Agroseguro presents the 2024 livestock insurance plan
A delegation from Thailand visits Agroseguro to learn how the Spanish Combined Agricultural Insurance system operates
15/04/2024
Agricultural insurance contracting achieves record-breaking first half with historic premiums and insured capital
09/07/2024• It will come into force on 1 June and includes 12 livestock and 3 aquaculture lines.
• The 2023 Plan will close with more than 422 million animals insured and insured capital of over 4.266 billion euros, the highest figure in the last five years.
On 1 June, the 2024 Livestock Insurance Plan comes into force, which includes 12 livestock and 3 aquaculture lines.
It is for this reason that Agroseguro today presented the most significant new features of the livestock insurance lines at an online meeting attended by more than 300 representatives of the co-insurance companies and their commercial networks, and which is the first of the information events that Agroseguro will be holding in the coming days in different areas of Spain.
At the start of the event, Agroseguro’s Director of Production and Communication, Sílvia Marques, highlighted that, after closing 2023 with record policy underwriting, the first four months of 2024 have continued to show growth. Specifically, premiums income for agricultural insurance as a whole grew by 5% between January and April, boosted by the insurance of fruit, horticultural, persimmon and cattle production. In the specific case of livestock breeders, a very positive assessment of the insurance during the 2023 Plan has recently been obtained, with an average score of 7.57 out of 10.
Among the main new features of the 2024 Livestock Insurance Plan is the improvement of guarantees and compensation in the coverage of milk quality in the breeding and production line of cattle, one of the main livestock sectors in Spain. In addition, the veterinary costs covered in the event of prolapsed womb, caesarean section, displacement of the abomasum, animal attack or damage to stallions in breeding centres have been updated upwards. Likewise, cover for mastitis has been extended for beef cattle up to nine years old, and the method for calculating prolificacy (ability to sire) has been improved by extending the average birth calculation to the last three financial years, thereby avoiding harm to those farms that suffer a decrease in a specific year.
In addition, the 2024 Plan updates the value of different breeds of fattening cattle and fattening sheep and goats by 20%, increasing to 40% in the case of dairy sheep and goats.
Livestock lines insurance grows
The 2023 Plan, whose contracting period ends on 31 May, already exceeds 422 million animals insured. The insured capital exceeds 4.266 billion euros and is the highest figure in the last five years.
Among the main lines, the contracting of breeding and production cattle insurance in the 2023 Plan will end with more than 1.5 million cows insured (a figure very similar to the previous plan), and insured capital of 1.970 billion euros. In addition, the insurance of fattening cattle, after the major improvements introduced in recent years, has grown to 141,000 insured animals – 33% more than in the previous plan – and 125 million euros of insured capital. In the sheep and goat sector, the number of insured animals is close to 1.5 million – 7% more – with 139 million euros of insured capital.
