Financial and professional liability were the worst affected with prices rising by as much as 23%, with global commercial rates growing for the third consecutive quarter.

“This is an important reminder that like agriculture, insurance is a volatile market with many forces at play that can impact premiums. So whilst we can expect most farm and crop insurance premium rates to increase, AgriRisk will always shop around for the best product at the best price,” AgriRisk Managing Director, Mr John van der Vegt said.