Crop insurance

Farmer sentiment rebounds on more optimistic view of future

Retrieved on: 
Wednesday, July 5, 2023

The upswing in sentiment was driven by producers' more optimistic view of the future; however, their perception of current conditions remained unchanged from May.

Key Points: 
  • The upswing in sentiment was driven by producers' more optimistic view of the future; however, their perception of current conditions remained unchanged from May.
  • "This month four out of ten producers stated that their financial situation has deteriorated compared to a year ago."
  • To better understand the large month-to-month swing in producers' expectations for the future, responses between the May and June surveys were compared.
  • Producers improved perspective on the future was not focused solely on their own farms, but extended to all of U.S. agriculture.

Unique Digital Infrastructure Creates New Connectivity in Crop Insurance

Retrieved on: 
Thursday, January 21, 2021

Hudson offers crop insurance products to growers across all 50 states, accounting for one-third of its portfolio.

Key Points: 
  • Hudson offers crop insurance products to growers across all 50 states, accounting for one-third of its portfolio.
  • Facing technology-driven disruption head-on, Hudson crop agents will have access to a turnkey system to deliver a superior customer experience.
  • Hudson Insurance Group is the U.S. Insurance Division of Odyssey Group Holdings, Inc., a leading global provider of reinsurance and specialty insurance.
  • All crop insurance products are underwritten by Hudson Insurance Company.

Going High-Tech to Address Challenges and Deliver Streamlined Insurance Experience

Retrieved on: 
Tuesday, January 12, 2021

The two companies will work together to digitize insurance claims and reporting to help minimize operational risk for agents and increase information accuracy related to private crop insurance for growers.

Key Points: 
  • The two companies will work together to digitize insurance claims and reporting to help minimize operational risk for agents and increase information accuracy related to private crop insurance for growers.
  • View the full release here: https://www.businesswire.com/news/home/20210112005359/en/
    The FarmCommand platform centralizes data from on-farm hardware to automate insurance reporting and claims, minimizing administrative expenses.
  • This unique digital alliance enables agents to use the data growers are already collecting for required crop insurance reporting after planting and harvest.
  • The company is a financially strong and well-capitalized crop insurer with nearly 100 years of experience protecting the American farmer.

NI Holdings, Inc. Files Results for Third Quarter and Nine Months Ended September 30, 2020

Retrieved on: 
Wednesday, November 4, 2020

Combined ratio of 103.6%, driven by fewer weather-related losses from the prior year quarter, partially offset by increased losses on multi-peril crop insurance.

Key Points: 
  • Combined ratio of 103.6%, driven by fewer weather-related losses from the prior year quarter, partially offset by increased losses on multi-peril crop insurance.
  • NI Holdings evaluates its insurance operations in the way it believes will be most meaningful and representative of its business results.
  • NI Holdings completed the acquisition of Direct Auto Insurance Company on August 31, 2018, which is a wholly-owned stock subsidiary of NI Holdings.
  • NI Holdings completed the acquisition of Westminster American Insurance Company on January 1, 2020, which is a wholly-owned stock subsidiary of NI Holdings.

Dovel Subsidiary, AceInfo, Awarded USDA Crop Insurance Software Delivery Support Services Task Order

Retrieved on: 
Wednesday, October 14, 2020

MCLEAN, Va., Oct. 14,2020 /PRNewswire/ --Dovel Technologies announced today that Ace Info Solutions , LLC (AceInfo) has been awarded a Task Order from the U.S. Department of Agriculture (USDA), Farm Production and Conservation (FPAC) Risk Management Agency (RMA) for Crop Insurance Software Development Delivery Services.

Key Points: 
  • MCLEAN, Va., Oct. 14,2020 /PRNewswire/ --Dovel Technologies announced today that Ace Info Solutions , LLC (AceInfo) has been awarded a Task Order from the U.S. Department of Agriculture (USDA), Farm Production and Conservation (FPAC) Risk Management Agency (RMA) for Crop Insurance Software Development Delivery Services.
  • The USDA Crop Insurance Software Delivery Support Services task order, awarded through the USDA FS DAITSS BPA contract vehicle, has a base year plus three option years and an estimated value of $59M.
  • Under this Task Order, AceInfo will provide a full range of software development services to support the development and delivery of new crop insurance products, sustain and modernize current applications and tools in production, as well as innovate, design, deploy, develop, and maintain new IT systems.
  • "Our team is excited to support USDA FPAC's efforts to meet the needs of our nation's agricultural producers," said Damon Griggs, Dovel CEO.

AIR Worldwide Releases Updated Multiple Peril Crop Insurance Model for China

Retrieved on: 
Tuesday, September 22, 2020

Boston, Sept. 22, 2020 (GLOBE NEWSWIRE) -- Catastrophe risk modeling firm AIR Worldwide (AIR) today announced that it released an updated Multiple Peril Crop Insurance (MPCI) Model for China to support probabilistic assessments for five newly modeled crop lines of business and a newly modeled sub-peril.

