructured Weather-Based Insurance Scheme (RWBCIS).

Note: For Kharif season, data is reported in the calendar year format, while for Rabi season, it's in the fiscal year format.

Weather Based Crop Insurance Scheme: Cummulative: Haryana: Area Insured data was reported at 0.000 ha in 2020. This stayed constant from the previous number of 0.000 ha for 2019. Weather Based Crop Insurance Scheme: Cummulative: Haryana: Area Insured data is updated yearly, averaging 111,294.000 ha from Mar 2012 (Median) to 2020, with 9 observations. The data reached an all-time high of 602,022.740 ha in 2015 and a record low of 0.000 ha in 2020. Weather Based Crop Insurance Scheme: Cummulative: Haryana: Area Insured data remains active status in CEIC and is reported by Directorate of Economics and Statistics, Department of Agriculture and Farmers Welfare. The data is categorized under India Premium Database’s Agriculture Sector – Table IN.RIM006: Agriculture Insurance: Weather Based Crop Insurance Scheme (WBCIS): by States.

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Crop Insurance Market Size 2024-2028

The crop insurance market size is forecast to increase by USD 14.62 billion at a CAGR of 6.22% between 2023 and 2028. The market is experiencing significant growth, driven by the increasing impact of extreme weather conditions resulting from global warming. This trend is expected to continue as climate change intensifies, leading to greater demand for risk mitigation solutions. Digital initiatives are also transforming the crop insurance landscape, with the adoption of advanced technologies such as drones, satellite imagery, and IoT sensors enabling more accurate risk assessment and claims processing.

However, the market faces challenges related to moral hazards and adverse selection, which can lead to increased costs and decreased profitability for insurers. Addressing these issues through innovative underwriting models and risk management strategies is crucial for the long-term sustainability of the crop insurance industry.

Market Analysis

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The market plays a crucial role in protecting farmers against potential losses due to natural calamities and other unforeseen circumstances. Agricultural produce is a significant economic contributor, and fluctuations in import-export rates, weather conditions, and farming techniques can significantly impact farmers' revenues. Seasonal crops, valuable crops, and specialty crops are all vulnerable to risks such as droughts, hail, floods, fire, diseases, and pest infestations. Crop insurance policies offer farmers protection against these risks, with two primary types crop yield insurance and crop revenue insurance. The former pays out based on the actual crop yield, while the latter pays out based on the difference between the expected revenue and the actual revenue.

Advanced technologies, such as satellites, drones, and artificial intelligence, are increasingly being used to assess crop damage and determine payouts. Natural calamities, such as droughts, hailstorms, floods, and fires, can cause substantial losses, and financial assistance from the government and insurance companies can help stabilize farmers' incomes during these challenging times. The market is expected to grow during the forecasted period, with the increasing use of cutting-edge technologies and the need to mitigate the impact of local calamities on agricultural commodities. Farmers can benefit from market crop loans and premium rates that are tailored to their specific needs, providing them with peace of mind and financial security.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Product

  Indemnity-based
  Index-based


Type

  Crop yielded insurance
  Crop revenue insurance


Geography

  North America

    Canada
    US


  APAC

    China
    India


  Europe

    Spain


  South America



  Middle East and Africa

By Product Insights

The indemnity-based segment is estimated to witness significant growth during the forecast period. Crop insurance plays a crucial role in safeguarding farmers against potential losses due to various agricultural risks. This type of insurance indemnifies farmers by providing financial assistance when their agricultural produce is damaged or destroyed due to natural calamities or farming technique mishaps. The coverage includes losses caused by weather conditions such as droughts, hail, floods, fire, diseases, and pest infestations. Two common types of crop insurance are Multi-Peril Crop Insurance (MPCI) and peril insurance. MPCI is a comprehensive insurance policy that covers yield losses caused by multiple perils, ensuring the entire crop yield is insured. The insurance payout is calculated based on the actual loss, which could be the difference between the forecasted period's expected yield and the actual yield.

Advanced technologies like satellites, drones, artificial intelligence, and advisory services from insurance specialists are used to assess crop damage and determine the loss amount. Crop revenue insurance, another type of insurance, protects farmers' income by insuring the revenue generated from their crops. This insurance policy sales have flooded due to the commercialization of agriculture and the need to stabilize farmers' incomes, especially in areas prone to local calamities that can damage standing or harvested crops.

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The indemnity-based segment was valued at USD 32.23 billion in 2018 and showed a gradual increase during the forecast period.

