Posted 2/23/2021 15:11 (#8853387 - in reply to #8829794) Subject: RE: Majority of crop insurance business is foreign owned
I used to work for an AIP back in the day and while it was owed by a Japanese company I'll tell you none of the crop insurance data was sent to them to do some outside analysis of it. That is very illegal in the minds of the US government and they do audits. Not saying its impossible but improbable as all the mother ship cared about was P and L. It can actually be good to be owned by these larger reinsurance groups as it minimizes tons of risk for an AIP on a bad year as they spread that risk throughout. It makes the employees lives much easier to trust that their job is fine especially when you have years like 2012 for wide scale drought or years like 2019 with Preventive Plant. Smaller AIPs without that backing are actually much more nefarious when it comes to data and their business practices from what I've found plus have the greatest risk of falling under. Crop insurance is a different world once you are in it and can't be compared to other large corporates in Ag IMO.