Reinsurance News
agriculture reinsurance
Aon names Lim Agriculture Retrocession Leader in Singapore
4th April 2025
Global insurance and reinsurance broker Aon has appointed Natalie Lim as Agriculture Retrocession Leader in Singapore. In her new role, Lim will focus on agriculture retrocession business and the development of new agriculture insurance solutions in the region. Lim joined Aon in September 2017 as Senior Broker, Livestock Specialist, and was appointed ... Read the full article
Lockton Re leverages Verisk models for U.S. agricultural insurance innovation
20th November 2024
Reinsurance broker Lockton Re has partnered with global data analytics and technology provider Verisk, to develop new re/insurance products that address the growing impact of climate change on agriculture. In this collaboration, Lockton Re will leverage Verisk's agricultural risk modelling tools, specifically the Multiple Peril Crop Insurance (MPCI) model and Crop ... Read the full article
Risk Strategies acquires leading crop insurance broker Silveus
22nd May 2024
Risk Strategies, an international specialty insurance brokerage and risk management firm, has announced its acquisition of Silveus Insurance Group (Silveus), the largest independent crop insurance broker in the United States. Silveus is widely known for its expertise in both federal and private insurance products for growers, helping them minimise their risk ... Read the full article
US crop insurance premiums reach record high in 2022, widespread drought drives losses: AM Best
17th August 2023
With US crop insurance premiums reaching a record high in 2022 to $21.5 billion, the segment witnessed an underwriting loss due to challenging growing conditions amid widespread drought, reports AM Best. However, looking back at 2021, insurers reported weaker results, which was due to challenging growing conditions amid widespread drought throughout the ... Read the full article
Untapped potential in Africa’s agricultural insurance market: Faber
2nd June 2023
Africa’s agricultural insurance market has a large untapped potential for non-life insurers due to its low penetration and it is key to advancing food production security in the continent, according to the latest edition of the Africa Insurance Pulse on food security and agricultural insurance. The global agricultural insurance market has ... Read the full article
European Commission approves €1.3bn Polish Agricultural Support Scheme to tackle market failure
19th May 2023
The European Commission has given the green light to a €1.3 billion Polish scheme aimed at providing support to agricultural producers by covering insurance premiums for selected vegetable products and livestock species at risk of damage. This decision comes in response to a market failure where the high cost of insurance ... Read the full article
Ceres Imaging releases AI data analytics suite for agri re/insurers
13th March 2023
Ceres Imaging, a data analytics company that builds AI-driven solutions to protect yields and advance climate resiliency, has released its Risk Solutions product suite, designed to power risk models for agriculture re/insurers and lenders. The new product aims to streamline underwriting and improve claims responsiveness, using Ceres data models that analyse ... Read the full article
Growth opportunity for agriculture reinsurers in 2023: Aon
6th February 2023
Despite difficult January 1st renewals, the outlook for agriculture business looks very promising for 2023, with growth opportunities for reinsurers, according to Aon's January Reinsurance Market Dynamics report. Historically profitable markets saw only minor changes, but territories with recent losses experienced hardening terms, Aon analysts observed. These changes were driven by the ... Read the full article
Rokstone Agriculture acquires specialist team to launch new Farm & Ranch Division
30th November 2022
Rokstone Agriculture Risk Underwriters, the US Agriculture division of the international speciality re/insurance MGA, Rokstone, has acquired senior underwriters Joshua Lauth and Michael Theibert to launch a new specialist Farm and Ranch division based in Ohio. Joshua Lauth, who has been appointed President, was previously Agribusiness Region Leader at Westfield. During ... Read the full article
Interview: Why should crop insurance lag on market penetration?
23rd August 2022
It would not be remiss to think that a product that transfers risk from farmers to insurers would be an easier sell, given that the former are less able to handle risk than the latter. Likewise, it should be an easy sell for a product that stabilises the incomes of ... Read the full article
SCOR faces a “just below €200m” loss related to drought in Brazil
13th July 2022
SCOR has reported that the impact on its net technical results from the severe drought on the harvest in the southern part of Brazil “should be just below €200m” for H1 2022. According to the global reinsurer, this is the Group’s best estimate of the full cost of the event. SCOR is ... Read the full article
Tailored insurance solutions for climate risk are key for agriculture: SCOR
29th March 2022
In a recent report, global reinsurer SCOR has assessed the impact that climate change can have on key natural perils that affect insurers and reinsurers, saying it’s important that solutions are developed to address the evolving risk landscape. The report was released in the second part of the reinsurers technical paper ... Read the full article
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
Continental Re enhances agricultural reinsurance capabilities through Agritask
10th September 2020
Pan-African reinsurance company, Continental Reinsurance plc, is looking to enhance its agricultural reinsurance operations via the utilisation of Agritask's risk management platform. Agritask, the developer of an agronomic operations platform with clients across five continents, will support Continental Re through its flexible, data-driven system and modelling suite. Continental Re stands to benefit ... 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
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