Agricultural Risks
Agricultural and livestock business
Agricultural and livestock business is one of Hannover Re's specilaty businesses.
In this highly specialises line of business clients seek not only reinsurance support but also advice and expertise. Our team of specialits, which is comprised of agronomists and a veterinarian, operates worldwide. We serve our customers in different languages, eg. English, German, Portuguese, Spanish, Polish and Russian.
Agricultural and livestock insurance is gaining in importance not only in developed countries but also in emerging markets, where governments are increasingly supporting farmers with premium subsidies. We therefore anticipate increased demand for agricultural and livestock insurance.
Our services encompass both treaty and facultative markets
Our target business
The principal lines of business in our specialty are:
- Hail insurance
- Multi-peril crop insurance (MPCI)
- Forestry
- Livestock
- Aquaculture
- Greenhouses and plant nurseries
Preconditions for our support:
- appointment by the ceding company of specialists such as agronomists, veterinarians and biologists for technical management of the portfolios
- premiums should be based on sound actuarial calculations
Minimum information required from ceding companies in order to begin discussion of a new program:
- Insured interest with PML calculation
- Location
- Production system
- Cover period
- Risk acceptance criteria
- Policy sales period
- Loss statistics
- Loss assessment method
Insured perils
- Crop hail: hail and possibly other named perils such as fire
- MPCI: storm, flood, frost. Extended coverage at an additional premium for drought, uncontrollable pests and diseases
- Forestry and greenhouses: fire, lightning, aircraft explosion. Extended coverage: frost, weight of snow, storm, hail
- Livestock: mortality caused by fire, natural perils (storm, flood, etc.), accidents, manifestation of disease, illness
- Aquaculture: death caused by natural perils, algae bloom, pests and diseases
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