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Spain - Agricultural insurance reached its historical records in 2020

Agricultural insurance in Spain has reached its historical records in 2020, according to the figures provided by Agroseguro.

The total premiums collected increased by 1.6% and reached 796.2 million euros, becoming the highest figure in the 40-year history of agricultural insurance in Spain. The sum insured also reached its historical mark, increasing by 6.7% to 15,213.79 million euros.

The total volume of production insured in 2020 exceeded 40.9 million tons, 13.1% more than in the previous year. The most significant increase occurred within herbaceous crops (+ 23%), citrus (+ 11%), vegetables (+ 8%) and wine grapes (+ 1.3%).

The number of insurance policies estimated at 415,975 in 2020, increasing by 4.7% comparing to 2019.

The total area insured reached 7.8 million hectares. Excluding complementary insurance, the final figure exceeded 6.1 million hectares, 6.2% more than in 2019, driven by the increase of agricultural insurance for citrus (+ 8.2%), extensive herbaceous crops (+ 6.6%) and wine grapes (+ 1.1%).

In addition, other insurance lines also experienced the increase, such as forage crops (with 56% increase of insured area), nuts (+ 35%), tropical and subtropical crops (+ 35%) and bananas (+ 7%).

In the case of livestock insurance, 315.7 million animals were insured in 2020, 2.7% less than in the previous year.

Source – https://agroinsurance.com
Original article – https://agroseguro.es