Agriculture

The importance of a stable agricultural crop sector has led to increased government financial support to crop farmers and the progressive development of multi-peril crop insurance (MPCI). MPCI protects standing crops against all weather-related risks and can be extended to include insects and plagues. Delayed planting and non-emergence of seedlings due to top-soil slaking are examples of perils that can also be covered under MPCI. Variation between global markets is substantial: we have the experience and informed view of risk in each respective market to take a flexible and innovative approach to underwriting these exposures.

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Hail has the potential to destroy crops and result in significant financial loss to farmers. Crop hail insurance is a traditional agricultural coverage, commonly sold together with additional perils, such as windstorm and frost. To maintain a diversified risk portfolio, crop insurers will allocate regional capacity, usually with sub-limits for specialty crops. Quota share and stop loss reinsurance structures are typically used to mitigate the annual aggregate exposures of hail losses. The traditional needs and solutions around crop hail are changing in the face of increasing climate volatility. As a proactive reinsurance partner, we seek to create solutions that meet your emerging needs.

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Aquaculture has expanded throughout the world over the last two decades, however this business sector is highly exposed and the insurance experience of this relatively recent class has been mixed. Offshore aquaculture is particularly vulnerable, with only limited potential for risk mitigation. We understand the emerging concerns around aquaculture and are able to create solutions based on your needs.

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The forestry industry represents a major, long-term investment and is exposed to a multitude of risks. This established industry is undergoing a period of intense change due to various global and market issues. Our long experience and client-centric approach means that we are well-positioned to provide customized reinsurance solutions for forestry in global markets. We will work in partnership with you, sharing expertise and giving full credit for risk management expertise, such as SFM certification, in order to maintain a sustainable industry and market for all parties.

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Livestock producers face considerable challenges, having to guarantee contractual obligations of quality, quantity and timely supply of their produce to local, regional and international markets, backed by high standards of hygiene and animal welfare. All this must be achieved at competitive levels of pricing to customers. However, a multitude of risks, such as disease, machinery breakdown and fire, threaten the welfare and productivity of livestock, spelling potential financial disaster for the producer. We offer extensive experience in providing livestock reinsurance, helping you to protect the farming sector.

Index (parametric) covers utilize payment triggers based not on actual losses, but on defined values of independent weather, commodity-price or crop yield indices. Providing alternative, versatile risk protection, they offer the added bonus of rapid claims settlement.

Our highly-experienced team of agriculture and weather-modeling risk experts has the knowledge and analytical skills to help you develop and implement index covers of all types and on a worldwide basis, from initial concept through to completion.

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Sasa Hu | Head of Agriculture

Precision farming is poised to disrupt the world of farming as we know it today, transforming agriculture into a high-tech industry and creating opportunities for farmers to increase their yields while decreasing their running costs. This new approach to farming will enable farmers to free up cash for investment in insurance they do not currently purchase. For insurers, this presents an untapped opportunity to provide coverage of portfolios that weren’t previously insured while helping farmers to close their protection gap.