Regional Insights

APAC is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the re

Weather Based Crop Insurance Scheme: Cummulative: Chhattisgarh: Gross Premium data was reported at 1,088.066 INR mn in 2020. This records an increase from the previous number of 663.730 INR mn for 2019. Weather Based Crop Insurance Scheme: Cummulative: Chhattisgarh: Gross Premium data is updated yearly, averaging 663.730 INR mn from Mar 2012 (Median) to 2020, with 9 observations. The data reached an all-time high of 4,214.847 INR mn in 2015 and a record low of 50.143 INR mn in 2017. Weather Based Crop Insurance Scheme: Cummulative: Chhattisgarh: Gross Premium data remains active status in CEIC and is reported by Directorate of Economics and Statistics, Department of Agriculture and Farmers Welfare. The data is categorized under India Premium Database’s Agriculture Sector – Table IN.RIM006: Agriculture Insurance: Weather Based Crop Insurance Scheme (WBCIS): by States.

Weather Based Crop Insurance Scheme: Cummulative: Himachal Pradesh: Area Insured data was reported at 130,716.850 ha in 2020. This records an increase from the previous number of 104,055.240 ha for 2019. Weather Based Crop Insurance Scheme: Cummulative: Himachal Pradesh: Area Insured data is updated yearly, averaging 111,872.000 ha from Mar 2012 (Median) to 2020, with 9 observations. The data reached an all-time high of 2,595,224.180 ha in 2015 and a record low of 14,709.000 ha in 2012. Weather Based Crop Insurance Scheme: Cummulative: Himachal Pradesh: Area Insured data remains active status in CEIC and is reported by Directorate of Economics and Statistics, Department of Agriculture and Farmers Welfare. The data is categorized under India Premium Database’s Agriculture Sector – Table IN.RIM006: Agriculture Insurance: Weather Based Crop Insurance Scheme (WBCIS): by States.

Weather Based Crop Insurance Scheme: Cummulative: Uttar Pradesh: Number of Farmers Benefitted data was reported at 21,099.000 Person in 2020. This records an increase from the previous number of 14,731.000 Person for 2019. Weather Based Crop Insurance Scheme: Cummulative: Uttar Pradesh: Number of Farmers Benefitted data is updated yearly, averaging 31,354.000 Person from Mar 2012 (Median) to 2020, with 9 observations. The data reached an all-time high of 1,394,020.000 Person in 2016 and a record low of 6,250.000 Person in 2017. Weather Based Crop Insurance Scheme: Cummulative: Uttar Pradesh: Number of Farmers Benefitted data remains active status in CEIC and is reported by Directorate of Economics and Statistics, Department of Agriculture and Farmers Welfare. The data is categorized under India Premium Database’s Agriculture Sector – Table IN.RIM006: Agriculture Insurance: Weather Based Crop Insurance Scheme (WBCIS): by States.

Weather Based Crop Insurance Scheme: Cummulative: Gujarat: Gross Premium data was reported at 0.000 INR mn in 2020. This stayed constant from the previous number of 0.000 INR mn for 2019. Weather Based Crop Insurance Scheme: Cummulative: Gujarat: Gross Premium data is updated yearly, averaging 223.900 INR mn from Mar 2012 (Median) to 2020, with 9 observations. The data reached an all-time high of 223.948 INR mn in 2016 and a record low of 0.000 INR mn in 2020. Weather Based Crop Insurance Scheme: Cummulative: Gujarat: Gross Premium data remains active status in CEIC and is reported by Directorate of Economics and Statistics, Department of Agriculture and Farmers Welfare. The data is categorized under India Premium Database’s Agriculture Sector – Table IN.RIM006: Agriculture Insurance: Weather Based Crop Insurance Scheme (WBCIS): by States.

Weather Based Crop Insurance Scheme: Cummulative: Assam: Area Insured data was reported at 36,692.290 ha in 2020. This records an increase from the previous number of 36,692.060 ha for 2019. Weather Based Crop Insurance Scheme: Cummulative: Assam: Area Insured data is updated yearly, averaging 36,692.060 ha from Mar 2014 (Median) to 2020, with 7 observations. The data reached an all-time high of 38,964.000 ha in 2016 and a record low of 11,338.000 ha in 2014. Weather Based Crop Insurance Scheme: Cummulative: Assam: Area Insured data remains active status in CEIC and is reported by Directorate of Economics and Statistics, Department of Agriculture and Farmers Welfare. The data is categorized under India Premium Database’s Agriculture Sector – Table IN.RIM006: Agriculture Insurance: Weather Based Crop Insurance Scheme (WBCIS): by States.

