The Agricultural Insurance industry has been bruised and buffeted by one storm after another. Over the past five years, insurers have had to cope not only with severe flooding but also with the damage to their investment assets as a result of the economic downturn. Together these events brought about severe declines in revenue until 2012-13. Industry revenue is expected to contract at a compound annual rate of 0.2% over the five years through 2015-16 owing to a sharp decline at the start of the period in 2011-12. In 2015-16, however, IBISWorld expects the situation to improve slightly, with investment income and premium income on the increase.
Firms in this industry provide agricultural insurance, also known as farm or crop insurance. Agricultural insurance is purchased by agricultural producers to protect against either the loss of their crops due to natural disasters, such as hail, drought and floods, or the loss of revenue due to related farm-specific risks.
The report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecast, growth rates and an analysis of the industry key players and their market shares.