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Agricultural Insurance in the UK: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Agricultural Insurance Market Research Report | SIC K65.124 | Aug 2016

Furrowed brows: Unpredictable extreme weather has caused some volatility, despite growth

The Agricultural Insurance market research report provides key industry analysis and industry statistics, measures market size, analyzes current and future industry trends and shows market share for the industry’s largest companies. IBISWorld publishes the largest collection of industry reports so you can see an industry’s supply chain, economic drivers and key buyers and markets.

Report Snapshot
Market Share of Companies
National Farmers Union Mutual Insurance National Farmers Union Mutual Insurance market share
Industry Statistics & Market Size
Revenue
£1bn
Annual Growth 12-17
2.5%
Annual Growth 17-22
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Profit
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Employment
3,788
Businesses
226
Industry Threats & Opportunities
  • Revenue performance has been somewhat volatile due to the effects of extreme weather
  • UK insurers had to absorb losses of over £1 billion in 2013-14 due to claims related to flood damage
  • Competition in the industry is likely to increase, and operators are expected to expand their scope
  • ... purchase to read more

Industry Analysis & Industry Trends

Despite growth over the past five years, revenue generated by the Agricultural Insurance industry remains below pre-recession levels. Over the past five years, insurers have had to cope not only with severe flooding but also with a difficult investment environment. Industry revenue is expected to increase at a compound annual rate of 2.5% over the five years through 2016-17. However, this is partly due to weak revenue performance in the base year. In 2016-17 IBISWorld expects the economic environment to deteriorate slightly, but industry revenue is still forecast to increase by 0.2% to reach just under £1.3 billion... purchase to read more

Industry Report - Industry SWOT Analysis Chapter

The Agricultural Insurance industry is in a mature phase of its life cycle. In the 10 years through 2021-22, industry value added, a measurement of its overall contribution to the economy, is forecast to increase at a compound annual rate of 3.8%. In contrast, real GDP is expected to grow at a compound annual rate 2.3%. The industry's contribution to the overall economy is therefore relatively constant. This is characteristic of a mature industry.

The number of establishments is estimated to increase at a compound annual rate of by 1.1% over the five years through 2016-17. In the agricultural market, there is scope for insurers to underwrite new risks associated with crops such as sugar beet, which will begin to be protected against risks such as frost. Fur.. purchase to read more

Additional Insights for the Agricultural Insurance Industry

IBISWorld identifies 250 Key Success Factors for a business.The most important for the Agricultural Insurance Industry are

  • Ability to effectively manage risk
  • Management of a high quality assets portfolio
  • Well developed internal processes
  • IBISWorld analysts also discuss how external factors such as Damage caused by natural disasters and Demand from dairy cattle raising in the Agricultural Insurance industry impact industry performance... purchase to read more

     


    Industry ProductsRelated Reports

    What is the Agricultural Insurance Industry?

    Firms in this industry provide agricultural insurance, also known as farm or crop insurance. Agricultural insurance is purchased by agricultural producers to protect against either the loss of their crops due to natural disasters, such as hail, drought and floods, or the loss of revenue due to related farm-specific risks.

    Industry Products
    Farm motor insuranceLivestock insuranceFarm combined insuranceOther liabilities
     
    Industry Activities
    Provision of natural disaster insuranceProvision of crop growing insuranceProvision of livestock insuranceProvision of machinery and equipment insuranceOther farm liability insurance


    Table of Contents
    About this Industry
    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry at a Glance
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Industry Performance
    Executive Summary
    Key External Drivers
  • Damage caused by natural disasters
  • Demand from dairy cattle raising
  • Downstream demand from agriculture
  • FTSE 100
  • year bond rate
  • Current Performance
  • Instability and investment income
  • Floods, storms and droughts
  • Risk assessment
  • Specialised cover
  • Chart: Revenue Growth
  • Industry Outlook
  • Downstream demand
  • Cost-saving innovations
  • Product development
  • Skill shortage
  • Industry profitability
  • Table: Agricultural Insurance Industry Revenue Outlook
  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Agricultural Insurance Industry Lifecycle vs The Economy
  • Products & Markets
    Supply Chains
  • Key Buying Industries
  • Cereals, Leguminous Crops & Oilseed Growing
  • Vegetable Growing
  • Dairy Cattle Raising
  • Sheep Farming
  • Key Selling Industries
  • Insurance Agents & Brokers
  • Products & Services
  • Farm combined insurance
  • Livestock insurance
  • Farm motor insurance
  • Other liabilities
  • Chart: Agricultural Insurance Industry Products and Services Segmentation
  • Demand Determinants
    Major Markets
  • Dairy farmers
  • Livestock farmers
  • Grain farmers
  • Fruit and vegetable farmers
  • Chart: Major Market Segmentation for the Agricultural Insurance Industry
  • International Trade
    Business Locations
  • Chart: Business Locations by State
  • Competitive Landscape
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Claims expenses
  • Wages
  • Reinsurance expenses
  • Utilities, depreciation and other expenses
  • Chart: Cost Structure Benchmarking – Sector vs Agricultural Insurance
  • Basis of Competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Agricultural Insurance Industry
  • Industry Globalization
    Major Companies
    National Farmers Union Mutual Insurance Society Ltd
  • Table: National Farmers Union Mutual Insurance Society Ltd - financial performance
  • Operating Conditions
    Capital Intensity
  • Chart: Level of Capital Intensity for the Agricultural Insurance Industry
  • Chart: Tools of the Trade: Growth Strategies for Success
  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth
  • Regulation & Policy
    Industry Assistance
    Key Statistics
  • Table: Industry Data for the Agricultural Insurance Industry
  • Includes:
  • Industry Revenue (2008-2022)
  • Industry Gross Product (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Table: Annual Percentage Change for Key Industry Data
  • Table: Key Ratios for Industry Key Data
  • Jargon & Glossary
    Combined Ratio
  • A measure of underwriting performance, which equals the sum of the loss and expense ratios. A combined ratio above 100% indicates an underwriting loss.
  • Underinsurance
  • Refers to the state in which consumers are not adequately protected by insurance policies against risks.
  • Underwriter
  • The process that an insurer, investment house uses to assess the eligibility of a customer to receive their products.

  • Why Buy this Report?
    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Agricultural Insurance:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Agricultural Insurance market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Agricultural Insurance, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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