What is Livestock Insurance Market?
The Canadian livestock insurance market is expected to grow at a moderate pace during the forecast period, according to the AMA study. The growing livestock industry across Canada & the rising swine production along with growth in poultry sector across Canada are expected to be some of the major factors aiding the growth of the market. However, the market is expected to witness a decline in growth during FY 2020 but it is again expected to rise at a healthy pace after the COVID-19 pandemic is over.
The market study is being classified by Type (Business Interruption Cover, Livestock Enterprise Cover, Machinery Replacement and Others), by Application (Mortality, Loss of Use, Personal Liability Insurance, Riding Equipment, Horse Float Insurance, Personal Accident, Veterinary and Others) and major geographies with country level break-up.
Trans Canada Insurance Marketing Inc. (Canada), Western Livestock Price Insurance (Canada), AFSC (Canada), Manitoba Agricultural Services Corporation (Canada), Canadian Farm Insurance Group (Canada), SGI CANADA (Canada), The Hartford Financial Services Group, Inc. (United States), Oegema, Nicholson & Associates (Canada), AXA XL (United States), Chubb (United States) and Excalibur Insurance Group (Canada) are some of the key players profiled in the study.
The vendors in this market are majorly focusing on developing innovative products and solutions in order to cater to the market's demands to remain competitive in the global market. According to the recent global industry crisis due to the outbreak of COVID-19 is expected to be one of the major challenges for the vendors of this market as the production and markets of different industries have been shut down for an ambiguous period of time. Research Analyst at AMA predicts that Canada Players will contribute to the maximum growth of Global Livestock Insurance market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Livestock Insurance market by Type, Application and Region.
On the basis of geography, the market of Livestock Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Growing Livestock Industry Across Canada Propelling Demand for Insurance Covers in the Country
- Growing Swine Production Across Canada Propelling the Demand for Livestock Insurance Covers
- Growing Swine & Poultry Sector Across the Country
- Lack of Awareness Among Rural Parts
- Rising Government Investments in Beef Sector Across Canada is Expected to Project Huge Opportunities for Cattle Production & Insurance Covers
- Reduced Operations Across Different Industries Owing to COVID-19 Pandemic Reducing the Demand for Livestock Insurance
Stringent Government Regulations Regarding Shutting Down of Operations Across Different Industries Worldwide Due to the COVID-19 Pandemic is Impacting the Demand for Livestock Insurance
Analyst CommentSince the COVID-19 virus outbreak in December 2019, the disease has spread to more than 200 countries across the world along with the World Health Organization declaring it a public health emergency. The impact of the COVID-19 has already hit many industries and will affect the Canadian livestock insurance market in FY 2020. The outbreak of COVID-19 has brought effects on many aspects, like scheduled public transportation cancellations; downfall in the real estate sector; travel bans and quarantines; closed operations across hotels & restaurants; banning of public gatherings & events; large slow-down in the supply chain of different markets; stock market unpredictability; declining business assurance, and uncertainty in the future market dynamics.
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