The aim of this Technical Newsletter, published over two volumes, is to provide an understanding of the different types of satellites that can be used for agriculture insurance, and how they can be used. In the second volume we will focus on satellite imagery technology and assess the key factors to be taken into account in the agricultural and insurance decisionmaking process.
Following SCOR’s previous newsletter dedicated to understanding the different types of satellite that can be used for agriculture insurance and how, this second volume will focus more on satellite imagery technology, assessing the key factors to be taken in account in the decision making process when selecting technology for agriculture insurance purposes.
As announced by the Minister of Finance Ravi Karunanayake at the Budget- 2017 the crop insurance that has so far covered only paddy cultivation has been expanded to cover other major five food crops too. The Government has already launched the two-year National Food Production Programme to ensure self-sufficiency in Potatoes, Big Onions, Chillies, Maize and Soya beans. Accordingly, the farmers of these crops will also receive crop insurance as in the case of paddy cultivation.
A weather index-based crop insurance is going to be introduced as pilot projects in Pyay township, Bago Region and Shwebo township, Sagaing Region, starting from May 8. According to the Ministry of Agriculture, Livestock and Irrigation deputy permanent secretary U Myo Tint Tun, the insurance scheme is to protect farmers against crop damage. “I heard about the program at a meeting last week. As far as I know, it will be implemented in cooperation with a Japanese insurance firm,” he told on Monday.
Insurers who thought they could make farm insurance a lucrative business were in for a disappointment. In the latest development, the Karnataka government scrapped a tender as the offers were for higher premium, and has called for fresh bids. Crop insurance, which is fast moving towards becoming a third of the Rs 1.25 lakh crore general insurance industry, is facing issues such as high claims, inadequate premium and lower interest in buying cover when the monsoon is good.
With approximately one million unharvested acres sitting wet and soggy in Alberta fields, farm groups are calling on the provincial government to expedite crop insurance payments and prevent further delays to spring seeding. Alberta farmers are usually hitting the fields to start seeding about now, but this year many haven’t yet had the chance to deal with last year’s crop. Early frost and fall snowstorms (with the worst damage suffered in central and northern Alberta) disrupted the 2016 harvest for many producers — forcing them to leave their crops on the ground through the winter months.
The government is aiming to bring 40 per cent of gross sown area of 194.4 million hectare under crop insurance schemes in 2017-18 season beginning July. In 2016-17 crop year, about 26.28 per cent or 51.1 million hectare of gross area under crops was insured. At present, crops are being insured under two schemes: Restructured Weather Based Crop Insurance Scheme (RWBCIS) and Pradhan Manthri Fasal Bima Yojana (PMFBY). The PMFBY was launched last year.
As erratic weather has become the new norm in China, insurance policies against losses from extreme weather have emerged in a wide range of agricultural businesses, from beekeeping to cattle ranching to seaweed farming. Many are proving hugely popular, thanks in part to cut-rate prices made possible by government subsidies.
China represents one of the largest agricultural economies in the world with fast-developing agricultural insurance model in place. Chinese agricultural insurance is distinguished by its quick success and efficiency. Such success was achieved by systemic efforts and reforms. This model includes high level of governmental interventions through introduction of agricultural insurance premium subsidy program.
Armenia’s agriculture ministry has embarked on ambitious reforms with an unpredictable multiplicative effect, Karen Karapetyan, Armenian prime minister, said Thursday at a regular Cabinet meeting, where the Cabinet ministers upheld the concept of lessening damage from natural disasters through enhancing agriculture sector’s resistance to such disasters, cushioning their strikes and introducing early warning mechanisms.
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