16.12.2019 | NAAI
NAAI President Korney Bizhdov: about 34% of the swine population and 25% of poultry in livestock farms are insured in Russia
In 2019, a marked recovery took place in the agricultural insurance system with state support: the insurance coverage of crops increased 4-fold, to 4.1 million hectares, making up more than 5% of the cultivated area. In livestock risks insurance, there has also been a double-digit increase, while those operations most vulnerable to epizootic risks – swine breeding and poultry farming – are at 34% and 25% of livestock coverage in agricultural enterprises and farmer households respectively. This was stated by the President of the National Association of Agriculture Insurers, Korney Bizhdov, speaking at the seminar "Insurance in the Media Mirror", held in Moscow on December 4th, 2019.
16.12.2019 | NAAI, agricultural insurance
NAAI President Korney Bizhdov presented Russia’s experience of combating agricultural insurance fraud at the international conference in Vienna
The National Association of Agriculture Insurers presented the results of combating insurance fraud in Russian agricultural insurance at the issue-related conference for European insurers. The presentation at the event was made by the President of NAAI, Korney Bizhdov.
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.
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.