AUSTRALIA – Guy Carpenter facilitates launch of multi-peril crop insurance for Australian Farmers

Guy Carpenter & Company LLC announced that it has facilitated the launch of a groundbreaking Multi-Peril Crop Insurance (MPCI) product for Australian grain growers for the 2013 crop season. 

In a testament to its global resources, the product launch was facilitated by the collaboration between Guy Carpenter Canada, Guy Carpenter Australia and Guy Carpenter’s Asia Pacific agriculture team. The product will be the only MPCI solution available to Australian farmers this year. 

Latevo International brought the product to the market and Allianz issued policies. Guy Carpenter Canada provided the reinsurance placement for Latevo in Australia. Supported by Guy Carpenter Australia and the Asia Pacific agriculture team, Guy Carpenter Canada matched Latevo with Allianz. 

“Today’s announcement reinforces Guy Carpenter’s commitment to working with our insurance, reinsurance and managing general agent business partners to bring new products to market to address the gaps that farmers have in their risk management toolkit,” said Geoffrey Lubert, SVP with Guy Carpenter Canada. 

Effective multi-peril crop insurance has long been needed in Australia, as local farmers compete internationally with growers who have access to government-backed MPCI policies.