Join us on Thursday, May 7 at 8:00 am Central Time for a special panel discussion on index-based pasture insurance. Ian Shynkarenko, Agroinsurance CEO, will moderate a panel discussion with Laurent Sabatié, Skyline Partners co-founder, and Matthieu Hyrien, Geosys VP of business development and marketing to discuss both current applications and future opportunities for index-based pasture insurance.
The government is introducing an agricultural crisis insurance scheme to address recent market difficulties in the sector and challenges in the near future, including the current market and economic conditions caused by the coronavirus epidemic. The bill on this was submitted to the Parliament by Minister of Agriculture István Nagy, his ministry announced.
Producers signed a record 1.77 million contracts for the U.S. Department of Agriculture’s Agriculture Risk Coverage (ARC) and Price Loss Coverage (PLC) programs for the 2019 crop year, which is more than 107% of the total contracts signed compared with a 5-year average. USDA also reminds producers that June 30 is the deadline to enroll in ARC and PLC for the 2020 crop year.
Sompo International Holdings Ltd., a Bermuda-based specialty provider of property and casualty insurance and reinsurance, announced that its global agriculture platform, AgriSompo, has entered into a partnership with Portuguese managing general agent ATLAS Segurmina, to offer innovative crop insurance solutions to the agricultural sector in Portugal.
The province’s crop commissions are urging producers to call their local Agricultural Financial Services Corporation office to get their unharvested acres examined. “The message from AFSC was that they were going to be flexible and work with farmers of unharvested grain,” said Alberta Wheat chair Todd Hames.
Kenya has become one of Africa’s pioneers in developing an agriculture insurance market to protect smallholders and pastoralists against the risks of the unpredictable and changing climate. Kenya’s first index-based agriculture insurance pilot took place in 2006. Since then, the Kenyan government, the private sector and development institutions, have been collaborating and experimenting to develop and expand the market.
USDA’s Risk Management Agency is authorizing self-certification on replant inspections and waiving witness signatures in certain situations as part of a broader suite of flexibilities to support producers during the coronavirus pandemic. Many state and local governments have issued “stay-at-home” orders in response to the COVID-19 pandemic, which may prevent loss adjusters from completing on-the-farm replant inspections.
Minnesota Senators Amy Klobuchar and Tina Smith say USDA’s Risk Management Agency is providing flexibilities to aid producers who are facing slumping commodity prices due to the Covid 19 pandemic. Minnesota Farm Bureau President Kevin Paap says producers need all the options they can get to deal with the crisis and crop insurance is their key safety net program.
Four years ago, when the government unveiled the Pradhan Mantri Fasal Bima Yojana (PMFBY), the crop insurance scheme, general insurance companies saw it as a big opportunity. Bulk of the premium was to come directly from the Centre as well as states. Customer acquisition costs were almost nil as states along with banks were sharing data of farmers.
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