Global Agriculture

Global trends increase the importance of agricultural reinsurance -  With the global population passing seven billion, the need to secure food production has become more important than ever before. Competition on food resources has increased, while arable land is shrinking and global food commodity prices are rising.  An increase in the frequency and severity of natural catastrophes has led to a growing demand to mitigate the risks farmers face, and help them better react to unforeseen events.
Indemnity Based Crop Insurance -  in particular multi-peril crop insurance - is an important tool to respond to these requirements both from an individual farmers' as well as from national and global perspectives.
Parametric Insurance - serves as substitute or supplement for indemnity based products such as named-perils or multi-perils insurance.  The indemnification of parametric products is based on climatic or agricultural indices that mimics the insured's crop throughout the phenological phases.  Without a lenghty loss adjustment process, the insured gets compensated for his/her suffered yield shortfall throughout an index based settlement within days after policy expiration.
Global livestock production is increasing globally due to growing population and change in diets towards animal-based products such as meat, milk and eggs. Livestock farmers are exposed to many risks which depend on type of livestock, farms size and local geographical conditions (i.e. exposure to endemic and epidemic diseases).  
Traditional livestock insurance covers mortality due to accident and non-contagious diseases. Cover can be extended to epidemic diseases when animals are culled on governmental order and livestock owner are indemnified for the animal value and/or Business Interruption costs.
New and specific products cover for example shortage of fodder by an index on drought or on the vegetation. There is also a trend towards margin/revenue cover which guarantee a minimal price or gross margin.
Similarly to human health insurances, pet insurances aim to protect the pet owners (or pet parents) from unexpected and expensive medical treatments.  Depending on the level of coverage, we differentiate between the following main product types - Accident Only, Time Limited, Maximum Benefit and Lifetime products.  The pet owners are usually compensated for medical expenses, purchase price (in case the pet is stolen), hospital visits, kennel and cattery fees (should the pet need to stay for recovery), death from illness or injury, theft or loss, complementary treatments, advertising costs and rewards.
The Allianz agriculture portfolio is underwritten worldwide, with underwriting capacity provided to both mature and emerging markets.  Key clients are often semi-governmental organizations such as agriculture insurers acting in a public private partnership.  We also work with private companies either as specialized monoliners or as multiline companies.
Within Agriculture, Allianz Re writes the following business subclasses:
- crop
- livestock
- bloodstock
- pet
- forestry
- aquaculture