According to MMA, recent shifts in the property insurance market have created difficulties for the agricultural sector. Increased weather-related events have contributed to higher insurance costs, with some policies offering reduced coverage or becoming unavailable altogether.
The broader agribusiness insurance market in the US has been affected by several ongoing challenges. More frequent and severe natural catastrophes, including wildfires, droughts, and hurricanes, have led to rising loss ratios and increased pressure on underwriting capacity. In response, many insurers have tightened terms, raised premiums, or withdrawn from high-risk regions. This has left many agribusinesses with limited options for comprehensive property coverage.
According to MMA, AgriCover is designed to address key exposures for agribusinesses, including property, rolling stock and inventory. The program is available to a range of organizations, such as agriculture retailers, cooperatives, food manufacturers and energy companies. MMA also said it is partnering with several highly rated insurers to underwrite the program.
In addition to AgriCover, MMA’s parent Marsh has recently introduced several other insurance initiatives. These include Edgware Re Ltd., a cyber-only group captive insurance company based in Bermuda that provides participating members up to $10 million in cyber insurance or reinsurance coverage.
Marsh has also enhanced its directors and officers insurance offering through the D&O Echo Facility, which provides up to $75 million in additional coverage above the initial $25 million.
In another move, Marsh expanded its Fast Track Facility, increasing available capacity across property, casualty, and specialty risk portfolios by offering up to 10% automatic capacity beginning March 1, 2025.
MMA has also grown its operations through recent acquisitions. These include the purchase of McGriff Insurance Services for $7.75 billion, which adds to MMA’s capabilities across various insurance lines. The company had also acquired Acumen Solutions Group LLC, a full-service insurance agency.
