COVID-19 has left a trail of destruction in its path. Spreading across the world, it has weakened businesses and industries as people and governments respond to the challenges associated with the ongoing pandemic. The Farm and Agriculture industry is no exception, having experienced disruption due to the deadly virus. In some locations, workers were sent home and transportation was stalled, leaving the tables of millions of families without the produce they so rely upon.

As today’s families fall asleep at night, they rest assured that they are protected from home perils. When thinking about keeping our homes safe, many think of the standard home perils: fire, floods, and burglary. However, as we delve further into the age of technology, many people forget that their homes are susceptible to more than physical perils. Danger can lurk within their phones, computers, and other IoT devices.

Climate change continues to wreak havoc on farm and agriculture businesses. With increasingly unpredictable weather, destructive storms, and a decrease in natural resources, the farm & ag industry is scrambling to find a more reliable way to farm– one that would protect the industry from a quickly changing world.

An increasing number of states are legalizing the use of medicinal and recreational cannabis, creating the opportunity for new business ventures and the need for reliable insurance coverage as the industry expands and matures.

The emergence of the COVID-19 pandemic was a serious blow to the economy…but for the insurance industry, one expert believes that recovery is on the way. A.M. Best Chief Rating Officer Stefan Holzberger discussed how COVID-19 is impacting the insurance ecosystem during the AAIS Virtual Main Event.

Dairy, meat and crop supplies are available…but processing is not. Decreased demand for ethanol leads to changing priorities from farmers, and Midwest family farms, already impacted by rising machinery prices, struggle to survive. For Farm & Ag insurers, the COVID-19 pandemic has resulted in unexpected challenges requiring quick, creative solutions to help keep the farm industry afloat.

Robots – once the subjects of science fiction books, movies and TV programs – are now real-life partners involved in our daily lives in many ways.

Robotic applications are cropping up everywhere to replace an assortment of jobs that
have been performed by humans for decades. Often times, they’re designed to perform a very specific task, allowing them to deliver enhanced productivity, reduced operating costs and decreased error rates. They can be found in various locations and industries, completing repetitive tasks such as assembling orders in a warehouse, harvesting crops on a farm and even preparing meals at a fast-food restaurant.

Our houses are more than buildings; with the advances in smart home technology, they’re becoming technology centers, all focused on keeping us healthy, safe and protected. It’s an exciting advancement in the personal lines industry – but where should insurers focus their efforts, and how can they keep up with the rapid changes in home technology?

From record heat waves to the coldest of winters, hurricanes, droughts and flooding, it’s no secret that our climate and weather are changing…and changing the agribusiness insurance landscape with it.

In 2018, the California Camp Fire wildfire resulted in more than $16 billion in loss. Flooding in the Midwest resulted in crop contamination from nearby livestock fields. And the crippling cold from two polar vortexes in the last five years caused frozen pipes and burst boilers, leading to property and equipment damage claims.

Shared mobility services are not only growing, they also are expanding in scope. Among these trends is the significant increase in vehicle sharing programs. A recent Frost & Sullivan report noted that approximately 7 million users were sharing roughly 112,000 vehicles in 2015 in the United States alone. These numbers are expected to grow to over 36 million users and 427,000 vehicles by 2025. Market revenues are predicted to increase to more than $16 billion within the next five to ten years.