Guy Carpenter & Co., LLC, a global risk and reinsurance specialist and member of Marsh & McLennan Cos. has facilitated the launch of a Multi-Peril Crop Insurance (MPCI) product for Australian grain growers for the 2013 crop season.
The product launch was facilitated by the collaboration between Guy Carpenter Canada, Guy Carpenter Australia, and Guy Carpenter’s Asia Pacific agriculture team. The product will be the only MPCI solution available to Australian farmers this year.
The product has been brought to market by Latevo International and policies issued by Allianz. Guy Carpenter Canada, which started a similar MPCI program in Canada several years ago, provided the reinsurance placement for Latevo in Australia. Supported by Guy Carpenter Australia and the Asia Pacific agriculture team, Guy Carpenter Canada matched Latevo with Allianz.
Effective multi-peril crop insurance has been a need in Australia, as local farmers compete internationally with growers who have access to government-backed MPCI policies.
Guy Carpenter’s Agriculture specialty practice works with its business partners throughout the world using agriculture experts located in Asia Pacific, North America, Europe, and South America.
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