Crop Insurance in Australia. Steven Green Managing Director, Dr. Olena Sosenko Technical Manager

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1 Crop Insurance in Australia Steven Green Managing Director, Dr. Olena Sosenko Technical Manager

2 Agenda Overview of Australian Agriculture Australian Risks profile Structure of Crop Insurance Market Government policy in Agro Risk Management Crop Insurance Market performance Primacy position in the Market Product range Risks covered Primacy Underwriting results

3 Cotton insurance Agenda (cont.) Cotton production Types of Insurance Policies Rating approach Horticulture insurance Crops, risks covered Rates philosophy Policy elements Broadacre insurance Plantation insurance

4 Overview of Australian Agriculture Australian agriculture contributes approx 3% to GDP but utilizes a large proportion of natural resources accounting for 75% of stored water and almost 60% of land area The second highest in the market sector (after communications) due largely to the adoption of new technologies [GM, natural resource management, water reform, adapting to climate change] Exports approx 70% of ag production Source: Australian Bureau of Agricultural and Resource Economics (ABARE)

5 Agricultural production and export

6 Zones of Australian agricultural activity

7 Industry breakdown

8 Rainfall and yield variability

9 Average annual cost of Australian natural disasters for the period in 1999 Australian million dollars State Flood Severe storms Cy clones Earth quakes Bush fires Land slides Total NSW QLD Total % total

10 Drought * * * * * * * * * * * * * * * * * * Severe droughts

11 Drought Drought relief payment from 1992 to 1999 averaged $100 million per year The drought had cost 1.6% of GDP and about 70,000 jobs the Federal Government committed $740 million over to assist farmers and regional communities drought highlighted the needs to improve the way Australia manages extreme climatic events

12 Current Australian Crop Insurance Market Reinsurers Government Reinsurance broker Insurance company Underwriting company Insurance brokers Loss adjustment company Growers (Insured)

13 Government policy in Agro Risk Management Exceptional Circumstances assistance provided to farmers experiencing a severe downturn due to a rare and severe climatic or other events Natural Disaster Relief Arrangements covers bushfires, cyclones, earthquakes, floods, storms, storm surge and landslides Farm management deposits is shifting before-tax income from years when farmers need it least, to years when they need it most

14 Current Australian Crop Insurance Market Broadacre Cotton Viticulture Horticulture Forestry Total $ 70+ million $ million $ 6 million $ 5 million $ 25 million $150 million

15 Product Range Broadacre Standard & Revenue Cotton Fixed & Revenue Horticulture & Viticulture Fruiting Trees & Vines Forestry

16 Current Australian Crop Insurance Market Hail Fire Frost (limited) Risks covered Lightning, windstorm, malicious acts (under conditions)

17 Cotton Insurance program Has been developed since 1987 Over 85% of planted area is insured Primacy is the Australian leader Main cover hail + fire 2 types of cover Revenue insurance, Fixed benefits Optional covers: Micronaire Downgrade, Rainfall Downgrade, Seed Cotton

18 Cotton production in Australia

19 Cotton production in Australia Near 90% of Cotton grown in Australia is genetically modified (Bollgard II, Roundup Up Ready) Predominantly irrigated crop High production cost Average yield 8 bales/hectare Average income over $4,000/hectare

20 Revenue Insurance vs Fixed Benefits Revenue Insurance policy Setting of sum insured Area x Harvested Yield x Value Value nominated by grower and agreed by Primacy Fixed Benefits policy Setting of sum insured Agreed Value per Hectare Field sum insured drives calculation of premium & claims Claims based on: Net Loss Percentage as applied to the field sum insured determined by the loss assessor. Claims based on: Net Loss Percentage as applied to field sum insured subject to potential yield as determined by the loss assessor multiplied by $450 per bale not being less than the field sum insured.

21 Rating approach The base rates and rating philosophy is arranged between Primacy, Insurer and lead Reinsurer Every Cotton grower is quoted individually The rates take into account: Cotton zone; crop irrigated or not; Fixed Benefit or Revenue Protection policy; excess; Post Defoliation Saving; Growing Cost Saving; Loyalty Discount; Claims Experience Discount; optional cover; commission reduction Excess 10%, 15%, 20%, 25%

22 Cotton cover options Micronaire Downgrade option - Specified benefit per downgraded bale according to micronaire code achieved as a result of hail damage. Rainfall Downgrade option - Specified benefit per downgraded bale according to leaf and colour discounts as a direct result of rainfall occurring after boll opening. Seed Cotton option - Cover against fire and accidental damage to seed cotton whilst in transit following picking. Limited to $500 per bale and a $1,000 excess applies to each and every loss.

23 Horticulture & Viticulture insurance Rapidly growing market Farm gate value of production is near $7 billion Underwriting is highly specialised Loss adjustment is highly specialised Biggest share in New Zealand portfolio

24 Crop Group 1a 1b Crops covered Crop Types Apples, Pears, Stone fruit, Tomatoes Table grapes 2 Mandarins, Grapefruit, Kiwifruit 3 Peaches (canning), Nectarines (canning), Oranges, Limes, Lemons 4 Oranges (juicing)

25 Risks covered Hail + fire in term of fruit grading Frost Wine Grape only Losses of harvested fruit that are damaged by fire, lightning, explosion, accident in transit Additional expenses authorised by the Loss Adjuster

26 Rates philosophy The standard rates are agreed by the Lead Insurer Rates per block are calculated: Crop Conversion Factor x Shire Wheat Rate x 0.79 Rates for Viticulture are set by wine regions Frost rates depend on region, insurance history, variety, frost mitigation The base rate is set at an excess of 15%, alternate excesses 10%, 20%, 25%, 30% Excess can be applied to the Block or total sum insured

27 Policy wording elements The Block Sum Insured = Area of the Block x Sum insured per Hectare The Total Sum Insured = Block Sums Insured added together Cover specific depends on fruit end use: fresh or processing Period of insurance since inception date till 15 September. Inception date : after accepting of Application or when 90% of fruit reached defined size (6 mm, 12 mm) Grading Standards: Grade 1: no hail marks or marginal healed marks Grade 2: no flesh bruises, no skin piercing, aggregated healed marks smaller then 2.5 mm2 Culls: destroyer fruits

28 Broadacre insurance 2 types of policy: Standard and Revenue Protection Crops covered: Wheat, Barley, Canola, Sorghum and others Risks covered: main - Hail, Fire; additional straying livestock, chemical overspray, losses of harvested grain. Online application system

29 Plantation insurance 2 types of policies - for Plantation and Fruiting Trees & Vines Risks covered: fire/lightning, hail, windstorm, malicious acts, road and rail vehicle impact Base rates are set for fire+hail, windstorm; it depends on the region Despite high Australian fire danger, the historical Plantation Loss Ratio doesn t exceed 15%

30 Thanks for your attention!

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