Risk and reinsurance specialist Guy Carpenter & Co. says it has launched the only multi-peril crop insurance product for Australian grain farmers.
Polices are issues by Allianz and are being brought to the market by Latevo International.
Guy Carpenter Canada, which started a similar program in Canada several years ago, provided the reinsurance placement for Latevo. The product was the result of collaboration between the broker's Canada, Asia Pacific and Australia agricultural teams.
Latevo CEO Andrew Trotter calls the product a "landmark achievement" because effective multi-peril crop insurance has been needed for a long time. Currently local farmers compete internationally with growers who have access to government-backed MPCI policies.
"Specialty practices such as agriculture require a deeper and wider level of engagement with business partners beyond the traditional role of the reinsurance broker," said Guy Carpenter's Head of Agriculture Asia Pacific, Peter Book. "This is where Guy Carpenter adds value in the risk management process and helps its business partners expand their portfolios."
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