The Livestock Insurance Market Is Growing
Nathaniel Miller - Ashbrook Technologies
The livestock insurance market will reach $7.24B by 2030. Learn why demand is growing, how USDA programs drive adoption, and how agents can scale with automation.
The Livestock Insurance Market Is Growing
The market is expanding
The livestock insurance market is growing quickly. In 2023, the global market reached $4.25 billion. By 2030, it’s expected to hit $7.24 billion. That’s an annual growth rate of 7.9% (Allied Market Research, 2024).
This growth shows real demand. Producers face more risk. Agents need faster tools. Technology is shifting how the industry works.
Why the market keeps growing
Producers face more risk
Raising livestock is harder every year. You deal with unpredictable feed costs, extreme weather swings, and volatile markets. Livestock insurance reduces the financial exposure when these risks hit.
USDA programs changed adoption
The USDA made livestock coverage more affordable through programs like Livestock Risk Protection (LRP) and Livestock Gross Margin (LGM). Subsidies drive adoption rates up. Premiums jumped from $6.7 million in 2018 to more than $1.7 billion by 2024 (USDA RMA, 2024).
Why it matters
Producers and policymakers now view these programs as essential tools. As noted in February 2025 testimony before the House Agriculture Committee:
“Producers’ access to tools like Livestock Risk Protection (LRP) and Livestock Gross Margin (LGM) plans is increasingly important, as they serve backgrounding and feed yard operations well…” - Prepared remarks to the House Agriculture Committee, February 11, 2025
Agents need efficiency
Manual quoting, reporting, and emailing slows you down. It limits your growth. Platforms like HarvestIQ automate quoting, send instant client updates, and simplify reporting.
You get hours back every week. That’s time you can spend growing your book of business instead of paperwork.
What this means for you
If you’re an agent, you sit at the center of this growth. Producers need protection. You need to deliver faster.
With the right tools, you can:
- Automate the entire quoting process
- Simplify reporting and tracking
- Give clients full access to coverage details
- Provide usable data for risk management
Without these tools, you work harder while others work smarter.
“Insurance is no longer just about coverage. It’s about speed, clarity, and execution.” - Dakota Hoben, HarvestIQ
Frequently Asked Questions
