Discussions centered around the following key topics:
- technical aspects of crop and livestock insurance;
- the use of agricultural insurance in the banking industry – agricultural bancassurance;
- underwriting principles in agricultural insurance;
- the use of modern technology (satellites and drones) in the development and implementation of innovative insurance solutions.
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.
The event program centered around an overview of agricultural insurance markets in Central and Eastern Europe, CIS countries, Southeast Asia and Australia. The presentations focused on discussing ways to improve insurance products available on these markets and to better meet the needs of farmers and government institutions.
One presentation that deserves a special mention dealt with the specifics of the evolution of agricultural insurance in the Philippines, Indonesia and Vietnam. It was made by a representative of the German Development Cooperation, GIZ. The presentation discussed specific features of the evolution of public-private partnerships in these countries, the instruments that are commonly used and their role in the development of comprehensive agricultural risk insurance programs.
Another section dealt with the finer nuances of agricultural bancassurance development, drawing upon the experience of Serbia and other Central European countries as an example. Delegates from insurance giants Generali, Banca Intesa and Aon brought to light important technical aspects of implementing joint initiatives in bancassurance, underwriting and program administration.
The first day concluded with a discussion about technical details of the development and implementation of systemic risk insurance programs. Special emphasis was placed on discussing ways to address drought insurance. Swiss Re and Munich Re spoke about solutions and innovations that are already available to effectively tackle this issue. The section on systemic risks discussed livestock disease and disease containment insurance using Canada as an example.
The second day was dedicated to the importance of adopting new technology and innovations, such as satellites and drones. These technologies are more and more commonly used around the world in crop surveillance and agricultural insurance loss adjustment. Every year they also become more and more affordable for insurance companies. Technology and innovations are now commonly used in crop insurance underwriting and risk event probability assessment to calculate insurance rates.
The second day concluded with a panel discussion on the use of modern technology in agricultural insurance. Attendees addressed the challenges of adopting and implementing new technologies and innovations, as evidenced by examples of several technologies being brought together on a single platform combining self-learning AI systems and block chain technology. Companies promoting technical innovations on international markets were particularly keen to hear feedback from agricultural insurance experts to gauge market response and further refine existing technology. Innovative technology is not a distant future concept at all, but something that is already being effectively used on a day-to-day basis by agricultural insurance market players.
The International Conference “Agroinsurance and Reinsurance of Agricultural Risks in the CIS, Europe and Asia” has provided an important platform for enhancing cross-sectoral communication and collaboration among agricultural insurance experts all over the world. The high number of participating countries and organizations fosters an extremely productive exchange of ideas and technical information. Delegates have engaged in numerous meetings and negotiations, which enabled many to gain new knowledge and enhance their understanding of various technical aspects of agricultural insurance.
Given the feedback received from 2018 conference participants, Agroinsurance International is likely to continue such events in 2019-2020 with the aim of further promoting agricultural insurance development in emerging countries. For updates on future events, please visit the conference organizers’ website www.agroinsurance.com.
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About Agroinsurance International
Our team has been professionally involved in agricultural insurance since 2001. The website www.AgroInsurance.com was created in 2006 and to this day remains the world’s largest online portal on agricultural insurance and risk management. Since its inception in 2006, the project has been working with reinsurance and insurance companies in the CIS, Europe and Asia. Over the lifespan of the project, our team members have seen through to completion numerous consulting assignments for private companies and government agencies in Ukraine, Russia, Moldova, Georgia, Armenia, Albania, Serbia, Kosovo, Mongolia, China and other countries. Altogether, Agroinsurance International experts have delivered more than 400 training sessions on agricultural insurance and agricultural risk management for insurance and banking professionals and government employees around the world.
Source – www.agroinsurance.com