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05 02
2016
India - Natural catastrophe premiums to go up as claims rise
Premiums for general insurance products under the natural catastrophe segment could rise with an increase in the number of incidents, such as floods and earthquakes, that hit parts of India in the past two years. Insurance companies' senior executives met recently to discuss this issue and decided that with the rise in claims, premiums could see an upward revision of about 10-20% from the next fiscal. Insurance companies have taken a hit of Rs 4,800 crore due to claims arising from the recent floods that hit Chennai and other parts of Tamil Nadu.
05 02
2016
Canada - Price Insurance Works
In the spring of 2015, 1,018 calf price insurance policies were purchased in Saskatchewan through the Western Livestock Price Insurance Program (WLPIP). This resulted in approximately 120,000 calves or 15 per cent of the provincial marketable calf crop being covered through the program. The total coverage provided was $186 million. At the time the coverage was purchased markets were at record highs. Producers were locking in price insurance protection from $226 per hundred weight (CWT) to $286 per CWT.
05 02
2016
USA - S.C. farmers face wide insurance gap on flood losses
South Carolina farmers facing steep losses from last year’s flood must await government action on financial assistance as the new Farm Bill and private crop insurance are not built to handle such a disaster, according to presenters at an event sponsored by the Clemson University Cooperative Extension Service. While politics may be distasteful for some, it is essential to survival, - S.C. Farm Bureau President said at the S.C. Cotton Growers annual meeting sponsored by Clemson Extension and the S.C. Cotton Board.
05 02
2016
India - Crop Loss Hits Farmers in Rabi Season Too
Farmers of Kalaburagi, who were hit hard due to failure of the monsoon, continue to suffer in the Rabi season with 87.58 per cent of their crop being lost. Official sources told Express on Thursday that as per the preliminary survey of the agriculture department, of the targeted 5.08 lakh hectares of Rabi sowing in the district, farmers cultivated in 4.54 lakh hectares and the entire sown area was affected due to dry spell. The district witnessed crop loss in about 3.98 lakh hectares (87.58 per cent).
05 02
2016
Taiwan - Updated figures on ag losses
As reported last week, Taiwan has been hit by a cold front which is causing huge losses in the agricultural industry. Updated statistics released by the Council of Agriculture (COA) Friday 29 January showed that the estimated agricultural losses last week have now topped NT$2.4 billion (US$71.64 million). Tai Yu-yen secretary general of the COA, said the updated estimate of agricultural losses reached a new high since December 1999, in terms of damage caused by cold weather. Last week's cold wave, the most serious in a decade, engulfed Taiwan over the weekend 22-24 January.
05 02
2016
USA - Emergency loans available from FSA
Farmers in Cherokee County, who suffered crop or livestock losses due to Severe Storms, Tornadoes, Straight-Line Wind and Flooding occurring 12/23/16 through 1/9/16, may now apply for Farm Service Agency (FSA) emergency loans, - FSA Farm Loan Manager said. Cherokee County became eligible under existing legislation which provides that farmers in counties bordering on those which have been designated for disaster assistance, may also qualify for such assistance. Applications for assistance will be accepted by FSA until 9/21/16.