Earlier this week, the National Cotton Ginners Association held a zoom meeting with a number of insurance representatives to discuss the situation we’re all facing with our insurance. Last year many were caught flat footed with huge increases in premium and very little ability to try to find alternatives.
Over the past couple of years, most of the ‘traditional’ agribusiness insurance carriers have left the market. The ones that are left are either limiting who they write or charging exorbitant premiums relative to previous years. The theme of most of the presentations was this isn’t a matter of greed it seems to them to be a matter of survival.
This contraction or hardening of the market is not just in our world but came home to roost in the past 24 months in a big way. The crisis in the insurance property and casualty market seems to have been brewing a while. The rapid increase in housing prices and inflation of building materials and steel has the potential to make this worse. We are not alone but it doesn’t make our situation any easier to handle.
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