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Global Cannabis Crop Insurance Market to reach USD XX billion by the end of 2029.

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

Product Code: BFBFSI-45508536
Publish Date: 17-10-2022
Page: 200

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
Fairfax Financial Holdings Limited
QBE Insurance Group Limited
Sompo International Holdings Limited
Tokio Marine HCC
Zurich Insurance Group
American International Group Inc.
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 Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Coverage, Type, Application, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Coverage:
Living Plant Material
Harvested Plant Material
Finished Stock
By Type:
Product Liability Insurance
Business Income Insurance
By Application:
Hail or Windstorms
Leakage from Automatic Automated Fire Safety Systems
Plumbing Accidental Discharges
Water Damage from Air Conditioning & Heating Devices

By Region:
North America
Asia Pacific
South Korea
Latin America
Rest of the World

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2029 (USD Billion)
1.2.1. Cannabis Crop Insurance Market, by Region, 2019-2029 (USD Billion)
1.2.2. Cannabis Crop Insurance Market, by Coverage, 2019-2029 (USD Billion)
1.2.3. Cannabis Crop Insurance Market, by Type, 2019-2029 (USD Billion)
1.2.4. Cannabis Crop Insurance Market, by Application, 2019-2029 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Cannabis Crop Insurance Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Cannabis Crop Insurance Market Dynamics
3.1. Cannabis Crop Insurance Market Impact Analysis (2019-2029)
3.1.1. Market Drivers Rising cannabis sales worldwide Increasing demand for cannabinoid-based pharmaceuticals Growing adoption of advanced technological tools in claims management
3.1.2. Market Challenges Lack of awareness towards Cannabis Crop insurance
3.1.3. Market Opportunities Rising expansion of the cannabis crop insurance product line Increasing government support to protect the cannabis crop sellers
Chapter 4. Global Cannabis Crop Insurance Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Futuristic Approach to Porter’s 5 Force Model (2019-2029)
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.4. Investment Adoption Model
4.5. Analyst Recommendation & Conclusion
4.6. Top investment opportunity
4.7. Top winning strategies
Chapter 5. Risk Assessment: COVID-19 Impact
5.1. Assessment of the overall impact of COVID-19 on the industry
5.2. Pre COVID-19 and post COVID-19 Market scenario
Chapter 6. Global Cannabis Crop Insurance Market, by Coverage
6.1. Market Snapshot
6.2. Global Cannabis Crop Insurance Market by Coverage, Performance – Potential Analysis
6.3. Global Cannabis Crop Insurance Market Estimates & Forecasts by Coverage, 2019-2029 (USD Billion)
6.4. Cannabis Crop Insurance Market, Sub Segment Analysis
6.4.1. Living Plant Material
6.4.2. Harvested Plant Material
6.4.3. Finished Stock
Chapter 7. Global Cannabis Crop Insurance Market, by Type
7.1. Market Snapshot
7.2. Global Cannabis Crop Insurance Market by Type, Performance – Potential Analysis
7.3. Global Cannabis Crop Insurance Market Estimates & Forecasts by Type, 2019-2029 (USD Billion)
7.4. Cannabis Crop Insurance Market, Sub Segment Analysis
7.4.1. Product Liability Insurance
7.4.2. Business Income Insurance
Chapter 8. Global Cannabis Crop Insurance Market, by Application
8.1. Market Snapshot
8.2. Global Cannabis Crop Insurance Market by Application, Performance – Potential Analysis
8.3. Global Cannabis Crop Insurance Market Estimates & Forecasts by Application, 2019-2029 (USD Billion)
8.4. Cannabis Crop Insurance Market, Sub Segment Analysis
8.4.1. Lightning
8.4.2. Theft
8.4.3. Fire
8.4.4. Explosions
8.4.5. Hail or Windstorms
8.4.6. Vandalism
8.4.7. Smoke
8.4.8. Leakage from Automatic Automated Fire Safety Systems
8.4.9. Plumbing Accidental Discharges
8.4.10. Water Damage from Air Conditioning & Heating Devices
Chapter 9. Global Cannabis Crop Insurance Market, Regional Analysis
9.1. Cannabis Crop Insurance Market, Regional Market Snapshot
9.2. North America Cannabis Crop Insurance Market
9.2.1. U.S. Cannabis Crop Insurance Market Coverage breakdown estimates & forecasts, 2019-2029 Type breakdown estimates & forecasts, 2019-2029 Application breakdown estimates & forecasts, 2019-2029
9.2.2. Canada Cannabis Crop Insurance Market
9.3. Europe Cannabis Crop Insurance Market Snapshot
9.3.1. U.K. Cannabis Crop Insurance Market
9.3.2. Germany Cannabis Crop Insurance Market
9.3.3. France Cannabis Crop Insurance Market
9.3.4. Spain Cannabis Crop Insurance Market
9.3.5. Italy Cannabis Crop Insurance Market
9.3.6. Rest of Europe Cannabis Crop Insurance Market
9.4. Asia-Pacific Cannabis Crop Insurance Market Snapshot
9.4.1. China Cannabis Crop Insurance Market
9.4.2. India Cannabis Crop Insurance Market
9.4.3. Japan Cannabis Crop Insurance Market
9.4.4. Australia Cannabis Crop Insurance Market
9.4.5. South Korea Cannabis Crop Insurance Market
9.4.6. Rest of Asia Pacific Cannabis Crop Insurance Market
9.5. Latin America Cannabis Crop Insurance Market Snapshot
9.5.1. Brazil Cannabis Crop Insurance Market
9.5.2. Mexico Cannabis Crop Insurance Market
9.6. Rest of The World Cannabis Crop Insurance Market

Chapter 10. Competitive Intelligence
10.1. Top Market Strategies
10.2. Company Profiles
10.2.1. American Financial Group Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
10.2.2. Chubb
10.2.3. Fairfax Financial Holdings Limited
10.2.4. QBE Insurance Group Limited
10.2.5. Sompo International Holdings Limited
10.2.6. Tokio Marine HCC
10.2.7. Zurich Insurance Group
10.2.8. American International Group Inc.
10.2.9. PICC
10.2.10. ICICI Lombard General Insurance Company Limited
Chapter 11. Research Process
11.1. Research Process
11.1.1. Data Mining
11.1.2. Analysis
11.1.3. Market Estimation
11.1.4. Validation
11.1.5. Publishing
11.2. Research Attributes
11.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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