After four years of worsening fire conditions, California winemakers have been forced to make a difficult decision: salvage what they can before smoke ruins their grapes or lose the crops and hope insurance will cover the losses. Since August 15, over 1.6 million acres in California have burned — an area about the size of… Continue reading California Winemakers Are Racing to Salvage their Grape Harvests Before Wildfires Destroy Them
Tag: crop insurance
Sompo International to Acquire Diversified Crop Insurance Services
Sompo International Holdings Ltd., a Bermuda-based specialty provider of property and casualty insurance and reinsurance, announced today that it will acquire Diversified Crop Insurance Services (“Diversified”), a subsidiary of CGB Enterprises, Inc. (CGB). The addition of Diversified to Sompo International’s existing global AgriSompo platform, which already includes ARMtech, currently the 6th largest underwriter of U.S.,… Continue reading Sompo International to Acquire Diversified Crop Insurance Services
Climate Change Could Add Around $100B to Costs of Extreme Weather
Climate change could add around $100 billion, or more than 20%, to the global cost of extreme weather events such as floods, heatwaves and droughts by 2040, research from Cambridge University shows. The findings come from the university’s Climate Change Business Risk Index, which uses climate modeling data to quantify extreme weather event risks and… Continue reading Climate Change Could Add Around $100B to Costs of Extreme Weather
SCOR Acquires A Majority Stake in AgroBrasil
SCOR acquires control of AgroBrasil Administração e Participações Ltda (“AgroBrasil”), Brazil’s family-owned leading Managing General Agent distributing fruit and grain loss of crop quality and yield insurance protection to Brazilian farmers. This transaction marks an important milestone in SCOR’s Specialty Insurance strategy: As part of its “Quantum Leap” strategic plan, SCOR committed to developing a… Continue reading SCOR Acquires A Majority Stake in AgroBrasil
USDA Announces Details of Risk Management Programs for Hemp Producers
The U.S. Department of Agriculture (USDA) announced the availability of two programs that protect hemp producers’ crops from natural disasters. A pilot hemp insurance program through Multi-Peril Crop Insurance (MPCI) provides coverage against loss of yield because of insurable causes of loss for hemp grown for fiber, grain or Cannabidiol (CBD) oil and the Noninsured… Continue reading USDA Announces Details of Risk Management Programs for Hemp Producers
USDA Announces Pilot Crop Insurance for Hemp Growers
Michigan hemp growers are among those in 21 states in 2020 who will be eligible for a new crop insurance option through USDA’s Risk Management Agency (RMA) in selected counties. The pilot insurance program will provide Actual Production History (APH) coverage under 508(h) Multi- Peril Crop Insurance (MPCI) for eligible producers. In addition to Michigan,… Continue reading USDA Announces Pilot Crop Insurance for Hemp Growers
A Wet Year Causes Farm Woes Far Beyond the Floodplains
The damage from the destructive spring flooding in the Midwest has been followed in parts of the country by a miserable autumn that is making a bad farming year worse, with effects that could be felt into next spring. Even the widespread flooding in the spring was worse for many farmers than the images of… Continue reading A Wet Year Causes Farm Woes Far Beyond the Floodplains
USDA Grants Second Delay in Crop Insurance Premium Due Dates
To help farmers whose cash flow suffers from a long and late harvest this year, the USDA announced this week that most growers will now have until January 31 to make interest-free crop insurance premium payments on spring-planted crops. That’s well beyond the normal date of October 1 when payments due on September 30 start… Continue reading USDA Grants Second Delay in Crop Insurance Premium Due Dates
AIR Worldwide Releases Multi-Peril Crop Insurance Model for India
Catastrophe risk modeling firm AIR Worldwide (AIR) today announced that it has released a Multiple Peril Crop Insurance (MPCI) Model for India to help support probabilistic assessments of potential losses caused by yield shortfalls for 11 major crops across the two main India crop-growing seasons. AIR Worldwide is a Verisk business. The MPCI Model for… Continue reading AIR Worldwide Releases Multi-Peril Crop Insurance Model for India
Floods Swamp U.S. Farm Belt
The wettest year on record is raising costs for the nation’s biggest agricultural companies, stalling farmers’ fieldwork and slowing shipments across the U.S. Farm Belt. “It’s got to be the worst ever that we’ve seen,” said Jim Collins, head of Corteva Agriscience, the agricultural division of seed and pesticide maker DowDuPont Inc. Corteva’s sales fell… Continue reading Floods Swamp U.S. Farm Belt