11/6/18, 13(42News Summary from AgroInsurance International

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World News Summary from AgroInsuranceOctober 2018

Dear Colleagues,

AgroInsurance International presents your monthly news summary, which highlights important

issues on agricultural losses, risk events and recent trends in agricultural insurance worldwide.

We wish you a great day!

Spain - Agroseguro advances payment of over 6 million euro to kaki sector

Agroseguro has advanced the payment of more than 6 million Euro to kaki producers in the Region ofValencia for the damages caused by severe hail storms, which took a toll on 6,000 hectares. According to astatement from the Spanish Association of Insurance Entities of Combined Agricultural Insurance(Agroseguro Agroseguro), the crop has not only been affected by hail.

In total, taking into account all damage caused by the weather, there have been reports of losses in about11,600 hectares, which is a record Fgure. As compensation for hail damage to kakis, a total of 18 millionEuro are expected to be paid out, so Agroseguro has advanced the payment of more than 6 million Euro tothose insured in the Region of Valencia whose plots suffered damage exceeding 90%. > Read more

Canada - Alberta Agriculture considers crop insurance tweaks if necessary

11/6/18, 13(42News Summary from AgroInsurance International

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Alberta Agriculture Minister Oneil Carlier is poised to speed up if necessary crop insurance to help outfarmers facing an uncertain harvest. “While we’re optimistic for a better harvest weather over the comingweeks, we’re also ready to implement measures to streamline (Alberta Farm Services Corporation)processes, if necessary, so that producers spend less time worrying about insurance, and more timebringing in this year’s harvest,” said Carlier.

A coalition of four Alberta crop commissions warned the province that it must be ready to act quickly if thepoor harvest season continues. Crops are well behind schedule all over Alberta and 7.8 million acresremain unharvested. Both the Ministry of Agriculture and Forestry and the Agriculture Financial ServicesCorporation have learned some important lessons from the challenges of previous tough harvests over thelast few years.

> Read more

USA - Michael crop losses unlikely to fall to reinsurers Hurricane Michael is expected to bring crop losses of up to about $2bn to the southeastern US – but thatdamage is unlikely to trickle into reinsurance. The US Department of Agriculture reported that Michaelseverely damaged cotton, timber, pecan and peanut crops, impacting up to 3.7mn acres. RMS estimatedliabilities could reach up to $1.9bn, but privately industry sources suggest losses closer to $1.3bn.

Even with those large numbers, primary insurers in the area widely participate in the federal reinsuranceagreement. Little to no impact of Michael’s crop damage will be felt by reinsurers, said Aon’s head ofanalytics at the US agriculture division. The losses are going to be absorbed by primary insurance carriers,and then the federal government. A lot of those losses will really be felt by the federal balance sheet.

> Read more

Colombia - Weather index insurance program for smallholder coffee farmers Smallholder farmers are subject to immense risk as unpredictable and adverse weather conditions canhave detrimental effects on coffee crops. Until now, there has been a lack of suitable insurance optionsavailable to these farmers. This gap is precisely why Nespresso and Blue Marble are working together toenhance the welfare of coffee farmers and address supply chain risk.

This pilot weather index insurance program has commenced with 1,975 farmer participants across 5,724hectares, belonging to the farmers of the Aguadas and Norte de Caldas cooperatives in Caldas, Colombia.The program — a co-creation of farmers, Nespresso coffee specialists and Blue Marble insurance experts— provides tailor-made coverage for excess rainfall and drought during the developmental stages in whichcoffee is most vulnerable to climatic shocks.

> Read more

11/6/18, 13(42News Summary from AgroInsurance International

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India - Govt’s crop insurance scheme to cover crop loss in wild animal attacks

The Union Government has decided to cover damages done to crops in case of wild animal attacks underthe Pradhan Mantri Fasal Bima Yojna in select districts on an experimental basis. The information wasshared by Union Agricultural Minister Radha Mohan Singh. The minister said that the government alsobrought certain horticultural crops under the ambit of Fasal Bima Yojna ambit on an experimental basis.

