The range of private sector commercial crop, livestock, and forestry insurance products available in Brazil
are reported in Table 5.2, and then in Table 5.3 by insurance company. Individual grower MPCI yield based
indemnity cover for soybeans, maize, wheat, and other grain crops is the most common product
underwritten by six companies. This is followed by a damage-based fruit hail policy (underwritten by
four companies), and since 2004 forestry fire plus allied-peril insurance (underwritten by five companies).
Livestock and/or bloodstock insurance have been offered by Porto Seguro and Seguradora Brasileira
Rural for a number of years, but in 2008 Porto Seguro has exited from this class of business. Cover is
restricted to accident and mortality cover in cattle and horses, and epidemic disease cover is currently not
insured. There is a very small amount of mortality insurance for sheep. Brazil, Uruguay, Venezuela,
Argentina, and Ecuador are the only countries in South America which currently offer commercial
livestock insurance.
For a number of years, one company, Nobre Seguros, in conjunction with Agrobrasil, underwrote a crop
area-yield index insurance program in Rio Grande do Sul State for hybrid maize seed, but this state
government-subsidized program has not been renewed in 2008/09. The PRAGRO policy is an individual
grower MPCI yield shortfall product which covers a wide range of climatic and naturally occurring perils
and uncontrollable pests and diseases and which indemnifies losses that exceed 30% of the expected
revenue for the insured crop.