AgribusinessNationalDETAIL

Insurance Supports Sustainable Agriculture

03/15/2022 Written by: Gina Ekstam

Each year, National Ag Day recognizes and celebrates the critical role of agriculture in our country. In addition to producing the food, fiber, and renewable resources we need, agriculture has an essential role in maintaining a strong economy.  

As the population grows, so does the demand for food and fiber. Because of advancements in farming, America’s farmers can produce more while practicing sustainability for the future. Consider this: in the 1960s, each farmer fed 25 people. Today, each farmer feeds more than 165 people.

The theme for this year’s National Ag Day (held March 22, 2022) is “Agriculture: Growing a Climate for Tomorrow.” About 22 million people are working in ag-related fields. As stewards of the land, agricultural workers lead the way in preservation and innovation – making sure we’ll always have safe and healthy food for our families.

Climate change and severe weather events threaten production, resources, and the economy. Across the country, farmers are using creative strategies to improve operation resiliency and sustainability for the long term. And the insurance industry is taking a proactive role in supporting the effort.

Insurers are a vital line of defense, with risk management playing a pivotal role by raising red flags and challenging operations to change course before a threat becomes unmanageable. Knowledge gained through research, analyses, and collaboration is key to understanding and managing risks effectively.

At the micro-level, site inspections and risk assessments are fundamental tools covering a range of risks. However, loss prevention is also crucial, with insurers at the forefront of research to help with facility and process design. By installing a loss response system, the loss potential can be reduced.

From using new technology to help with forecasting and modeling to climate-specific stress testing, alternative risk financing, and innovative solutions like parametric pricing, insurers have long helped clients mitigate and prevent risk. A proactive response to climate change not only protects farming operations, but it can also help safeguard the interests of our families and communities.

AssuredPartners is a leader in the agribusiness field, working with clients to reduce risk and increase climate resilience. Contact a member of our agribusiness team to learn more.

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