The 4th International Conference “Agricultural Insurance, Reinsurance and Brokerage in the CIS, Europe and Asia” took place on April 16-18, 2018 in Belgrade, Serbia. The conference was attended by more than 90 delegates from 30 countries representing more than 60 companies. Attendees came from leading global reinsurance and insurance firms, insurance brokers and consulting agencies, market regulators, and large financial institutions.
An individual who works in agriculture and is from a poor or near poor household will receive support of up to 90 per cent for agricultural insurance fees from the Government. New resolution No.58, which will be valid from June 5, 2018, moreover, says that an individual who works in agriculture and does not belong to a poor or near poor household will be covered for up to 20 per cent of agricultural insurance fees.
More than 70 delegates from 25 countries have confirmed their participation. Various aspects of agricultural insurance will be presented by nineteen guest speakers. An updated program, information about confirmed presenters and the latest list of participants are available on the event’s website. In addition to specialist presentations that will be discussed in individual sessions, delegates will have an opportunity to participate in a panel discussion on: “Modern Technology in Agricultural Insurance”.
The international conference “Agricultural Insurance, Reinsurance and Brokerage in the CIS, Europe and Asia”, which will take place on April 16-18, 2018 in Belgrade, Serbia, will discuss the technical aspects and characteristic features of drought and livestock disease insurance programs. Representatives of Munich Re and TARSIM will share their own first-hand experience in drought crop insurance.
State-run Agriculture Insurance Company of India Ltd. has paid only 30 percent of its crop insurance claims as several states are yet to pay their share of the premium under the government’s flagship scheme. The insurer had received claims worth Rs 4,602 crore as of Dec. 31, of which it paid only Rs 1,371 crore, as per disclosures on its website. It took six months to more than a year to settle nearly three-quarters of these claims.
Global reinsurance firm PartnerRe has teamed up with agricultural technology and decision software specialists Farmers Edge in a multi-year partnership that aims to help insurers to close the agricultural insurance gap across all continents. The four-year agreement brings together precision farming technology and agricultural insurance in a deal that the pair expect to “fundamentally advance the $5 trillion global food and agriculture industry.”
Bermuda domiciled property and casualty insurer and reinsurer, Sompo International, has announced plans to acquire Italian agricultural insurer A&A, S.r.l. (A&A). The acquisition of A&A is aligned with Sompo International’s recently announced AgriSompo initiative, an international platform designed to provide innovative and coordinated agricultural risk management products tailored to local market needs.
A solution to protect farmers’ crops assets is currently under way. The Ministry of Agriculture, Food and Agriculture Organisation and Fiji Crop and Livestock Council are working on developing an agriculture insurance scheme. Fiji Crop and Livestock Council chairman Simon Cole said the agriculture insurance scheme, like other types of insurances available, does not make money for them.
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