Next step: Specialty Crop Insurance
Agtools is on the road to launching the first price volatility product for the insurance industry covering specialty crops, in effect fruits and vegetables. Agtools is teaming with Swiss-based leading insurance carriers that have a mission including providing social, impactful, commercially viable insurance protection to the underserved. According to the USDA, in the period from 1990 to 2022, liabilities for insured specialty crops rose from $1 Billion to over $23 Billion. Another important point is that since 2003 the number of individual specialty crops insured under crop insurance programs has increased by 27%. There are currently only 70 individual specialty crops insured under crop insurance programs, yet that number should be hundreds and represent the opportunity.