As farmers are still picking up the pieces from the derecho that damaged Iowa cropland Aug. 10, crop insurance remained a hot topic well into October. On Oct. 14, Iowa Secretary of Agriculture Mike Naig and USDA Undersecretary Bill Northey held a roundtable discussion in Elberon, Iowa, to answer questions and listen to concerns of area farmers.
Seventeen tobacco farmers have agreed to resolve civil allegations that they violated the False Claims Act, a federal law that prohibits submitting false or fraudulent claims for payment to the government. As part of their civil settlement agreements, all of the defendants admitted that they submitted, or caused to be submitted, false claims to a federally-backed crop insurance program.
The objective of the policy note is to identify the opportunities in the improvement of the agricultural insurance system through policy and program reform. In particular, the note focuses on: (i) the strengthening of the existing legal and regulatory framework, (ii) the institutional and operational framework, and (iii) the improvement of existing government funded programs.
The new law regulates relations between insurers and agricultural producers arising in the process of insurance in the agricultural sector, as well as the relations established between them and public authorities in connection with the subsidization of insurance premiums by the state (between the insurer, the policyholder, the beneficiary of the insurance, as well as the state in terms of subsidizing insurance premiums in agriculture).
This summer after the derecho event in Iowa and Illinois, the team at RCIS and Zurich assembled a cadre of 19 people to go out and address the damage claims. In a six day period, the team covered 52,000 acres. What enabled the speed and effectiveness for the RCIS team is their growing use of drones.
Crop insurance premium declined in September this year after recording positive growth in the previous months, possibly due to the lesser number of States participating in PMFBY, the scheme being optional for farmers, and a long delay in claims. The gross direct premium for Agricultural Insurance Corporation of India de-grew by 19.3 per cent in September when compared to a year ago.
A long-term player in the Vietnamese insurance market, Swiss Re is committed to strengthening resilience across farming communities in the country. A first pilot launched in 2011 has paved the way for a new national insurance scheme that has the potential to reach large numbers of the 10 million farming population in Vietnam.
Iprosurv, the UK’s leading aerial survey, inspection and mapping provider, has entered into a partnership with US-based agricultural surveying specialists, Sentera, in a move that will change the way agricultural risks are managed and insured in the UK. The deal sees the full Sentera suite of sensors, software and analytics made available to Iprosurv’s existing fleet of over 400 drones.
The damage from drought worldwide increased to over €20 billion in 2019, while less than €2 billion was covered by insurance. Farmers and governments are now demanding insurance, while the industry is looking for the best ways to provide this. Do you want to understand this market opportunity better? Your input for this survey will be treated strictly confidential and the results shared with you in a personal meeting or via email.
The global crop insurance market size was valued at $34.05 billion in 2019, and is projected to reach $53.02 billion by 2027, growing at a CAGR of 6.1% from 2020 to 2027. During COVID-19, revenue-based crop insurance is expected to create several lucrative opportunities, owing to adverse impact of on-going pandemic on crop revenues and disrupted supply chains in major crop producing countries such as India and Brazil.
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