Line of business: Agriculture Page 2 / 5
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- November 20 2023
Kiwi carrier Tower exits commercial farm insurance
Commercial rural clients will be referred to AonAgri from February 1 as the carrier focuses on its direct personal and small business lines.
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- November 1 2023
Floodbase and Ag Guard tie-up for parametric agri cover in Australia and New Zealand
The products are scheduled to be available in 2024 and will offer region-specific pricing that trigger payouts automatically when flooding exceeds predetermined thresholds.
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- October 11 2023
Extreme events in Greater China could lead to US$4.6tn economic losses over five years: Lloyd’s
This is the largest financial impact, closely followed by Asia Pacific with the losses worth US$4.5 trillion, says new Lloyd's systemic risk scenario that models food and water shocks.
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- September 12 2023
Swiss Re’s Mael He becomes head of client underwriting, China
Prior to the appointment this month, He was heading the reinsurer's APAC agriculture business.
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- September 7 2023
Analytics: Chinese P&C carriers focus on agri, liability offerings in acceleration away from motor
- Analytics
- China
- China Continent P&C
- China Pacific Insurance P&C
- PICC Property and Casualty
- Ping An
- Sunshine Insurance
Improved underwriting results, new products and a push from the government are driving growth, but an uncertain economic outlook has seen carriers rush to pare credit surety exposures.
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- September 4 2023
Typhoon Saola triggers claims across Hong Kong, Macau, China and the Philippines as Haikiu hits Taiwan
The storm to bring loss accumulation of tens of millions of dollars from flooding, crop damage, car and yacht write-offs, flight disruptions, fallen solar panels and trees.
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- August 22 2023
China adds US$69m to flood recovery fund as claims surpass 266,000
The funding will go towards compensation for property losses, damage to crops, animal and poultry farms, commercial forests, houses and agricultural machinery.
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- June 22 2023
60% of crop exposure uninsured against nat cats: Swiss Re
The reinsurer estimates the global agri protection gap at US$113bn in 2022, up by 28% in nominal terms from 2016.
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- June 16 2023
Philippines to get US$750m World Bank loan for ESG, expanding crop insurance
The policy loan will bolster environmental protection and fund new insurance products for smallholder farmers and support operations of the Philippine Crop Insurance Commission.
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- June 8 2023
Looming El Niño raises risk of secondary perils across APAC
Carriers look to innovate as countries across the region fear dry conditions, drought, forest fires and flash floods with (re)insurers on high alert.
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- May 19 2023
Philippines’ state Oriental Mindoro pushes for climate risk agri cover
Only one-third of over 10 million farm owners are covered by the country's state agricultural insurer PCIC.
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- May 9 2023
JB Boda eyeing parametrics, ILS to strengthen India’s nat cat capabilities
The broker, which has an international footprint, sees opportunities in helping domestic carriers, who are poor at managing climate risk.
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- April 28 2023
Zhongyuan sees stable business ahead, cat cover low: AM Best
AM Best has affirmed the insurer a rating of B++ (good) with a stable outlook, but says it requires more cat reinsurance.
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- April 16 2023
Zhongyuan Agricultural Insurance scripts COR turnaround
The Chinese carrier, which was rated A- (strong) with a stable outlook by Fitch, posted a 90% combined ratio last year compared with 104% in 2021.
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- April 4 2023
Easing capacity constraints offer hope for mid-year renewals: Aon
April renewals progressed in an orderly fashion as the reinsurance market has found itself on a more sustainable footing.
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- March 3 2023
Gallagher Re hires Shilpa Pankaj as APAC agriculture co-head
Based in Singapore, the former Guy Carpenter exec will also co-head agriculture for EMEA and Latin America alongside David Gregori.
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- February 22 2023
Cyclone Gabrielle claims ramp up pressure on New Zealand’s carriers
Insurers are being hit by inflation, rising reinsurance costs and unprecedented weather, including the country's largest event since the Christchurch earthquake.
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- January 30 2023
Suncorp, Tower and IAG assessing over 9,000 claims from historic Auckland flooding
As assessors fly in from Australia, many more claims are expected after record rainfall on January 27 caused widespread damage.
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- November 29 2022
Indian agri insurance start-up Kshema gets regulatory nod
The digital rural insurer is the first to get a carrier licence in five years; IRDAI said there are 18 applications in the pipeline.
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- November 8 2022
India eyes parametric alternatives for crop insurance scheme
The market seeks to introduce greater efficiency in the oft-criticised agri insurance scheme through new technologies.
