Asia Pacific Crop Insurance Market Size, Share & Industry Analysis Report By Type (Multi-peril Crop Insurance (MPCI), Crop-hail Insurance, and Revenue Insurance), By Coverage (Revenue Protection, Yield Protection, and Price Protection), By Distribution Channel (Government Agencies, Insurance Companies, and Other Distribution Channel), By Country and Growth Forecast, 2025 - 2032

The Asia Pacific Crop Insurance Market would witness market growth of 6.6% CAGR during the forecast period (2025-2032).

The China market dominated the Asia Pacific Crop Insurance Market by Country in 2024, and would continue to be a dominant market till 2032; thereby, achieving a market value of $4,509.9 million by 2032. The Japan market is registering a CAGR of 5.3% during (2025 - 2032). Additionally, The India market would showcase a CAGR of 7.1% during (2025 - 2032).

The adoption of crop insurance has grown significantly over the years, driven by increasing awareness of its benefits and supportive government policies. In many countries, governments play a pivotal role in promoting crop insurance through subsidies, public-private partnerships, and regulatory frameworks that make policies more accessible and affordable.

In countries like India, government-backed schemes have expanded access to crop insurance for millions of smallholder farmers, enabling them to protect their livelihoods against climate-induced risks. The adoption of crop insurance is also influenced by the growing recognition of its role in enhancing food security and rural development. By providing a financial buffer, crop insurance enables farmers to invest in improved seeds, fertilizers, and technologies without the fear of catastrophic losses.

The Asia Pacific region hosts some of the world’s largest agricultural economies, including China, India, and Indonesia, along with a vast population dependent on farming for livelihood. However, the market here is highly fragmented and at various stages of development across different countries. While advanced economies such as Japan and Australia have more structured insurance systems, developing nations are increasingly leveraging government schemes and parametric insurance models to provide coverage to smallholder farmers. The region faces high exposure to climate risks like floods, typhoons, and droughts, making crop insurance essential for food security and income stabilization.

Digital transformation and the use of satellite and weather-based data are emerging as key trends to expand coverage and improve efficiency. Across Asia-Pacific, governments remain central players in subsidizing crop insurance and promoting awareness among farmers. Technological innovation is a shared theme—remote sensing, AI, and blockchain are being incorporated to streamline underwriting and claim processing. Competitive landscapes vary, with China and India featuring both domestic giants and international reinsurers, while Japan's system is dominated by cooperative banks and government-linked institutions.

India's crop insurance landscape is significantly shaped by its vast agricultural base, which contributes 18.3% to the country’s gross value added (GVA) as of FY 2022–23, according to Invest India. The government-led Pradhan Mantri Fasal Bima Yojana (PMFBY) remains a cornerstone initiative, offering widespread coverage for crops across different regions. With the rapid expansion of digital infrastructure in rural areas, insurers are deploying mobile applications, drones, and satellite imaging for faster claims settlement and policy enrollment. In Japan, agriculture holds a strategic role despite the country's limited arable land. In 2022, Japan ranked as the fourth-largest export market for agriculture and related products, valued at $16.8 billion, per the International Trade Administration.

The country's crop insurance model is government-backed through the Norinchukin Bank and JA Insurance Group. The market in Japan is mature and highly regulated, with strong focus on risk reduction and resilience. Recent trends include diversification of insurance products to cover specific risks such as typhoons, floods, and droughts. In conclusion, Asia Pacific shows rapid growth in crop insurance, driven by climate urgency and digital tools, despite regional development gaps.

Free Valuable Insights: The Global Crop Insurance Market is Predict to reach USD 59.32 Billion by 2032, at a CAGR of 5.8 %

Based on Type, the market is segmented into Multi-peril Crop Insurance (MPCI), Crop-hail Insurance, and Revenue Insurance. Based on Coverage, the market is segmented into Revenue Protection, Yield Protection, and Price Protection. Based on Distribution Channel, the market is segmented into Government Agencies, Insurance Companies, and Other Distribution Channel. Based on countries, the market is segmented into China, Japan, India, South Korea, Australia, Malaysia, and Rest of Asia Pacific.

