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crop
JBA Risk Management launches new India crop catastrophe model
10th September 2025
UK-domiciled flood science specialist JBA Risk Management has launched an updated version of its probabilistic India crop catastrophe model for insurers and reinsurers, incorporating enhanced market data, crops, seasons, and districts to provide better risk management insights. The new model also includes insurance pricing of India’s two primary crop insurance schemes, ... Read the full article
Crop resilience shows significant progress, but more efforts required: Swiss Re Institute
22nd June 2023
Swiss Re Institute's recent Sigma Report recognises substantial global progress in crop resilience but emphasises the urgent need for additional efforts to address the significant $113 billion crop protection gap. Crops, which account for 65% of global agricultural output, serve as a crucial indicator of the overall resilience of the agriculture ... Read the full article
Canadian crop hail industry provides record $10 billion coverage in 2022
16th December 2022
According to the Canadian Crop Hail Association (CCHA), the Canadian crop hail industry provided a record-setting $10 billion in coverage as producers purchased more insurance in the wake of increasing input costs, inflation and strong crop prices. The Association stated that producers who delayed purchasing hail coverage late in 2022 likely ... Read the full article
PlanetWatchers raises $11m funding for expansions plans
28th September 2022
Crop monitoring and technology company, PlanetWatchers, has raised $11 million as part of its Series A funding round, as part of the company’s expansion plans. The company uses advanced machine learning to support crop insurers and the agricultural industry in verifying cover crops, tillage, planting dates, acreage, crop classification and weather ... 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
QBE’s combined operating ratio rises on US crop losses
17th February 2020
QBE Insurance Group Limited has reported that the impacts of adverse weather conditions on its US crop insurance business, combined with the significant level of claims from the Australian bushfires, pushed its full year 2019 combined operating ratio above the target range. The Australian insurer announced in December that it ... Read the full article
Fairfax Brasil partners with Farmers Edge on data-driven crop insurance
15th January 2020
Fairfax Brasil, a wholly-owned subsidiary of Canada's Fairfax Financial Holdings Limited, has collaborated with digital agriculture firm, Farmers Edge, to bring bespoke, data-driven crop insurance to growers in Brazil. This landmark partnership between the two companies is expected to create new opportunities for growers to capitalise on their data with premium ... Read the full article
Adverse weather claims to impact QBE’s North America crop results
18th December 2019
Australian re/insurance group QBE is expecting to see a deterioration in the performance of its North American Crop business in 2019, owing to recent adverse weather conditions. Conditions such as an unusually cold growing season and heightened crop hail are likely to push the crop business’s operating ratio to around 107-109% ... Read the full article
Gov-owned AIC looks to offer crop reinsurance services outside of India: Reports
29th August 2019
India's Agriculture Insurance Company (AIC) is in discussions with intermediaries about the launch of crop reinsurance services in countries outside of India, reports Business Standard. According to reports, government-owned AIC has already received approval from the IRDAI (International Regulatory and Development Authority of India) for inward insurance, and is now in ... 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
Sompo International announces global partnership with CropTalk
2nd November 2018
Sompo International Holdings Ltd. has announced that it has entered into a strategic partnership with CropTrak™, a provider of technology solutions for the food and agriculture markets. The new partnership is an extension of the 2016 agreement, which resulted in a partnership between CropTrak and ARMtech Insurance Services, a wholly-owned subsidiary of ... Read the full article
Australian insurers propose new measures to support drought-affected farmers
29th October 2018
The Insurance Council of Australia (ICA) has lent its support to a series of proposals designed to improve the uptake of farm income and crop insurance for primary producers in Australia. Rob Whelan, Chief Executive Officer of the ICA, said that access to better data, removing unfair taxes, and introducing incentives ... Read the full article
Challenges remain but multi-peril crop re/insurance business still favourable: A.M. Best
6th July 2018
Despite notable sector headwinds, ratings agency A.M. Best still views both the primary and reinsurance multi-peril crop insurance business as favourable, highlighting the "marriage" between carriers and agricultural focused technology firms as an efficiency driver. In recent times, the U.S. government-subsidised multi-peril crop insurance industry has been under pressure, driven by ... Read the full article
Indian agriculture schemes require global reinsurance industry integration
10th May 2018
Lloyd’s and catastrophe risk modeller RMS have released a report that claims the global reinsurance industry needs to more fully integrated into current Indian agricultural re/insurance schemes. India is the world’s second largest agricultural economy after China with an Agriculture Gross Domestic Product of US $392 billion, but remains largely uninsured ... Read the full article
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