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An Insurance Industry View

An Insurance Industry View. “Using Past and Present to Map Future Action” Agriculture Safety and Health Conference Donald L. Griffin, CPCU, ARe, ARM, AU March 2, 2001. Who is NAII?. Established in 1945 More than 690 members $106 billion in direct written premium

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An Insurance Industry View

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  1. An Insurance Industry View “Using Past and Present to Map Future Action” Agriculture Safety and Health Conference Donald L. Griffin, CPCU, ARe, ARM, AU March 2, 2001

  2. Who is NAII? • Established in 1945 • More than 690 members • $106 billion in direct written premium • Over 1/3 of the market • Allstate, Progressive, USAA, Berkshire-Hathaway, Safeco, American Family, Country Companies and most Farm Bureaus are members

  3. Agribusiness and Insurance • Methods for addressing risk • Avoidance • Retention • Transfer • Protect against “Fortuitous” events • Put back to substantially the same place/condition as before the loss

  4. Agribusiness and Insurance • Agriculture is a complex business • Risk Management Process • Identify the exposures and methods to address each one • Select the best/most appropriate method • Implement the plan • Monitor results and make appropriate changes in the program

  5. Agribusiness and Insurance • Loss Control • Specific Forms to Evaluate Risks • Owner can evaluate prior to insurer visit • Environmental, employee and other liability issues • Property and crop/livestock exposures • Report written and sent to Underwriting with recommendations

  6. Agribusiness and Insurance • Underwriting the Agricultural Risk • Inspection/Loss Control Report • Frequency and Severity of past losses • Evaluation of liability, personnel, and property exposures • Equipment and crop/livestock exposures • Financial statements and stability • Coverages, limits and deductibles

  7. Agribusiness and Insurance

  8. Agribusiness and Insurance • Fire/Lightning/Wind/Hail - 67.6% • All Property-related losses - 84.7% • Liability losses - 15.3% • Insurers still very concerned with safety and health issues • Focus on preventing or reducing property losses for agricultural risks

  9. Agribusiness and Insurance Questions? (847) 297-7800 x470 dgriffin@naii.org

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