Developing new technologies, such as satellites, drones, the Internet of Things (IoT), mobile applications, and other webbased platforms, is critical to expanding the crop insurance industry. Crop insurance programs help increase rural incomes, food security, and self-sufficiency. Crop insurance coverage protects agribusiness organizations from agricultural cooperatives against unanticipated crop declines and the resulting financial losses. Leveraging crop monitoring provides accurate meteorological data and facilitates early diagnosis and forecasting of temperature stress to prevent crop loss and manage insurance. Farmers increasingly employ assets to produce quality data in large volumes and need help obtaining reliable data from farms.
Market size for Crop Insurance Market is projected to reach USD 59.89 billion by 2030, with a CAGR of 6.1 percent. Various government schemes and insurance programs are available to producers to ensure they are adequately covered, enhancing market growth. Implementing multiple digital initiatives to reduce uncertain risks has contributed to developing the global crop insurance market. Satellite photography can assist agricultural crop insurance providers determine whether a given area has been harvested. Agricultural productivity can now be increased by various innovative methods, ranging from autosteering to variable-rate systems.
This edition of Agri Business Review brings recent trends and developments in crop insurance services and the latest technologies, bringing more efficiency and improvements to provide ample opportunities for the key players operating in the crop insurance market.
It features a thought leadership article from Chris Millson, Head of Sustainability at Direct Wines, who talks about taking action through carbonconscious procurement to achieve net zero. It also features William Barbier, Head of Research & Development at Florensis sheds light on the growers who face many challenges in reducing their carbon footprint in sustainable horticulture, which produces high-quality products that are environmentally and economically sustainable.
In this edition, we also bring you the story of some of the top crop insurance service providers offering value-added services through various technologies and entering into strategic partnerships. One of them is Compeer Financial, one of the third largest cooperatives in the Farm Credit System. It provides a seamless and personalized experience to help its clients in Illinois, Minnesota, and Wisconsin throughout the agricultural financing process.
This edition featuring the top crop insurance service providers in 2023 facilitates the leaders to drive progress toward a more sustainable future with innovative trends. We hope you find the right partner to meet organizational needs.
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