The burgeoning multi-peril crop insurance market in Australia has received a major boost, after a main player sewed up a vital underwriting deal.
Latevo is one of the main innovators in the MPCI space, offering farmers yield-based policies that cover losses from a far larger swathe of risks than traditional crop policies.
It went to market last year with backing from Allianz but has now entered into a Managing General Agency agreement with Assetinsure, with support from Swiss Re.
Latevo CEO Andrew Trotter says it is an exciting time for Latevo and for Australian agriculture.
“We have been looking for an underwriter that shares our vision for Australian agriculture and has the capacity to deal with the catastrophic seasons that Australian farmers can endure,” he says.
Assetinsure CEO Gregor Pfitzer says their involvement with Latevo fits perfectly with his company’s desire to support innovation wherever possible.
“In fact, three of the four underwriting agencies that Assetinsure currently supports were start-up operations,” he says.
“The product is innovative and delivers an essential risk solution for grain growers in Australia.”
“Both parties believe the product will become an integral part of agriculture in Australia.”