The Philippine House Committee on Economic Affairs has revised the Philippine Crop Insurance Corporation (PCIC) mandate in a move that aims to expand its crop insurance coverage and encourage use of index-based re/insurance. The revised mandate will allow the agency to provide index-based direct insurance and reinsurance policies to encourage private insurers and commercial banks to offer index-based re/insurance.
The House Committee on Economic Affairs seeks to strengthen the Philippine Crop Insurance Corp. (PCIC) by expanding its coverage and allowing it to engage in index-based insurance and reinsurance. In House Bill (HB) 6923, Rep. Arthur C. Yap of the Third District of Bohol, panel chairman, seeks to overhaul of the crop-insurance system in the Philippines by allowing the agency to provide index-based direct insurance and reinsurance policies.
2018 is forecast to be a big year for the India re/insurance sector, with newly relaxed capital rules that allow well-established Indian insurers to attract capital with an initial public offering (IPO) and the government increasingly opening the grounds to foreign reinsurers. The renewed focus on agricultural risks by the Indian government and domestic insurers will provide new opportunities to foreign reinsurers.
AgroInsurance International is happy to announce new dates and place of the 4th International Conference “Agricultural Insurance, Reinsurance & Brokerage in CIS, Europe & Asia”. The next venue will be held on April 16-18, 2018 in Belgrade, Serbia, at the Hyatt Regency Hotel. Conference ‘early bird’ registration starts on November 13, 2017.
Indian government officials have raised concerns over potentially inadequate reinsurance supply for the Pradhan Mantri Fasal Bima Yojana (PMFBY), the government-sponsored crop insurance scheme, as global reinsurers appear to be losing interest in supporting the scheme. Money Control cited industry sources who said global reinsurers operating in India have reduced exposure to the scheme and the high-risk crop insurance segment.
The Conference agenda and the List of Participants for the International Conference "Agroinsurance, Reinsurance & Brokerage for CIS, Europe & Asia" have been updated. The list of participants, speakers and presentation topics are already available at the official website www.agroinsconf.com. Conference participants will discuss the current trends and technical specifics of various crop insurance programs, including forestry and aquaculture insurance. The key focus of the event is made on challenges and technical aspects of insurance product development and underwriting.
As the 2015/16 El Niño event intensifies there is an expectation that global economic losses from drought will surpass the previous forecasts of $8 billion, suggesting a growing toll for crop insurance, reinsurance and any ILS investors exposed to agricultural lines. Reinsurance broker Aon Benfield’s risk modelling specialist unit Impact Forecasting expects the becoming intense El Niño will create prolonged drought conditions in some regions, while the expectation is that rainfall and flood could be higher in others.
Agricultural insurance issues is going to be discussed at the International Conference "Agricultural Insurance, Reinsurance & Brokerage in CIS, Europe & Asia", October 6-8, 2014 in Istanbul, Turkey. Conference Agenda covers topics on high-value crop insurance, livestock insurance and national insurance programs development with PPP mechanisms applied. World’s top experts will discuss the importance of historical data use and its analysis for agricultural insurance programs development and actuarial calculation methodologies.
This publication is intended only as a reference tool for the insurance and reinsurance industry. While the publication is designed to provide general information with regard to the subject matter covered, it does not address all of the technical aspects of a deﬁ ned term or topic and does not constitute a legal consultation or legal opinion.
It is considered that big well spread ag insurance portfolio is more stable and profitable than small localised one. Preferably the portfolio should consist of average size accounts/policies (ag enterprises). Big amount of small policies will increase the portfolio servicing cost (monitoring, loss adjustment), insurance of big ag holdings can increase the risk accumulation and fraud possibility (for some Ukrainian holdings). Better to start building the portfolio of the “standard” most common in the market products = “mass products” (e.g. subsidized crop insurance). The non standard “experiments” (vegetable insurance, flower insurance) are acceptable when the main part of the portfolio is sustainable enough and ag department has enough experience.
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