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Report Ocean has released a market research report on the Livestock Insurance Market, covering 150+ countries and analyzing over 1,00000 published and forthcoming reports per year. The report, prepared by subject matter experts, researchers, and market research professionals, utilizes various methodologies and analytical approaches, including S.W.O.T. and P.E.S.T.E.L. analysis and regression analysis, to forecast market growth. It also examines the industry’s regulations and policies and potential future advancements.
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The global livestock insurance market revenue was around US$ 2.81 billion in 2021 and is estimated to reach US$ 5.79 billion by 2031, growing at a compound annual growth rate (CAGR) of 7.9% during the forecast period from 2022 to 2031.
Livestock insurance offers protection in the case that a livestock animal dies due to disease or an accident, including natural disasters and fatal injuries brought on by other animals. Coverage might, in some circumstances, also include the time of cow death. However, a doctor’s certificate must be submitted with this. When cattle die, the farmer has a loss of income and a disruption in the rearing schedule. Livestock insurance compensates the farmers if the loss is greater than a certain threshold, allowing them to fully control the loss.
Factors Influencing Market Growth
An increase in the number of diseases affecting their cattle fuels the livestock insurance market.
The high premiums for livestock insurance hamper the market growth.
Government offers a number of programs and subsidies for livestock insurance to safeguard the animals from risk and danger which enables farmers to make more money. As a result, it is anticipated to create lucrative opportunities.
Study of the COVID-19 Pandemic
COVID-19 had a significant impact on the livestock insurance market. This sector has suffered a significant economic loss due to the lockdown. A fall in both supply and demand for animal goods is one of the problems brought on by the lockdown. Additionally, farmers were unable to pay the premiums for livestock insurance due to the decline in demand, and many small-scale farmers were unable to afford to purchase the coverage for their cattle. However, due to a lack of demand, many animals could not be fed properly, which resulted in serious illnesses. As a result, farmers preferred to buy livestock insurance to pay for the costs associated with treating their animals.
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Regional Insights
North America experienced the highest growth in the livestock insurance market. This was related to the fact that livestock insurance has become increasingly popular in the area as farmers and ranchers work to preserve and improve animal by-products like eggs, beef meat, and dairy products by obtaining notable livestock price insurance coverage. Additionally, insurers are improving their current products and educating livestock owners to ensure the maximum level of safety for their animals. These efforts include providing medical claims, coverage for accidental deaths, and permanent disability.
Leading Competitors
The leading competitors in the global livestock insurance market are:
AXA XL
Farm Bureau Financial Services
Future Generali India Insurance Company Ltd
GramCover
HDFC ERGO
HUB International Limited
Howden Insurance & Reinsurance Brokers (Phil.)
ICICI Lombard General Insurance Company Limited
Lloyd’s, Liberty
Nationwide
Rural Mutual Insurance Company
Stockguard
Shelter Insurance
The Hartford
The Accel Group
The Bath State Bank
Others
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Segmentation Analysis
The global livestock insurance market segmentation focuses on Type, Application, Distribution Channel, End User and Region.
Segmentation based on Type
Commercial Mortality Insurance
Non-commercial Mortality Insurance
Segmentation based on Application
Dairy
Cattle
Swine
Others
Segmentation based on Distribution Channel
Direct Sales
Bancassurance
Agents and Brokers
Segmentation based on End User
Commercial
o Commercial Type
? Dairy Farmers
? Groups
Individuals
Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
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Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
Key Questions Answered in The Report:
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Updated : 2023-05-05 08:58 GMT+08:00
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