28.10.2019 | NAAI
NAAI: 9 month results confirm significant growth in the agricultural insurance market of Russia: market volume by 2.5-fold; insured area more than 5.3-fold
“The results of the agricultural insurance system of Russia for the first three quarters have confirmed that the main trend in 2019 continues to be the growth of agricultural insurance coverage and the related growth of the market. The insured area under agricultural crops in the country increased by more than 5-fold, the insured livestock by 39%, and the volume of insurance with state support 2.5-fold,” said Korney Bizhdov, President of the National Association of Agriculture Insurers, in summing up the interim results of agricultural insurance with state support.
NAAI and the Association “Greenhouses of Russia” discussed optimal insurance conditions for greenhouse vegetable growing
The National Association of Agriculture Insurers and the Association “Greenhouses of Russia” have agreed on the development of specialized insurance for vegetable farming of closed soil. The project started with a survey to identify the basic needs of greenhouse growers in risk insurance. The survey was conducted at a special seminar of the Association held in September, with the participation of NAAI. Based on its results, the parties will prepare joint specific versions of optimal insurance conditions for farms that produce agricultural products indoors.
28.08.2019 | Crop insurance in Russia
NAAI: restoration of the agricultural insurance system of Russia continues; the area of insured crops increased by 5 times
The restoration of the agricultural insurance system in Russia continues - confirmed by the data accumulated by the National Association of Agriculture Insurers for the first 7 months of 2019. “The results presented by members of NAAI on the 01st of August, 2019, confirmed the trend of steady growth for all agricultural insurance system indicators,” said the President of NAAI, Korney Bizhdov. “The area of agricultural crops insured with state support reached almost 2.8 million hectares. This is 5 times higher than for the same date last year - 552 thousand hectares. ”
New frontiers in agricultural insurance
With an estimated global insurance premium of USD 31bn in 2014 and annual average growth rates of 20%, agriculture insurance has grown four-fold since 2005 and is, in many countries, the largest speciality line in terms of premium volume. The main growth has come from North America with the introduction of revenue-based crop insurance and, more recently, from emerging markets such as China, India and Brazil, driven by rapidly increasing insurance penetration. Agriculture is seen as a diversifying risk to other insurance lines of business and is attracting more and more reinsurance capacity, collateralised reinsurance and side cars. The occurrence of devastating droughts and floods and eradication of livestock populations following disease outbreaks have brought agriculture risk management to the attention of actuaries, catastrophe risk managers and accumulation controllers. While similar to property risks in terms of exposure to natural disasters, agriculture needs a specific approach to risk management approach and risk modelling to assess large loss events.