New York, United States, July 25, 2024 (GLOBE NEWSWIRE) -- The Global Livestock Insurance Market Size is
to Grow from USD 4.14 Billion in 2023 to USD 8.56 Billion by 2033, at a Compound Annual Growth Rate (CAGR)
of 7.53% during the projected period.
Livestock insurance is a type of policy designed specifically to protect livestock owners from financial
losses resulting from animal theft, accidental injury, or death. Among the several kinds of animals it
includes are cattle, sheep, goats, pigs, horses, and chickens. It provides monetary compensation to the
insurance bearer for losses incurred as a result of unanticipated events that affect the well-being or health
of their cattle. It is supplied by traditional and specialized agricultural insurance companies that deal with
farm and farm operations. Furthermore, the increasing value of livestock as a result of factors including
shifting preferences for nutrition, rising demand for animal products, and an expanding global population is
the main driver of the need for livestock insurance. The financial risks associated with potential losses have
increased due to the rising expenses on cattle. Sales of livestock insurance have increased as a result,
ensuring that these priceless assets are protected against loss, theft, and other calamities.
Livestock insurance provides the financial assurance that the agriculture sector needs. Furthermore,
livestock insurance provides a safety net that allows farmers to recover their investments and continue
operating their businesses without experiencing catastrophic losses. The necessity for livestock insurance
stems from the desire to lower these risks and safeguard the financial stability of livestock operations.
However, the majority of small-scale farmers substantially refrain from getting this insurance coverage.
Consequently, this poses a significant barrier to the expansion of the livestock insurance industry.
Browse key industry insights spread across 280 pages with 110 Market data tables and figures & charts from
the report on the "Global Livestock Insurance Market Size, Share, and COVID-19 Impact Analysis, By Coverage
(Mortality, Revenue, and Other), By Animal Type (Bovine, Swine, Sheep & Goats, Poultry, and Other Animal),
By Distribution Channel (Direct, Agency/Broker, Bancassurance, and Others), and By Region (North America,
Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
The morality segment is anticipated to hold the greatest share of the global livestock insurance market during the projected timeframe.
Based on the coverage, the global livestock insurance market is divided into mortality, revenue, and other.
Among these, the morality segment is anticipated to hold the greatest share of the global livestock insurance
market during the projected timeframe. The policyholder receives benefits under the livestock insurance coverage
known as mortality whenever an insured animal passes away due to one of the covered hazards (diseases,
illnesses, accidents, natural calamities, theft, etc.). It helps owners protect their possessions and financial
stability, particularly in the case of expensive pets. The insurance policy's provisions state that the animal's
value at the time of death determines the reimbursement amount.
The bovine segment is expected to grow at the fastest CAGR in the global livestock insurance market during the projected timeframe.
Based on the animal type, the global livestock insurance market is divided into bovine, swine, sheep & goats,
poultry, and other animals. Among these, the bovine segment is expected to grow at the fastest CAGR in the
global livestock insurance market during the projected timeframe. This is due to more people becoming aware
of the benefits of cattle insurance plans and using them to reduce production risks. Insurance for cows covers
losses to cattle brought on by bad weather, such as illness, injury, or decreased output as a result of
insufficient feed or infrastructure damage. Additionally, it provides security against price risk and market
volatility, ensuring dairy and beef producers a certain level of income stability. Due to it covers livestock
mortality, medical costs, and biosecurity precautions, cow insurance is essential for reducing the financial
losses brought on by disease outbreaks. It is anticipated that these advantages will aid in the segment's
expansion.
The direct segment is projected for the largest revenue share in the livestock insurance market during the estimated period.
Based on the distribution channel, the global Livestock Insurance market is divided into direct,
agency/broker, bancassurance, and others. Among these, the direct segment is projected for the largest
revenue share in the livestock insurance market during the estimated period. At present, sales of livestock
insurance policies distributed directly that is, without the use of intermediaries are increasing.
Through several channels, including call centers, internet forums, and in-person meetings, the insurance
firm directly interacts with farmers and livestock owners. The company distributes and sells its insurance
products in addition to responding to policy inquiries, gathering premiums, and actively managing claims.
This distribution channel allows for a direct line of communication between the policyholder and the insurer,
giving both sides convenience and control.
North America is expected to hold the largest share of the global livestock insurance market over the forecast period.
North America is expected to hold the largest share of the global livestock insurance market over the forecast
period. North American livestock farmers have embraced livestock insurance to the point where reliable
insurance companies have built a strong market for it. The greatest cow insurance market in North America
is a result of the region's substantial cattle sector. Insurance firms offer a range of cow insurance policies,
including death, illness, and accident insurance in addition to coverage for pasture, fodder, and range.
To improve risk assessment, increase production, and save costs
Asia Pacific is predicted to grow at the fastest pace in the global livestock insurance market during
the projected timeframe. Due to the region's expanding population, growing rate of urbanization,
and growing demand for animal products. In addition, the propensity of Asia Pacific for a range of
natural disasters, including typhoons, floods, earthquakes, and droughts, poses risks to livestock farmers'
animals, infrastructure, and feed supply. As a result, livestock insurance serves as an essential safety net
for farmers, allowing them to continue operating their livestock enterprises while coping with the effects of
natural disasters and shifting weather patterns.
Source: https://www.globenewswire.com/