Members of the FMH leadership team attended the National Crop Insurance Services (NCIS) Annual Convention held midFebruary in Bonita Springs, Florida. Other attendees included reinsurance companies and brokers from around the world, as well as professionals from other AIPs, agents, and vendors with specialties in agronomics and farming technology.
“FMH has always been a large supporter of industry organizations and understands the value gained through participation in committees, activities and events. NCIS is a great platform for collaborating with others in the industry for regulatory support, educational opportunities, and relationship building,” said Candy Magee, FMH Vice President - Business Intelligence.
At the convention, attendees listened to presentations from several speakers with much of the discussion centering on the challenges with insuring hemp for the coverages needed given the strict, varying, and changing regulations from state to state. The 2019 crop industry losses were also a popular topic.
Magee added, “There was much discussion about the unprecedented results of the 2019 reinsurance year and how much development was continuing to happen in the losses for AIPs. Several companies were notifying reinsurers of significant deterioration in their results while at the conference. Fortunately, FMH had appropriately reserved for losses earlier on and did not have worse news to report.”
Especially in difficult years like 2019 where reinsurers pay increasing portions of losses, Magee noted the importance of being able to develop new relationships while strengthening existing ones with reinsurers and others. “FMH’s relationships with our reinsurers is something that helps set us apart after experiencing challenging years like 2019.”