Crop insurer Latevo International says support from its new reinsurer Swiss Re will give confidence to brokers selling multi-peril cover this year.

“We still have a number of agencies available, and brokers who deal with farmers need to have this product in their stable,” CEO Andrew Trotter told insuranceNEWS.com.au.

“We are also talking to the banks about them offering the product to their farming clients.”

Latevo had to seek a new partner after Allianz decided to market its own branded crop insurance product. Assetinsure has replaced Allianz, with Swiss Re providing the underwriting.

“Swiss Re was on the Latevo panel last year, but Allianz took the biggest share,” Mr Trotter said. “We will be offering the same multi-peril product that has been fine-tuned from last year.

“Having Swiss Re on board shows how good the product is.”

He says assessing risks based on last year’s data has improved accuracy.

“This helped prove the model we are offering and we now have the capacity to deal with the catastrophic seasons Australian farmers can endure,” Mr Trotter told insuranceNEWS.com.au.

“Once their insurance contract is in place, both the grower and their banker will be able to rely on the policy to provide sustainable income in circumstances where the season turns against the grower.”

Assetinsure CEO Gregor Pfitzer says the agreement will help Latevo build its business.

“Three of the four underwriting agencies Assetinsure currently supports were start-up operations,” he said. “We feel the role of supporting innovative new business offerings is an integral part of our company’s DNA.”

Mr Pfitzer says both parties believe the product will become an integral part of agriculture in Australia.