List of Key Companies Profiled

• USI Insurance Services, LLC
• QBE Insurance Group Limited
• Chubb Limited
• Zurich Insurance Group Ltd.
• Great American Insurance Company (American Financial Group, Inc.)
• American International Group, Inc. (AIG)
• Nationwide Mutual Insurance Company
• ICICI Lombard General Insurance Company Limited (ICICI Bank Limited)
• AXA SA
• Bajaj Allianz General Insurance Company

Asia Pacific Crop Insurance Market Report Segmentation

By Type

• Multi-peril Crop Insurance (MPCI)
• Crop-hail Insurance
• Revenue Insurance

By Coverage

• Revenue Protection
• Yield Protection
• Price Protection

By Distribution Channel

• Government Agencies
• Insurance Companies
• Other Distribution Channel

By Country

• China
• Japan
• India
• South Korea
• Australia
• Malaysia
• Rest of Asia Pacific

Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Asia Pacific Crop Insurance Market, by Type
1.4.2 Asia Pacific Crop Insurance Market, by Coverage
1.4.3 Asia Pacific Crop Insurance Market, by Distribution Channel
1.4.4 Asia Pacific Crop Insurance Market, by Country
1.5 Methodology for the research

Chapter 2. Market at a Glance
2.1 Key Highlights

Chapter 3. Market Overview
3.1 Introduction
3.1.1 Overview
3.1.1.1 Market Composition and Scenario
3.2 Key Factors Impacting the Market
3.2.1 Market Drivers
3.2.2 Market Restraints
3.2.3 Market Opportunities
3.2.4 Market Challenges
3.3 Porter Five Forces Analysis

Chapter 4. Value Chain Analysis of Crop Insurance Market
4.1 Product Development
4.2 Regulatory & Compliance Management
4.3 Marketing & Awareness
4.4 Distribution & Sales
4.5 Policy Underwriting
4.6 Premium Collection & Payment Systems
4.7 Monitoring & Risk Assessment
4.8 Claims Management
4.9 Customer Service & Support
4.10. Feedback & Product Improvement

Chapter 5. Key Customer Criteria of Crop Insurance Market
5.1 Coverage & Risk Protection
5.2 Premium Affordability
5.3 Claim Settlement Speed & Ease
5.4 Customization & Flexibility
5.5 Reputation & Reliability
5.6 Government Support & Subsidies
5.7 Technology & Data Use
5.8 Ease of Purchase & Access
5.9 Customer Service & Support
5.10. Policy Transparency

Chapter 6. Asia Pacific Crop Insurance Market by Type
6.1 Asia Pacific Multi-peril Crop Insurance (MPCI) Market by Country
6.2 Asia Pacific Crop-hail Insurance Market by Country
6.3 Asia Pacific Revenue Insurance Market by Country

Chapter 7. Asia Pacific Crop Insurance Market by Coverage
7.1 Asia Pacific Revenue Protection Market by Country
7.2 Asia Pacific Yield Protection Market by Country
7.3 Asia Pacific Price Protection Market by Country

Chapter 8. Asia Pacific Crop Insurance Market by Distribution Channel
8.1 Asia Pacific Government Agencies Market by Country
8.2 Asia Pacific Insurance Companies Market by Country
8.3 Asia Pacific Other Distribution Channel Market by Country

Chapter 9. Asia Pacific Crop Insurance Market by Country
9.1 China Crop Insurance Market
9.1.1 China Crop Insurance Market by Type
9.1.2 China Crop Insurance Market by Coverage
9.1.3 China Crop Insurance Market by Distribution Channel
9.2 Japan Crop Insurance Market
9.2.1 Japan Crop Insurance Market by Type
9.2.2 Japan Crop Insurance Market by Coverage
9.2.3 Japan Crop Insurance Market by Distribution Channel
9.3 India Crop Insurance Market
9.3.1 India Crop Insurance Market by Type
9.3.2 India Crop Insurance Market by Coverage
9.3.3 India Crop Insurance Market by Distribution Channel
9.4 South Korea Crop Insurance Market
9.4.1 South Korea Crop Insurance Market by Type
9.4.2 South Korea Crop Insurance Market by Coverage
9.4.3 South Korea Crop Insurance Market by Distribution Channel
9.5 Australia Crop Insurance Market
9.5.1 Australia Crop Insurance Market by Type
9.5.2 Australia Crop Insurance Market by Coverage
9.5.3 Australia Crop Insurance Market by Distribution Channel
9.6 Malaysia Crop Insurance Market
9.6.1 Malaysia Crop Insurance Market by Type
9.6.2 Malaysia Crop Insurance Market by Coverage
9.6.3 Malaysia Crop Insurance Market by Distribution Channel
9.7 Rest of Asia Pacific Crop Insurance Market
9.7.1 Rest of Asia Pacific Crop Insurance Market by Type
9.7.2 Rest of Asia Pacific Crop Insurance Market by Coverage
9.7.3 Rest of Asia Pacific Crop Insurance Market by Distribution Channel

