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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

IBISWorld’s Agricultural Insurance market research report can be used to help you: understand market size and growth potential; major companies; draft business plans and pitch books; and conduct benchmarking and SWOT analysis. Our industry analysis highlights macro industry trends in the overall sector and micro trends faced by companies that do business in the industry. The industry report also provides key industry statistics and 5-year forecasts to anticipate future industry prospects so you can decide with confidence.

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 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 Investment Chapter

Capital intensity in the industry is low, with an estimated £18.47 spent on labour for every £1.00 invested in capital. While industry participants invest heavily in technology to capture data and model data both in their back office functions and the platforms accessible to clients, labour is a larger expense. Due to the complex nature of the agricultural sector, industry employees command a wage higher than the average wage in the UK economy.

The industry is also largely dependent on the ability of its sales personnel to establish personal contact with clients. As most farmers require bespoke solutions due primarily to the varying degrees of risk in the agricultural sector, the contribution of labour to the industry is significant.

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Industry ProductsRelated ReportsTable of Contents

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


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