Reinsurance News

agricultural reinsurance

Guatemala implements agri scheme for smallholder farmers

16th February 2022

The Government of Guatemala has implemented an agricultural insurance scheme designed to protect smallholder farmers from heavy rains and prolonged droughts. The parametric and catastrophe insurance was designed by the Swiss Re backed Microinsurance Catastrophe Risk Organisation (MiCRO) for the Ministry of Agriculture (MAGA) and is operated by Crédito Hipotecario Nacional ... Read the full article

Crop losses to weigh on 2021 underwriting profits: KBW

15th October 2021

Analysts at KBW have warned that crop losses will likely weigh on insurers’ overall underwriting profits for 2021, despite being overshadowed by more high-profile catastrophe losses such as Hurricane Ida and the European floods. While US crop underwriting losses should pale relative to the larger catastrophe losses in Q3, KBW notes ... Read the full article

MS Amlin AG branches into agriculture reinsurance with PartnerRe hire

29th September 2021

MS Amlin AG (MS AAG), MS Amlin’s reinsurance company operations, has announced its entry into the agriculture reinsurance market with the hire of Rinat Bektleuov as Product Group Lead Underwriter. The agriculture reinsurance offering will be available globally and coverage includes five core products, namely crop insurance, livestock insurance, aquacultural insurance, ... Read the full article

AJ Gallagher acquires Federal Crop Insurance specialist Files Agribusiness

24th September 2021

Global insurance broker Arthur J. Gallagher & Co. has announced the acquisition of Bastrop, LA-based Files Agribusiness, LLC. Founded in 2010, Files Agribusiness is a retail insurance agency that specializes in offering Federal Crop Insurance, agribusiness property and casualty, and agricultural aviation coverages. It serves clients primarily in the states of Louisiana, ... Read the full article

India crop insurance reforms could transform profitability: New Dawn Risk

3rd November 2020

New Dawn Risk, a Lloyd’s broker has announced the release of its new report: Technology brings new opportunities for India's crop insurance scheme. The report details changes that have been made to the government-sponsored scheme during 2020, which are designed to make it more efficient and ultimately more attractive for the ... Read the full article

State-backed agricultural reinsurer approved in China: reports

28th August 2020

A new state-backed agricultural reinsurer has been approved by China's banking and insurance regulator, according to reports from Xinhua News Agency and Reuters. The company is reported to have been established with $2.34 billion in registration capital. Among the nine shareholders to have co-established the reinsurer are the Ministry of Finance, China ... Read the full article

Agriculture reinsurer AAIC gains authorisation in Argentina & Colombia

12th September 2019

American Agriculture Insurance Company (AAIC), a provider of agriculture re/insurance, has announced that it is now authorised to reinsurance risks based in Argentina and Colombia through the broker marketplace. AAIC has been named as an Admitted Foreign Reinsurer in Argentina and an Approved Reinsurer in Colombia, where it is listed with ... Read the full article

India looks to reduce reinsurance on agricultural insurance program

29th July 2019

The Government of India is reportedly considering a pool mechanism for its national agricultural insurance program to limit money flowing out of the country to international reinsurance companies. Indian publication Business Standard reported that foreign reinsurance and private insurance firms have been big beneficiaries of premiums collected under Pradhan Mantri Fasal ... Read the full article

Aon & Oxfam launch blockchain-based insurance for farmers in Sri Lanka

1st July 2019

Re/insurance broker Aon has partnered with Oxfam and insurtech firm Etherisc to launch a blockchain-based insurance platform for smallholder farmers in Sri Lanka. Nearly 200 farmers have been enrolled in the solution, which aims to deliver micro-insurance for paddy field farmers who are at risk of losing their crops due to ... Read the full article

MS Amlin enhances rural motor insurance offering with digital trading solution

3rd May 2019

Insurer and reinsurer MS Amlin has announced a significant update to its Countrywise insurance products and claims solutions, designed to meet the agricultural motor insurance needs of both brokers and their customers. To upgrade its Countrywise insurance product and claims solutions, MS Amlin has launched a new and innovative digital trading ... Read the full article

Lockton launches Food & Agribusiness Practice in Asia-Pacific, names head

24th April 2019

Re/insurance broker Lockton has launched a new Food & Agribusiness Practice across the Asia-Pacific region, and has hired Stephane Baldanoff to lead it as Regional Director. As head of the Food & Agribusiness team, Baldanoff will leverage Lockton’s experience in these industries and expand the group’s existing capabilities in Asia-Pacific. He will ... Read the full article

David Gregori to lead Willis Re’s new Asia Pacific agriculture team

20th February 2019

Willis Re, the reinsurance arm of global insurance broker Willis Towers Watson, has launched a new Agriculture team for the Asia Pacific region and appointed David Gregori to lead it. As Head of Agriculture for Asia Pacific, Gregori will lead a team based in Hong Kong to support clients and partners ... Read the full article

Sompo International’s Italian agriculture unit transitions to insurance agency

14th February 2019

Sompo International Holdings, the Bermuda-based specialty provider of property and casualty insurance and reinsurance, has announced that its wholly owned subsidiary, A&A S.r.l, is now able to operate as a multi-mandate insurance agency. A&A, which was acquired by Sompo in March 2018, has operated as a broker in the Italian agriculture ... Read the full article

JBA partners with Chaucer on new India Crop catastrophe model

14th November 2018

JBA Risk Management, the global flood risk modeller, has partnered with international specialty insurer Chaucer on the development of a new catastrophe model to help re/insurers price and assess their exposure within India’s Crop Insurance scheme, Pradhan Mantri Fasal Bima Yojana (PMFBY). The launch of the India Crop model is intended ... Read the full article

Australia looks to cyclone index insurance for agriculture

7th November 2018

Farmers, insurers and researchers in Queensland, Australia have been working together on a new project to offer a more affordable alternative to multi-peril crop insurance, using index insurance to protect against natural disasters like cyclones. The project has been developed as part of the state government’s Drought and Climate Adaptation Program ... Read the full article