AgroInsurance International has conducted a survey on the effects of COVID-19 on the global agricultural insurance industry. The purpose of this survey was to understand if agricultural insurers and reinsurers experienced any difficulties while operating their businesses during the COVID-19 outbreak in 2020. Underwriting new business, processing renewals and assessing losses were among the key items in focus during the survey.
The AgroInsurance team was also interested to see if any new procedures, protocols or technologies were introduced to support businesses operations under 2020 the challenging circumstances of 2020. This survey was focused exclusively on agricultural insurance (field, oil and technical crops, horticulture, forestry, pasture and forage crops, livestock, aquaculture, greenhouse insurance, weather, yield and other types of index insurance for agriculture). Agroinsurance did not collect information on the COVID- 19 impact on other insurance business lines (like farm property or liability insurance).
Online survey participants included 64 respondents from 29 countries. The respondents represented brokers (5% from the total number of respondents), primary insurance (62%) and reinsurance (11%) companies, loss adjustment (3%) and underwriting (5%) agencies, and other service providers for the agriculture re/insurance business (14%).
Source – www.agroinsurance.com