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