Between 17 April and 10 May 2017, large parts of Europe were hit by a cold snap that brought a series of overnight frosts. As the budding process was already well advanced due to an exceptionally warm spring, losses reached historic levels – particularly for fruit and wine growers: economic losses are estimated at €3.3bn, with around €600m of this insured.
China represents one of the largest agricultural economies in the world with fast-developing agricultural insurance model in place. Chinese agricultural insurance is distinguished by its quick success and efficiency. Such success was achieved by systemic efforts and reforms. This model includes high level of governmental interventions through introduction of agricultural insurance premium subsidy program.
About 55 percent of the contiguous U.S. was experiencing moderate to extreme drought conditions at the end of June 2012, according to a report by the National Climatic Data Center (NCDC). This is the largest percentage since December 1956, when 58 percent of the country was affected by such conditions. June 2012 also marked the fourth-warmest June since record keeping began in 1880, according to a report by the National Oceanic and Atmospheric Administration (NOAA).
Crop insurance policies fall under two primary categories: crop hail insurance and multi-peril crop insurance. Crop hail insurance is limited to losses due to fire and/or hail. Multi-peril crop insurance (MPCI) provides extensive coverage for losses from weather to pests and even loss of revenue. In many cases, multi-peril policies are subsidized and backed by a federal reinsurance program.
Private plots generate 48 percent of cattle, 43 percent of swine and 54 percent of sheep and goats in Russia. The Russian government recently approved a new program that will succeed the National Priority Project in agriculture (NPP) titled, “The State Program for Development of Agriculture and Regulation of Food and Agricultural Markets in 2008-2012,” that encourages pork and beef production and attempts to address Russia’s declining cattle numbers.
The Queen and one of the richest men in London, the Duke of Westminster, are among the biggest winners from this year's payment of farm subsidies. The Duke, who owns most of Mayfair and also Grosvenor Farms Limited, was paid £562,786, while the Duke of Marlborough, a member of the Churchill family, was paid £452,944 in subsidy for the Blenheim Farm Partnership based in Woodstock, Oxfordshire.
In the practice of the insurance market supervision in EU and CIS countries, the agricultural insurance is usually practiced under the property insurance license. However, in this case it’s impossible for the insurance market supervisor to receive data concerning agricultural insurance separately, as reporting is applied to this type of insurance doesn’t provide the separation of the indicators by kinds and types of the insured property. This is usually the main reason why official statistics on agricultural insurance is absent.
IFC Agri-Insurance Development Project In autumn 2010, insurance companies signed 729 contracts, including 173 contracts providing the ‘full cycle’ coverage and 25 contracts based on area-yield index. The most popular product amongst the producers was insurance of winter crops against total loss during winter period (286 contracts). One hundred and sixty three contracts within the […]
Realized net income for Canadian farmers amounted to $5.7 billion in 2011, a 53.1% increase from 2010. This rise followed a 19.0% increase in 2010 and a 19.6% decline in 2009. Realized income is the difference between a farmer's cash receipts and operating expenses, minus depreciation, plus income in kind. Realized net income fell in four provinces: Newfoundland and Labrador, Nova Scotia, Manitoba and British Columbia. In each, increases in costs outpaced gains in receipts.
US – Report Points to Insurance Industry’s Vulnerability to Climate Change A report out Thursday urges the insurance industry to act to protect itself and the community against the increasing frequency of extreme weather due to climate change. In short, the report, its authors and those endorsing it want more efforts made to calculate climate […]
More than half of the country was under moderate to extreme drought in June, the largest area of the contiguous United States affected by such dryness in nearly 60 years. Nearly 1,300 counties across 29 states have been declared federal disaster areas. Areas under moderate to extreme drought in June of each year are shown in orange below.
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