American insurance brokerage firm Lockton has introduced food & agribusiness practice for Asia-Pacific region.
The new practice will leverage Lockton’s experience of working in food and agribusiness industries across the globe.
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The food & agribusiness practice will offer tailored agri-risk consulting, analytical services and coverage solutions for the livestock, aquaculture, forestry and crops segments.
Agribusiness in Asia Pacific
The insurance brokerage firm in a statement said that agriculture insurance is a fast-growing segment, particularly in Asia, which accounts for two-thirds of the world’s population and has an estimated 420 million farms.
The company noted that the region has seen numerous advances in agricultural production, such as the emergence of the mega-farms, which present a wide range of new challenges for traditional agricultural insurers in terms of risk profile and capacity.
The new practice will look to develop insurance products to cover farmers and agribusinesses against these kinds of losses.
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By GlobalDataLockton CEO in Asia Warren Merritt said: “The region has some of the largest food and agribusiness insurance and reinsurance programmes in the world and these continue to grow and evolve.
“The opportunity to leverage Lockton’s existing experience and access to technology and resources is ripe for the picking. We look forward to seeing Lockton Asia’s business platform strengthen through further hires and expansion into new specialty areas.”
The company has hired Stephane Baldanoff from JLT to lead the new practice.
He was associated with JLT for nine years as a managing director for its food and agribusiness practice.
Merritt added: “I am delighted that Stephane will head up Lockton’s Food & Agribusiness Practice as it launches in APAC.
“With his extensive experience and deep rooted relationships in the region, he will provide an added level of technical support and work alongside regional teams to provide new and innovative coverage solutions.”