Key Points: 
  • Boston, Sept. 22, 2020 (GLOBE NEWSWIRE) -- Catastrophe risk modeling firm AIR Worldwide (AIR) today announced that it released an updated Multiple Peril Crop Insurance (MPCI) Model for China to support probabilistic assessments for five newly modeled crop lines of business and a newly modeled sub-peril.
  • Since then, the model has been updated several times to keep it current with the fast-changing Chinese agricultural insurance market, said Dr. Jeff Amthor, assistant vice president, AIR Worldwide.
  • The AIR Multiple Peril Crop Insurance Model for China leverages a 10,000-year stochastic catalog that contains losses reflecting the most recent assumptions regarding policy conditions.
  • The AIR Multiple Peril Crop Insurance Model for China is available in the 2020 release of the Touchstone Re catastrophe risk management system.

Understory Honored as AgTech Insurance Solution of the Year

Retrieved on: 
Thursday, September 10, 2020

MADISON, Wis., Sept. 10, 2020 /PRNewswire/ --Understory, a leading provider of parametric insurance for severe weather risks, has been awarded 'AgTech Insurance Solution of the Year' by AgTech Breakthrough, a leading market intelligence company.

Key Points: 
  • MADISON, Wis., Sept. 10, 2020 /PRNewswire/ --Understory, a leading provider of parametric insurance for severe weather risks, has been awarded 'AgTech Insurance Solution of the Year' by AgTech Breakthrough, a leading market intelligence company.
  • Understory was recognized for transforming agricultural insurance with its parametric hail insurance product, which is powered by the company's global network of innovative Dot weather sensors.
  • "Understory's one-of-a-kind solution is bringing about a paradigm shift in the crop insurance industry," said Bryan Vaughn, Managing Director of AgTech Breakthrough Awards.
  • We are honored to award Understory the award for AgTech Insurance Solution of the Year for their industry-changing agriculture insurance product."

Sompo International to Acquire Diversified Crop Insurance Services and Become One of the Largest Crop Insurance Providers in North America and the World

Retrieved on: 
Friday, September 4, 2020

Under the leadership of Chris Sparro, CEO of U.S. Insurance, ARMtech and Diversified will begin the integration planning process immediately.

Key Points: 
  • Under the leadership of Chris Sparro, CEO of U.S. Insurance, ARMtech and Diversified will begin the integration planning process immediately.
  • Chris Sparro, CEO, U.S. Insurance, added, Diversified is a great addition to Sompo International as we continue to expand the scope and scale of our crop insurance business in a meaningful and relevant way.
  • Diversified Crop Insurance Services is a fast-growing, innovative crop insurance company focused on providing excellent customer service to its customers for crop insurance and risk management.
  • Headquartered in Lenexa, Kansas, the company is part of the Federal Crop Insurance system and services policies in 48 states.

Crop Insurance Market Size to Grow $53.02 Billion, Globally, by 2027 at 6.1% CAGR: Allied Market Research

Retrieved on: 
Wednesday, September 2, 2020

PORTLAND, Ore., Sept. 2, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Crop Insurance Market by Coverage (Multi-peril Crop Insurance [MPCI] and Crop-hail Insurance) and Distribution Channel (Banks, Insurance Companies, Brokers/Agents, and Other): Global Opportunity Analysis and Industry Forecast, 20202027."

Key Points: 
  • PORTLAND, Ore., Sept. 2, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Crop Insurance Market by Coverage (Multi-peril Crop Insurance [MPCI] and Crop-hail Insurance) and Distribution Channel (Banks, Insurance Companies, Brokers/Agents, and Other): Global Opportunity Analysis and Industry Forecast, 20202027."
  • Rise in digital initiatives for crop insurance and supportive government initiatives such as subsidies drive the growth of the global crop insurance market.
  • Owing to the scarcity of laborers for harvesting and other activities, the crop production activities have been hampered, which in turn, raised the need for crop insurance.
  • This is due to farmers & ranchers in the U.S. striving to maintain economical crop production by acquiring crop insurance coverage.

Crop Insurance Market Size to Grow $53.02 Billion, Globally, by 2027 at 6.1% CAGR: Allied Market Research

Retrieved on: 
Wednesday, September 2, 2020

PORTLAND, Ore., Sept. 2, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Crop Insurance Market by Coverage (Multi-peril Crop Insurance [MPCI] and Crop-hail Insurance) and Distribution Channel (Banks, Insurance Companies, Brokers/Agents, and Other): Global Opportunity Analysis and Industry Forecast, 20202027."

Key Points: 
  • PORTLAND, Ore., Sept. 2, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Crop Insurance Market by Coverage (Multi-peril Crop Insurance [MPCI] and Crop-hail Insurance) and Distribution Channel (Banks, Insurance Companies, Brokers/Agents, and Other): Global Opportunity Analysis and Industry Forecast, 20202027."
  • Rise in digital initiatives for crop insurance and supportive government initiatives such as subsidies drive the growth of the global crop insurance market.
  • Owing to the scarcity of laborers for harvesting and other activities, the crop production activities have been hampered, which in turn, raised the need for crop insurance.
  • This is due to farmers & ranchers in the U.S. striving to maintain economical crop production by acquiring crop insurance coverage.