Asia is seeing a huge growth in the agriculture business. Many developing countries have greatly expanded their capacities in agricultural research and innovation. Today, farming has taken on new forms with higher crop values, innovative products, cost-effective business models and new distribution channels. There are also greater investments in advanced farming equipments and technologies such as improved genetic modification of plants, better pesticides and better hardware altering the risks that farmers face.
With this, the agriculture community is looking to insurance to help face the increased risk exposures and greater challenges with climate change, rainfall patterns shift and extreme weather conditions like drought and floods or even high temperatures. Even the small-scale farmers as well as commercial farming enterprises are seeing more risks and looking for help. With global agricultural premiums estimated at USD 26.5 billion and only one third of global production is currently insured, the potential for agriculture insurance is clearly enormous. Can the insurance industry rise to this hour of need and challenge? Can it meet the increasing demands for agriculture cover and translate such market potential to real growth in premiums? Can both insurers and farmers cope with the rapidly disrupted environment while remaining profitable and sustainable in the long term? Many global players are eyeing this sector of the pie. And this will be a game changer.
This year, the 4th Asia Agriculture Insurance Conference organized by Asia Insurance Review will take the debate a step further to look at the changing landscape of the farming community in Asia as well as innovative solutions and right strategies to manage the risks and boost the agriculture sector’s resilience. The 2-day Conference will also examine trends and developments around the region and the world, the avenues for product development, better underwriting dynamics and the critical success factors for sustainable agriculture insurance.
This Conference is a MUST ATTEND for agriculture underwriters and insurers, reinsurers, brokers, government agencies who focus on insurance policy related with agriculture, regulators, consultants, as well as service providers with an eye on the huge potential of the agriculture insurance market.