Weather Based Crop Insurance Scheme: Cummulative: Kerala: Area Insured data was reported at 125,531.600 ha in 2020. This records an increase from the previous number of 99,159.440 ha for 2019. Weather Based Crop Insurance Scheme: Cummulative: Kerala: Area Insured data is updated yearly, averaging 82,667.000 ha from Mar 2012 (Median) to 2020, with 9 observations. The data reached an all-time high of 125,531.600 ha in 2020 and a record low of 23,005.000 ha in 2012. Weather Based Crop Insurance Scheme: Cummulative: Kerala: Area Insured data remains active status in CEIC and is reported by Directorate of Economics and Statistics, Department of Agriculture and Farmers Welfare. The data is categorized under India Premium Database’s Agriculture Sector – Table IN.RIM006: Agriculture Insurance: Weather Based Crop Insurance Scheme (WBCIS): by States.

Weather Based Crop Insurance Scheme: Cummulative: Maharashtra: Claims Paid data was reported at 34,926.866 INR mn in 2020. This records an increase from the previous number of 23,848.433 INR mn for 2019. Weather Based Crop Insurance Scheme: Cummulative: Maharashtra: Claims Paid data is updated yearly, averaging 6,034.553 INR mn from Mar 2012 (Median) to 2020, with 9 observations. The data reached an all-time high of 34,926.866 INR mn in 2020 and a record low of 726.300 INR mn in 2012. Weather Based Crop Insurance Scheme: Cummulative: Maharashtra: Claims Paid data remains active status in CEIC and is reported by Directorate of Economics and Statistics, Department of Agriculture and Farmers Welfare. The data is categorized under India Premium Database’s Agriculture Sector – Table IN.RIM006: Agriculture Insurance: Weather Based Crop Insurance Scheme (WBCIS): by States.

Weather Based Crop Insurance Scheme: Cummulative: Gujarat: Area Insured data was reported at 0.000 ha in 2020. This stayed constant from the previous number of 0.000 ha for 2019. Weather Based Crop Insurance Scheme: Cummulative: Gujarat: Area Insured data is updated yearly, averaging 413,126.000 ha from Mar 2012 (Median) to 2020, with 9 observations. The data reached an all-time high of 413,126.400 ha in 2015 and a record low of 0.000 ha in 2020. Weather Based Crop Insurance Scheme: Cummulative: Gujarat: Area Insured data remains active status in CEIC and is reported by Directorate of Economics and Statistics, Department of Agriculture and Farmers Welfare. The data is categorized under India Premium Database’s Agriculture Sector – Table IN.RIM006: Agriculture Insurance: Weather Based Crop Insurance Scheme (WBCIS): by States.

Weather Based Crop Insurance Scheme: Cummulative: Jammu and Kashmir: Number of Farmers Covered data was reported at 0.000 Person in 2020. This stayed constant from the previous number of 0.000 Person for 2019. Weather Based Crop Insurance Scheme: Cummulative: Jammu and Kashmir: Number of Farmers Covered data is updated yearly, averaging 0.000 Person from Mar 2015 (Median) to 2020, with 6 observations. The data reached an all-time high of 1,364.000 Person in 2016 and a record low of 0.000 Person in 2020. Weather Based Crop Insurance Scheme: Cummulative: Jammu and Kashmir: Number of Farmers Covered data remains active status in CEIC and is reported by Directorate of Economics and Statistics, Department of Agriculture and Farmers Welfare. The data is categorized under India Premium Database’s Agriculture Sector – Table IN.RIM006: Agriculture Insurance: Weather Based Crop Insurance Scheme (WBCIS): by States.

Weather Based Crop Insurance Scheme: Cummulative: Uttar Pradesh: Sum Insured data was reported at 1,405.612 INR mn in 2020. This records an increase from the previous number of 841.792 INR mn for 2019. Weather Based Crop Insurance Scheme: Cummulative: Uttar Pradesh: Sum Insured data is updated yearly, averaging 1,564.900 INR mn from Mar 2012 (Median) to 2020, with 9 observations. The data reached an all-time high of 26,530.400 INR mn in 2016 and a record low of 275.180 INR mn in 2017. Weather Based Crop Insurance Scheme: Cummulative: Uttar Pradesh: Sum Insured data remains active status in CEIC and is reported by Directorate of Economics and Statistics, Department of Agriculture and Farmers Welfare. The data is categorized under India Premium Database’s Agriculture Sector – Table IN.RIM006: Agriculture Insurance: Weather Based Crop Insurance Scheme (WBCIS): by States.

