China's Finance Ministry has announced the nationwide implementation of full-cost insurance and planting income insurance policies for rice, wheat and corn, which are the country's staple grains. The scheme took effect on 21 May, the date of the announcement.
Aon has appointed Dr Wen Chen as head of agriculture in APAC. In her new role, she will continue to build upon Aon's successes in the dynamic agriculture sector, while exploring new reinsurance and retrocession opportunities and delivering differentiated capabilities across a range of dynamic and competitive market environments.
The Caisse Nationale de Mutualité Agricole (CNMA), which dominates the agricultural insurance market, is preparing to launch "very soon" a product covering crops for climate change risks, such as drought and floods.
Climate change and land-use change could become the main drivers of biodiversity decline by mid-century according to a new study.
Sunlight Agricultural Mutual Insurance (SAM) is highly exposed to catastrophe risk in Heilongjiang province, particularly flooding and drought, given its high business concentration in agricultural insurance and Heilongjiang, says Moody's Ratings.
Saline intrusion and drought in the Mekong Delta region of Vietnam could cause $2.82bn in agricultural losses over a 10-year period according to a recent survey.
Zhongyuan Agricultural Insurance Co's (ZYIC) underwriting margin will stay profitable in the near term given its underwriting approach, according to Fitch Ratings.
An earthquake model and sovereign risk transfer instrument are under development in Nepal and will be rolled out in 2024. Flood models are also being worked on, according to the UNDP which leads the Insurance and Risk Finance Facility (IRFF), a global initiative working with governments and the insurance industry, to put financial resilience at the heart of sustainable development.
The Insurance Federation of Egypt (IFE) is keen to provide specialised technical information that serves the insurance sector, especially in branches for which there is a dearth of data.
The Tanzanian government is committed to fostering a robust insurance market as a cornerstone of economic development, according to Professor Kitila Mkumbo in his capacity as the Minister of State for Investment and Planning.