Chapter 10. Company Profiles
10.1 USI Insurance Services, LLC
10.1.1 Company Overview
10.2 QBE Insurance Group Limited
10.2.1 Company Overview
10.2.2 Financial Analysis
10.2.3 Regional Analysis
10.3 Chubb Limited
10.3.1 Company Overview
10.3.2 Financial Analysis
10.3.3 Segmental and Regional Analysis
10.3.4 SWOT Analysis
10.4 Zurich Insurance Group Ltd.
10.4.1 Company Overview
10.4.2 Financial Analysis
10.4.3 SWOT Analysis
10.5 Great American Insurance Company (American Financial Group, Inc.)
10.5.1 Company Overview
10.5.2 Financial Analysis
10.6 American International Group, Inc. (AIG)
10.6.1 Company Overview
10.6.2 Financial Analysis
10.6.3 Regional Analysis
10.6.4 SWOT Analysis
10.7 Nationwide Mutual Insurance Company
10.7.1 Company Overview
10.8 ICICI Lombard General Insurance Company Limited (ICICI Bank Limited)
10.8.1 Company Overview
10.8.2 Financial Analysis
10.9 AXA SA
10.9.1 Company Overview
10.9.2 Financial Analysis
10.9.3 Segmental and Regional Analysis
10.9.4 SWOT Analysis
10.10. Bajaj Allianz General Insurance Company
10.10.1 Company Overview
10.10.2 Financial Analysis

