Premium rates increased on average for main crops and viticulture, but with decreasing rates for arbo- 2023). The rate increase is due to the rising risk faced by insurers for main crops and wine, specifically for the loss layer of 20-50 percent. However, insurers only cover the 20-30 percent loss layer for arboriculture and grass- land, with the FSN compensating for frequent high losses. Consequently, risk premiums for these productions are lower than before the reform. This is important because it raises the question about how insurers will main- tain affordable premium rates amidst climate changes, which necessitates stabilizing the pure premium and reducing the loading factor. It also highlights the challenge that FSN is facing about managing to compensate for high losses incurred by the fruit and grassland sectors. The response to these issues may involve considering traditional or innovative reinsurance methods (such as catastrophe bonds) at the national or European level. the establishment of a co-reinsurance pool, rather than a co-insurance pool. The statutes and regulations of this pool, called “France Agriclimat", have been validated in September 2025 by the French Competition Authority. The ambition of the France Agriclimat group is crucial for the future of the national insurance ing insurers' data on claims experience, increase the competitiveness of the insurance sector by reducing barriers to entry (such as the cost of information), and improve the insurability of all agricultural opera- or alternative private reinsurance (such as cat bonds). The financial outcome of the insurance reform will be validated by future experience. Over the two years, 2023 and 2024, insurers' surplus to premium (S/P) ratio improved, and the NSF was only lightly used. Against this background, we conducted an actuarial analysis to quantify the risks the French agricul- them. We conducted an in-depth analysis on a portfolio of twenty-six key crops and cow milk, which portfolio represents a total production value of nearly EUR 69 billion. The analysis reveals that the sector faces an expected loss of approximately EUR 2.2 billion annually, which is 3.21% of the portfolio's total value. To understand the scale of potential financial shocks, we quantified the country's contingent liability, exceed EUR 7.3 billion. This highlights the substantial fiscal risk posed by agricultural production volatility. The various agricultural products in the portfolio do not all react to shocks in the same way; a bad significantly reducing the overall risk. If this diversification effect were ignored, the estimated loss for a 1-in-100-year event would more than double to reach EUR 15.6 billion. Recognizing this effect, which pro- vides a diversification benefit of EUR 8.3 billion for such an event, is crucial for designing efficient and cost-effective financial protection strategies.
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