However, this book is not intended to provide readers with any detailed descriptions of crop insurance underwriting or loss assessment, but rather seeks to provide an overview of the global crop insurance market and explain how reinsurance may be used to spread the risk assumed by the original insurer.
While there is no ‘secret formula’ to agricultural reinsurance, this book provides a meeting place for the ideas, anecdotes, philosophies and knowledge of the world’s talent pool in this specialist field, providing an excellent knowledge base and bringing many experts together.
1. THE CROPS
1.1 Wheat
1.2 other Field Crops
1.3 Horticultural Crops
1.3.1 Viticulture
1.4 Forestry
2. PERILS INSURED IN CROP INSURNACE POLICIES
2.1 Hail
2.2 Fire
2.3 Forest Fire
2.4 Other Perils
2.4.1 Frost
2.4.2 Wind
2.4.3 Drought and Lack of Rainfall
2.4.4 Excessive Rainfall
2.4.5 Flood
2.4.6 Diseases
2.4.7 Pests
2.4.8 Sharp fall in Temperature
3. POLICY COVERAGES
4. HISTORY OF CROP REINSURANCE
5. METHODS OF CROP REINSURANCE
5.1 Quota Share
5.1.1 Reinsurance Commission
5.1.2 Advantages of a Quota Share
5.1.3 Variable Quota Share and Surplus
5.1.4 Facultative Obligatory
5.1.5 Period of Cover
5.1.6 Setting Retentions and Limits
5.1.7 Accounting Principles
5.1.8 Claims Procedures
5.1.9 Limits
5.2 Facultative Reinsurance
5.3 Stop Less
5.3.1 Comparison with Quota Shares
5.3.2 Comparison with Catastrophe Excess of Loss
5.3.3 Setting the Deductible
5.3.4 Setting the Upper Limit of Cover
5.3.5 Definition of premium Income
5.3.6 Setting the Monetary Limits
5.3.7 Self-participation (Co-reinsurance)
5.3.8 Combining all the Elements of a Stop Less Treaty
5.3.9 Layering
5.3.10 'Reinstatement'
5.3.11 Claims Recoveries - a Case Study
5.4 Conclusion
6. THE PRICING OF CROP REINSURANCE
6.1 Proportional and Non Proportional Reinsurance
6.2 Pricing Crop Insurance
6.3 Pricing Proportional Reinsurance
6.3.1 Reinsurance Commissions
6.3.2 Proportional Pricing - Conclusion
6.4 Stop Loss Pricing
6.4.1 Volatility
6.4.2 Modelling
6.4.3 The Stop Loss Rating Process
6.4.4 Level of Stop Loss Deductible
6.5 Pricing Excess of Loss Covers (Forestry)
7 REINSURANCE MARKETS
7.1 US
7.1.1 Crop Hail Insurance
7.1.2 MPCI
7.2 Canada
7.2.1 The Reinsurance Market
7.2.2 Manitoba
7.2.3 Ontario
7.2.4 Saskatchewan
7.2.5 Alberta
7.2.6 British Columbia
7.2.7 Summary
7.3 Latin America
7.3.1 Mexico
7.3.2 Central America
7.3.3 South America
7.4 European Insurance Markets
7.5 France
7.5.1 Crop Insurance: Premium Volumes and Loss Ratios
7.5.2 Rating and Coverage
7.5.3 The Agricultural Calamity Fund
7.5.4 Contract Process
7.5.5 Reinsurance
7.6 Germany
7.6.1 Crop Insurance
7.7 Italy
7.7.1 Main Characteristics of the Italian Crop Market
7.7.2 The Perils
7.7.3 The Crops
7.7.4 Subsidies
7.7.5 The Regions
7.7.6 The Companies
7.8 Spain
7.8.1 Main Characteristics of the Spanish Crop Insurance System
7.9 Turkey
7.10 Ukraine
7.10.1 Main Features of Ukrainian Agricultural Crop Production
7.10.2 Perils
7.10.3 Description of the Ukrainian Crop Insurance Market
7.10.4 The Insurance Companies
7.10.5 Legislation and Government Subsidies
7.10.6 Issues Concerning Crop Insurance in Ukraine
7.11 Africa
7.12 Asia
7.13 China
7.14 India
7.15 Philippines
7.16 Australia and New Zealand
7.16.1 Australia
7.16.2 New Zealand
8 AREA YIELD AND WEATHER BASED CROP INSURANCE
8.1 Requirements for Multiple Risk Crop Insurance
8.2 The US Federal Crop Insurance Programme
8.3 Actuarial Performance of the Crop Insurance Programmes
8.4 The Index Insurance Alternative
8.5 Interest Index Insurance
8.6 Basis Risk
8.7 Summary of the Relative Advantages and Disadvantages of Index Insurance
8.8 Conclusion
9 AGRICULTURAL REINSURANCE MARKET
10 CROP REINSURANCE BROKERS
10.1 Functions and Objectives
11 CROP LOSS ADJUSTMENT SERVICES FOR REINSURERS
11.1 Product Development
11.2 Loss Assessment Procedures
11.3 Operational Programmes
11.4 Case Studies in Loss Adjustment
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