Hans FEYEN
Director
Head Agriculture RI Centre & Europe, Swiss Re

XPRIMM: What are, in your opinion, the main reasons for which a very large proportion of the agricultural production is not insured?
Hans FEYEN:
Often the local knowledge to set-up insurance schemes and to define insurance products is not available. In other occasions, the government is providing ex-post disaster relief to farmers rather than pushing for an ex-ante risk financing trough insurance products. Budget to provide insurance premium subsidies, as provided in most developed countries, is often not available.

XPRIMM: How much can help technology reducing the insurance gap? May digitalization be the driver?
Hans FEYEN:
Technology and digitization are the most important drivers to close the protection gap for agriculture in developing countries. Technology often allows farmers to get an easy access to parametric insurance products, e.g via mobile phones. By using satellite images and high resolution weather data, it is possible to build insurance products that provide an appropriate cover against yield drops.

As in developing countries agriculture is often small-scale, it needs technology to design and sell insurance products in an efficient way.

XPRIMM: Climate change is definitely challenging for the agricultural sector. How is agricultural insurance adapting to this trend and what solutions can it provide to support the farmers' financial security?
Hans FEYEN:
Climate change is a steady process and allows insurance companies to adapt their products to cope with the increased volatility and severity of climatic events. It is as such crucial that regular product reviews are performed and necessary changes are implemented.

As an example: the wide-spread frost damages in Europe this spring were due to an unusual cold spell, but also due to the early start of the vegetation period. The latter can be observed since about a decade, and is an element that should be considered in the insurance product design.

XPRIMM: In your opinion, which should be the best solution to reduce the agricultural insurance gap?
Hans FEYEN:
In the end it all boils down to defining the right insurance product and service to the farmer. It has to work for the farmer, but also for the insurance company to be sustainable in the long term. Other elements like subsidies, insurance pools and limiting ex-post government payments will be supportive.


Related articles

photodune-3834701-laughing-girl-xs

Petar-Pierre MATEKPresident of the BoardHANFA

Overall, we can say that there are signs of recovery on the Croatian insurance market. Premium growth in 1H2017 was 2.7% in total (3.8% in non-life and 0.4% in life insurance) in comparison with the same period last year.

2017-09-28
photodune-3834701-laughing-girl-xs

Cornel COCA CONSTANTINESCUVice-PresidentASF - the Financial Supervisory Authority, Romania

The Romanian insurance market went through a rough period, marked by several changes in legislation, especially on the MTPL segment, a field of business which is now, for the time time, regulated by a dedicated law. Although still contested in some aspects, the new Law sets up the premises for a better predictability, fair pricing ane better consumer protection.

2017-09-14
photodune-3834701-laughing-girl-xs

Andrea KEENANSenior Managing Director - Industry Relations, A.M.Best USAVice Chair, Microinsurance Network

Microinsurance helps with financial education, family planning, development of small enterprises and maintenance of health, and the products are typically designed to address the specific needs of any given population.  A virtuous cycle develops as this produces income smoothing, larger planning horizons and the development of financial wellbeing.  It is challenging because, to be affordable, scale must be achieved.

2017-07-20
photodune-3834701-laughing-girl-xs

Nicola RAUTMANNMarket Executive Austria & CEE, Swiss ReChristian ENGELNMarket Head Russia & CIS, Swiss Re

We currently expect the immediate impact of digitalization to be on sales, with an increased ability to reach clients and offer cross-selling of products.  Data could be pre-filled, which is likely to increase sales conversions. The full benefits of digitalization however will depend on the extent to which data owners are able to make use of their data, including sharing it with other parties.

2017-07-12

ON THE MOVE

JLT Re appoints Jeremy FOX as Asia-Pacific CEO

Global reinsurance broker JLT Re announced the appointment of Jeremy FOX to the position of Chief Executive Officer (CEO) of JLT Re's Asia-Pacific unit (APAC). He will also become a member of the Reinsurance Global Executive Committee.

SAVA Re adds new member of the management board

Slovenian re/insurer SAVA Re annoucend that the appointment of Polona Pirs ZUPANCIC as member of the management board has got the Insurance Supervision Agency's (ISA) approval. She started her term of office on 14 January 2018.

TOP EVENT

"Insurance and Pensions reloaded" - the 7th EIOPA Annual Conference

The 7th EIOPA Annual Conference takes place today in Frankfurt am Main, Germany. A review of the current supervisory covergence issues and of the prospects of the Pan European Personal Pension Product are on the event's agenda, together with analyzing the ways in which regulation may enable innovation.

22.11.2017

photodune-3834701-laughing-girl-xs

"IIF2017 - Insurance in the DIGITAL World" Conference took place in Vienna

"IIF2017 - Insurance in the DIGITAL World" conference brought together in Vienna well-known insurance professionals from all over the world who analyzed the latest digital trends in the industry, taking into account the fast digitalization of the financial services providers' world, in particular in the insurance field, which is creating both huge opportunities and strong challenges for the players.

14.11.2017

photodune-3834701-laughing-girl-xs

Croatian Insurance Days Live

On 9 November has started in Opatija, Croatia, the 2017 edition of the Croatian Insurance Days Conference, the traditional meeting of the Croatian insurance top professionals with their European peers. XPRIMM Publications are supporting the event as Media Partners.

09.11.2017

photodune-3834701-laughing-girl-xs

The 2017 Baden Baden Meeting: Short recap

The Baden-Baden meeting, one of the key events in the reinsurance calendar, has just set the final point of this year's edition. XPRIMM Publications have reported from the meeting's premises. Let's recap!

26.10.2017

Baden Baden Headlines 3: CEE insurance markets are attractive for reinsurers

Central and Eastern Europe insurance markets are an important source of business for Lloyds, total premium income from this region increasing by EUR 64 million since 2010, pointed out the Lloyd's representative in a seminar dedicated to CEE insurance markets: "We are seeing strong growth from Czech Rep, Poland, Slovakia and Ukraine. At the same time are some contractions from Russia, Bulgaria, Romania and Hungary due to challenging trading conditions as political implications and other sanctions".

25.10.2017

Baden Baden Headlines 2: cyber insurance market set to grow under regulatory presure; nat cat events more frequent, but losses per event are decreasing

Asian insurance market, especially the Indian market - are considered to be "the new El-Dorado" of the global re/insurance market, with rapidly expanding markets and an dynamic environment: "Indian P&C re/insurance markets are expected to grow at a pace of 15% per annum", according  to Victor PEIGNET, CEO, Global P&C, SCOR SE. The French -based reinsurer setted-up its Indian branch in 2016, after the authorisation from the local market authority - IRDAI. India's re/insurance market has become more attractive for global companies following the relaxation of regulatory requirements, and lately, "big names" in the industry entered the market by opening branches: GEN Re, SCOR, Lloyd's of London, MUNICH Re, SWISS Re, Reinsurance Group of America (RGA), HANNOVER Re, XL Catlin and others.

24.10.2017

See all