Weather Based Crop Insurance Scheme: Cummulative: Maharashtra: Area Insured data was reported at 1,108,189.290 ha in 2020. This records an increase from the previous number of 685,023.500 ha for 2019. Weather Based Crop Insurance Scheme: Cummulative: Maharashtra: Area Insured data is updated yearly, averaging 685,023.500 ha from Mar 2012 (Median) to 2020, with 9 observations. The data reached an all-time high of 2,932,529.000 ha in 2016 and a record low of 210,735.630 ha in 2017. Weather Based Crop Insurance Scheme: Cummulative: Maharashtra: Area Insured data remains active status in CEIC and is reported by Directorate of Economics and Statistics, Department of Agriculture and Farmers Welfare. The data is categorized under India Premium Database’s Agriculture Sector – Table IN.RIM006: Agriculture Insurance: Weather Based Crop Insurance Scheme (WBCIS): by States.

Weather Based Crop Insurance Scheme: Cummulative: Tamil Nadu: Farmers' Premium data was reported at 0.000 INR mn in 2020. This stayed constant from the previous number of 0.000 INR mn for 2019. Weather Based Crop Insurance Scheme: Cummulative: Tamil Nadu: Farmers' Premium data is updated yearly, averaging 62.100 INR mn from Mar 2012 (Median) to 2020, with 9 observations. The data reached an all-time high of 92.630 INR mn in 2014 and a record low of 0.000 INR mn in 2020. Weather Based Crop Insurance Scheme: Cummulative: Tamil Nadu: Farmers' Premium data remains active status in CEIC and is reported by Directorate of Economics and Statistics, Department of Agriculture and Farmers Welfare. The data is categorized under India Premium Database’s Agriculture Sector – Table IN.RIM006: Agriculture Insurance: Weather Based Crop Insurance Scheme (WBCIS): by States.

Weather Based Crop Insurance Scheme: Cummulative: Jharkhand: Area Insured data was reported at 0.000 ha in 2020. This stayed constant from the previous number of 0.000 ha for 2019. Weather Based Crop Insurance Scheme: Cummulative: Jharkhand: Area Insured data is updated yearly, averaging 81,716.000 ha from Mar 2012 to 2020, with 9 observations. The data reached an all-time high of 563,565.440 ha in 2015 and a record low of 0.000 ha in 2020. Weather Based Crop Insurance Scheme: Cummulative: Jharkhand: Area Insured data remains active status in CEIC and is reported by Directorate of Economics and Statistics, Department of Agriculture and Farmers Welfare. The data is categorized under India Premium Database’s Agriculture Sector – Table IN.RIM006: Agriculture Insurance: Weather Based Crop Insurance Scheme (WBCIS): by States.

Weather Based Crop Insurance Scheme: Cummulative: Haryana: Claims Paid data was reported at 0.000 INR mn in 2020. This stayed constant from the previous number of 0.000 INR mn for 2019. Weather Based Crop Insurance Scheme: Cummulative: Haryana: Claims Paid data is updated yearly, averaging 141.800 INR mn from Mar 2012 (Median) to 2020, with 9 observations. The data reached an all-time high of 1,443.544 INR mn in 2014 and a record low of 0.000 INR mn in 2020. Weather Based Crop Insurance Scheme: Cummulative: Haryana: Claims Paid data remains active status in CEIC and is reported by Directorate of Economics and Statistics, Department of Agriculture and Farmers Welfare. The data is categorized under India Premium Database’s Agriculture Sector – Table IN.RIM006: Agriculture Insurance: Weather Based Crop Insurance Scheme (WBCIS): by States.

Weather Based Crop Insurance Scheme: Cummulative: Odisha: Claims Reported data was reported at 0.000 INR mn in 2020. This stayed constant from the previous number of 0.000 INR mn for 2019. Weather Based Crop Insurance Scheme: Cummulative: Odisha: Claims Reported data is updated yearly, averaging 294.400 INR mn from Mar 2012 (Median) to 2020, with 9 observations. The data reached an all-time high of 321.036 INR mn in 2016 and a record low of 0.000 INR mn in 2020. Weather Based Crop Insurance Scheme: Cummulative: Odisha: Claims Reported data remains active status in CEIC and is reported by Directorate of Economics and Statistics, Department of Agriculture and Farmers Welfare. The data is categorized under India Premium Database’s Agriculture Sector – Table IN.RIM006: Agriculture Insurance: Weather Based Crop Insurance Scheme (WBCIS): by States.