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.
Crop Insurance - in particular multi-peril corp insurance - is an important tool to respond to these requirements both from an individual farmers' as well as from national and global perspectives.
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.
Allianz Re's agriculture team is developing a new crop insurance approach around remote sensing technologies.