TABLE 1 Asia Pacific Crop Insurance Market, 2021 - 2024, USD Million
TABLE 2 Asia Pacific Crop Insurance Market, 2025 - 2032, USD Million
TABLE 3 Key Customer Criteria of Crop Insurance Market
TABLE 4 Asia Pacific Crop Insurance Market by Type, 2021 - 2024, USD Million
TABLE 5 Asia Pacific Crop Insurance Market by Type, 2025 - 2032, USD Million
TABLE 6 Asia Pacific Multi-peril Crop Insurance (MPCI) Market by Country, 2021 - 2024, USD Million
TABLE 7 Asia Pacific Multi-peril Crop Insurance (MPCI) Market by Country, 2025 - 2032, USD Million
TABLE 8 Asia Pacific Crop-hail Insurance Market by Country, 2021 - 2024, USD Million
TABLE 9 Asia Pacific Crop-hail Insurance Market by Country, 2025 - 2032, USD Million
TABLE 10 Asia Pacific Revenue Insurance Market by Country, 2021 - 2024, USD Million
TABLE 11 Asia Pacific Revenue Insurance Market by Country, 2025 - 2032, USD Million
TABLE 12 Asia Pacific Crop Insurance Market by Coverage, 2021 - 2024, USD Million
TABLE 13 Asia Pacific Crop Insurance Market by Coverage, 2025 - 2032, USD Million
TABLE 14 Asia Pacific Revenue Protection Market by Country, 2021 - 2024, USD Million
TABLE 15 Asia Pacific Revenue Protection Market by Country, 2025 - 2032, USD Million
TABLE 16 Asia Pacific Yield Protection Market by Country, 2021 - 2024, USD Million
TABLE 17 Asia Pacific Yield Protection Market by Country, 2025 - 2032, USD Million
TABLE 18 Asia Pacific Price Protection Market by Country, 2021 - 2024, USD Million
TABLE 19 Asia Pacific Price Protection Market by Country, 2025 - 2032, USD Million
TABLE 20 Asia Pacific Crop Insurance Market by Distribution Channel, 2021 - 2024, USD Million
TABLE 21 Asia Pacific Crop Insurance Market by Distribution Channel, 2025 - 2032, USD Million
TABLE 22 Asia Pacific Government Agencies Market by Country, 2021 - 2024, USD Million
TABLE 23 Asia Pacific Government Agencies Market by Country, 2025 - 2032, USD Million
TABLE 24 Asia Pacific Insurance Companies Market by Country, 2021 - 2024, USD Million
TABLE 25 Asia Pacific Insurance Companies Market by Country, 2025 - 2032, USD Million
TABLE 26 Asia Pacific Other Distribution Channel Market by Country, 2021 - 2024, USD Million
TABLE 27 Asia Pacific Other Distribution Channel Market by Country, 2025 - 2032, USD Million
TABLE 28 Asia Pacific Crop Insurance Market by Country, 2021 - 2024, USD Million
TABLE 29 Asia Pacific Crop Insurance Market by Country, 2025 - 2032, USD Million
TABLE 30 China Crop Insurance Market, 2021 - 2024, USD Million
TABLE 31 China Crop Insurance Market, 2025 - 2032, USD Million
TABLE 32 China Crop Insurance Market by Type, 2021 - 2024, USD Million
TABLE 33 China Crop Insurance Market by Type, 2025 - 2032, USD Million
TABLE 34 China Crop Insurance Market by Coverage, 2021 - 2024, USD Million
TABLE 35 China Crop Insurance Market by Coverage, 2025 - 2032, USD Million
TABLE 36 China Crop Insurance Market by Distribution Channel, 2021 - 2024, USD Million
TABLE 37 China Crop Insurance Market by Distribution Channel, 2025 - 2032, USD Million
TABLE 38 Japan Crop Insurance Market, 2021 - 2024, USD Million
TABLE 39 Japan Crop Insurance Market, 2025 - 2032, USD Million
TABLE 40 Japan Crop Insurance Market by Type, 2021 - 2024, USD Million
TABLE 41 Japan Crop Insurance Market by Type, 2025 - 2032, USD Million
TABLE 42 Japan Crop Insurance Market by Coverage, 2021 - 2024, USD Million
TABLE 43 Japan Crop Insurance Market by Coverage, 2025 - 2032, USD Million
TABLE 44 Japan Crop Insurance Market by Distribution Channel, 2021 - 2024, USD Million
TABLE 45 Japan Crop Insurance Market by Distribution Channel, 2025 - 2032, USD Million
TABLE 46 India Crop Insurance Market, 2021 - 2024, USD Million
TABLE 47 India Crop Insurance Market, 2025 - 2032, USD Million
TABLE 48 India Crop Insurance Market by Type, 2021 - 2024, USD Million
TABLE 49 India Crop Insurance Market by Type, 2025 - 2032, USD Million
TABLE 50 India Crop Insurance Market by Coverage, 2021 - 2024, USD Million
TABLE 51 India Crop Insurance Market by Coverage, 2025 - 2032, USD Million
TABLE 52 India Crop Insurance Market by Distribution Channel, 2021 - 2024, USD Million
TABLE 53 India Crop Insurance Market by Distribution Channel, 2025 - 2032, USD Million
TABLE 54 South Korea Crop Insurance Market, 2021 - 2024, USD Million
TABLE 55 South Korea Crop Insurance Market, 2025 - 2032, USD Million
TABLE 56 South Korea Crop Insurance Market by Type, 2021 - 2024, USD Million
TABLE 57 South Korea Crop Insurance Market by Type, 2025 - 2032, USD Million
TABLE 58 South Korea Crop Insurance Market by Coverage, 2021 - 2024, USD Million
TABLE 59 South Korea Crop Insurance Market by Coverage, 2025 - 2032, USD Million
TABLE 60 South Korea Crop Insurance Market by Distribution Channel, 2021 - 2024, USD Million
TABLE 61 South Korea Crop Insurance Market by Distribution Channel, 2025 - 2032, USD Million
TABLE 62 Australia Crop Insurance Market, 2021 - 2024, USD Million
TABLE 63 Australia Crop Insurance Market, 2025 - 2032, USD Million
TABLE 64 Australia Crop Insurance Market by Type, 2021 - 2024, USD Million
TABLE 65 Australia Crop Insurance Market by Type, 2025 - 2032, USD Million
TABLE 66 Australia Crop Insurance Market by Coverage, 2021 - 2024, USD Million
TABLE 67 Australia Crop Insurance Market by Coverage, 2025 - 2032, USD Million
TABLE 68 Australia Crop Insurance Market by Distribution Channel, 2021 - 2024, USD Million
TABLE 69 Australia Crop Insurance Market by Distribution Channel, 2025 - 2032, USD Million
TABLE 70 Malaysia Crop Insurance Market, 2021 - 2024, USD Million
TABLE 71 Malaysia Crop Insurance Market, 2025 - 2032, USD Million
TABLE 72 Malaysia Crop Insurance Market by Type, 2021 - 2024, USD Million
TABLE 73 Malaysia Crop Insurance Market by Type, 2025 - 2032, USD Million
TABLE 74 Malaysia Crop Insurance Market by Coverage, 2021 - 2024, USD Million
TABLE 75 Malaysia Crop Insurance Market by Coverage, 2025 - 2032, USD Million
TABLE 76 Malaysia Crop Insurance Market by Distribution Channel, 2021 - 2024, USD Million
TABLE 77 Malaysia Crop Insurance Market by Distribution Channel, 2025 - 2032, USD Million
TABLE 78 Rest of Asia Pacific Crop Insurance Market, 2021 - 2024, USD Million
TABLE 79 Rest of Asia Pacific Crop Insurance Market, 2025 - 2032, USD Million
TABLE 80 Rest of Asia Pacific Crop Insurance Market by Type, 2021 - 2024, USD Million
TABLE 81 Rest of Asia Pacific Crop Insurance Market by Type, 2025 - 2032, USD Million
TABLE 82 Rest of Asia Pacific Crop Insurance Market by Coverage, 2021 - 2024, USD Million
TABLE 83 Rest of Asia Pacific Crop Insurance Market by Coverage, 2025 - 2032, USD Million
TABLE 84 Rest of Asia Pacific Crop Insurance Market by Distribution Channel, 2021 - 2024, USD Million
TABLE 85 Rest of Asia Pacific Crop Insurance Market by Distribution Channel, 2025 - 2032, USD Million
TABLE 86 Key information – USI Insurance Services, LLC
TABLE 87 Key Information – QBE Insurance Group Limited
TABLE 88 Key Information – Chubb Limited
TABLE 89 Key Information – Zurich Insurance Group Ltd.
TABLE 90 Key Information – Great American insurance company
TABLE 91 Key Information – American International Group, Inc. (AIG)
TABLE 92 Key Information – Nationwide Mutual Insurance Company
TABLE 93 Key Information – ICICI Lombard General Insurance Company Limited
TABLE 94 key information – AXA SA
TABLE 95 Key Information – Bajaj Allianz General Insurance Company

