Is private insurance capable of handling the loss?

[bucket]

Watched a video of how GARS works...it seems they would have some big payments coming due ..

Also noticed Fairfax involvement...they certainly know how to extract government money.

And if they do ...does that change the agristabilty income test?


Sunday thoughts.

[AlbertaFarmer5]

I think all insurance companies are required to be further insured with reinsurance, against extraordinary circumstances such as this

[bucket]

I think all insurance companies are required to be further insured with reinsurance, against extraordinary circumstances such as this

Until they are not covered and governments step in to help with disasters ...

[blackpowder]

It's taken a while but any bets on GARS folding it's tent?
Who's going to qualify/afford them after this?
Who here saw it coming?

[bucket]

It's taken a while but any bets on GARS folding it's tent?
Who's going to qualify/afford them after this?
Who here saw it coming?

Backed by Fairfax..you know...the company in bed with AGT on the Churchill scam. 100s of millions from government.

[blackpowder]

Is it an advantage or is it depressing, having seen this all before?
I take no joy in saying I told you so.

[bucket]

Is it an advantage or is it depressing, having seen this all before?
I take no joy in saying I told you so.

Worse part is Marit wants to push insurance the way of private insurers.

They should be making crop insurance up to date with more reflective yields and prices...but they won't ...too many $$$$$

Just a complete lack of give a shit for the baseload of the saskatchewan economy.

[blackpowder]

Here, provincial crop insurance has always been an avenue for subsidy. Even if however small/non existent some years.
It's also trade friendly.
How do we compare to the dryland small grains states????
Totally private crop insurance would not be like auto insurance.
I think eventually participation rates would fall off with only rather stable areas able to afford it.
Subsequently larger farms then learning to self insure.

[jamesb]

To buckets original question pretty well all insurance companies have reinsurance. Seem to remember that SCIC never used to and was a big reason that our rates moved around so much. I am wondering that they must these days? It will be interesting what the how much the rates move for next year. I expect there are going to be some big payouts if guys bought right. That heat blast insurance was interesting. Shoulda , coulda? Unfortunately I do feel that if these private insurance programs work in the long term then it will be a lot easier on the govt to not anti up on other programs? I understand that private crop insurance is a real mixed bag in the US but it would be nice to buy what we want for coverage the same way we can for spot loss hail. Cost is the big thing I guess.

[bucket]

What will premiums be next year???

It seems any time I make a claim on something through insurance by the time I do the math on the premium increase ...its cheaper to just fix it...

Having said that.... the potential for combine fires this year is higher than ever, considering lower cutting , hot dry weather.