Agricultural parametric insurance - market to grow 6.5% yearly
It looks like the market share of the disaster coverage in 2023 was huge.
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The global agricultural parametric insurance market is predicted to hit $11.3 billion in 2033, with a compound annual growth rate (CAGR) of 6.5%, as per Allied Market Research.
The analysis mentions that the government backing, policy measures, and the demand for quicker claims settlements are the main aspects contributing to the growth of the global parametric agricultural insurance market.
In the classification based on types, the segment of natural disasters insurance took the largest share in the market for the year 2023.
On the other hand, the specialty insurance agricultural parametric insurance segment is foreseen to acquire the peak CAGR of 9.3% till 2033 and to keep the lead position throughout the forecast period.
Asia-Pacific was the leading region in terms of revenue for the agricultural parametric insurance market, having contributed more than 50% of the market revenue in 2023.
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