The Government’s Fasal Bima Yojna did not previously cover damages incurred to an individual or a limitednumber of cultivators during unprecedented localised events such as waterlogging, landslide andhailstorms. However, now under its new provisions, the protection scheme will cover all these events. Theprovisions of the crop insurance scheme were amended in consultation with various stakeholders and theamendments have been implemented from this month. > Read more

Canada - Outdoor cannabis growers lack insurance options

Now that recreational-use marijuana is ohcially legal, more and more green-Fngered Canadians arelooking into opportunities around cannabis cultivation. Growing pot is all about light, nutrients and water.While it may sound simple, the methods producers choose to cultivate their cannabis crops can throw up ahoard of different exposures – some of which, insurers are still reluctant to cover.

Indoor cannabis cultivators and greenhouse growers generally have more control over their crops thanoutdoor producers. They’re able to manage the light with more ehciency and therefore control their plants’development, whereas the outdoor grower has no control over the light or temperature. A bonus foroutdoor producers is lower operating costs. The problem is, if a producer chooses to cultivate cannabisoutdoors, he may struggle to Fnd appropriate insurance coverage to suit his operation.

> Read more

Australia - Insurers propose new measures to support drought-affected farmers The Insurance Council of Australia (ICA) has lent its support to a series of proposals designed to improvethe uptake of farm income and crop insurance for primary producers in Australia. Access to better data,removing unfair taxes, and introducing incentives would be key factors in improving the resilience ofAustralian farmers during droughts or following extreme weather events such as ioods or cyclones.

One of the key proposals to expand insurance coverage for primary producers is the removal of stampduties on agricultural insurance products nation-wide, which has already been implemented by severalstates. The other proposals, which will be raised by the ICA during the Prime Minister’s Drought Summit,include a census on every primary producer to collect and publish critical data, which will supportunderwriting of existing covered crops and expansion into livestock and non-cereal crops.

> Read more

11/6/18, 13(42News Summary from AgroInsurance International

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Sri Lanka - Blockchain technology brings crop insurance to paddy Leld farmers

Aon plc, the Frm providing a broad range of risk, retirement and health solutions; Oxfam in Sri Lanka, anorganization working to alleviate poverty; and Etherisc, a leading InsureTech company, announced a jointprogram to deliver micro-insurance to thousands of small holder paddy Feld farmers in Sri Lanka throughblockchain technology.

A major barrier to entry for farmers is a lack of affordable and reliable insurance products, andunderstanding about how insurance will help them survive and when it will pay out. By leveragingblockchain technology it is intended to automate parametric insurance products, transforming andsimplifying the claims process to the point that the farmer would not need to submit a claim and theinsurer would not need to send a claims adjuster in the Feld. > Read more

Philippines - Ilocos, Cordillera farmers get crop insurance pay after ‘Ompong’ The Philippine Crop Insurance Corp. (PCIC) is fast-tracking the processing and payment of crop insuranceclaims of farmers from disaster-stricken provinces to help them get back on track. Some 43,000 farmersfrom Typhoon Ompong-affected Pangasinan, La Union, Ilocos Sur, Ilocos Norte in Region 1, and Abra,Benguet and Mountain Province from the Cordillera region, have already Fled for the insurance claim.

Farmers from these provinces, whose crops were damaged by the typhoon, will receive a maximum ofPHP60,000 worth of insurance claim. PCIC will pay the qualiFed farmer PHP20,000 per hectare of rice orcornFeld, depending on the assessed extent of damage. QualiFed farmers are those planting on land notmore than 3 hectares. > Read more

Pakistan - Punjab government launches crop insurance scheme

The Punjab government has launched crop insurance scheme (Takaful) to protect farmers against anyunfavorable circumstances. Special Secretary Agriculture Punjab Ehsan Bhutta said under this scheme,100 per cent subsidy on Insurance Premium for land owners of up to 5 acres while 50 per cent subsidy onInsurance Premium for land owners from 5 acres to 25 acres would be given.

Now under special directives of Secretary Agriculture Punjab Wasif Khurshid, from Rabi 2018-19, thisscheme will also be applicable for districts Gujranwala, Multan and Faisalabad and wheat crop would alsobe included for insurance.

> Read more

11/6/18, 13(42News Summary from AgroInsurance International

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