List of Figures
FIG 1 Methodology for the research
FIG 2 Asia Pacific Crop Insurance Market, 2021 - 2032, USD Million
FIG 3 Key Factors Impacting Crop Insurance Market
FIG 4 Porter’s Five Forces Analysis – Crop Insurance Market
FIG 5 Value Chain Analysis of Crop Insurance Market
FIG 6 Key Customer Criteria of Crop Insurance Market
FIG 7 Asia Pacific Crop Insurance Market share by Type, 2024
FIG 8 Asia Pacific Crop Insurance Market share by Type, 2032
FIG 9 Asia Pacific Crop Insurance Market by Type, 2021 - 2032, USD Million
FIG 10 Asia Pacific Crop Insurance Market share by Coverage, 2024
FIG 11 Asia Pacific Crop Insurance Market share by Coverage, 2032
FIG 12 Asia Pacific Crop Insurance Market by Coverage, 2021 - 2032, USD Million
FIG 13 Asia Pacific Crop Insurance Market share by Distribution Channel, 2024
FIG 14 Asia Pacific Crop Insurance Market share by Distribution Channel, 2032
FIG 15 Asia Pacific Crop Insurance Market by Distribution Channel, 2021 - 2032, USD Million
FIG 16 Asia Pacific Crop Insurance Market share by Country, 2024
FIG 17 Asia Pacific Crop Insurance Market share by Country, 2032
FIG 18 Asia Pacific Crop Insurance Market by Country, 2021 - 2032, USD Million
FIG 19 SWOT Analysis: Chubb Limited
FIG 20 SWOT Analysis: Zurich Insurance Group Ltd.
FIG 21 SWOT Analysis: American International Group, Inc. (AIG)
FIG 22 SWOT Analysis: AXA SA