Global Cannabis Crop Insurance Market Size study & Forecast, by Coverage (Living Plant Material, Harvested Plant Material and Finished Stock), By Type (Product Liability Insurance and Business Income Insurance), By Application (Lightning, Theft, Fire, Exp

Global Cannabis Crop Insurance Market Size study & Forecast, by Coverage (Living Plant Material, Harvested Plant Material and Finished Stock), By Type (Product Liability Insurance and Business Income Insurance), By Application (Lightning, Theft, Fire, Explosions, Hail or Windstorms, Vandalism, Smoke, Leakage from Automatic Automated Fire Safety Systems, Plumbing Accidental Discharges and Water Damage from Air Conditioning & Heating Devices) and Regional Analysis, 2022-2029

Global Cannabis Crop Insurance Market is valued at approximately USD XX billion in 2021 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2022-2029. Cannabis Crop Insurance is a specialized insurance product that provides protection against the loss of Cannabis Crops. This insurance product covers loss that occurred due to damage to Cannabis Crop under certain weather conditions such as heavy wind, fire, and flooding among others. In addition, it also covers diseased or inadequately fertilized crops. The rising cannabis sales worldwide and increasing demand for cannabinoid-based pharmaceuticals as well as growing adoption of advanced technological tools in claims management are key factors accelerating the market growth.

According to Statista – in 2020, the legal adult-use cannabis market in Canada was estimated at USD 2 billion, and the market is projected to grow to USD 6.64 billion by 2026. Moreover, increasing demand for cannabinoid-based pharmaceuticals is another factor driving the market growth. For instance, as per Statista – in 2021, consumer market for cannabinoid-based pharmaceuticals in the United States was estimated at USD 5 billion, and the market is projected to grow to USD 25 billion in 2025 and further USD 50 billion by 2029. Also, rising expansion of the cannabis crop insurance product line and increasing government support to protect the cannabis crop sellers would create lucrative growth prospectus for the Market over the forecast period. However, lack of awareness of Cannabis Crop insurance as well as high premium cost associated with Cannabis Crop insurance impede the market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Cannabis Crop Insurance Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading region in terms of market share owing to presence of leading market players as well as increasing demand for Cannabis in the region. Asia Pacific is expected to grow significantly during the forecast period, owing to factors such as rising pharmaceuticals sector as well as increasing demand for marijuana in the region.

Major market players included in this report are:
American Financial Group
Chubb
Fairfax Financial Holdings Limited
QBE Insurance Group Limited
Sompo International Holdings Limited
Tokio Marine HCC
Zurich Insurance Group
American International Group Inc.
PICC
ICICI Lombard General Insurance Company Limited

Recent Developments in the Market:
In December 2020, The U.S. Department of Agriculture (USDA) announced extension to its Multi-Peril Crop Insurance program. MPCI offers coverage against the loss of hemp grown for fiber, grain, or cannabidiol (CBD) oil. The department would extend its hemp risk mitigation coverage to additional states and counties. USDA would extend the program to Arizona and Texas, and more counties in Tennessee, Colorado, and Kentucky.

In April 2021, The National Cannabis Risk Management Association (NCRMA) USA announced a suite of insurance products for its members and cannabis industry. The association partnered with Trichome, a Cannabis Insurance Company to jointly offer insurance products.

Global Cannabis Crop Insurance Market Report Scope:
Historical DataCompanies Mentioned

American Financial Group
Chubb
Fairfax Financial Holdings Limited
QBE Insurance Group Limited
Sompo International Holdings Limited
Tokio Marine HCC
Zurich Insurance Group
American International Group Inc.
PICC
ICICI Lombard General Insurance Company Limited

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