After the implementation of the PMFBY, the number of farmers covered by crop insurance has gone up only by 0.42%. On the other hand, premiums paid to insurance companies have increased by 350%, according to data that the Ministry of Agriculture and Farmer’s Welfare provided under a Right to Information (RTI) application.
More than 20,000 families in over a hundred villages of Pampore are involved in cultivating saffron. Saffron farmers have suffered huge losses in the past 10 years with the 2014 floods causing severe damages. Farmers have been demanding compensation from the state government for the 2014 losses, but instead of the compensation has now arrived untimely, heavy snowfall, damaging as much as half the total crop.
In Africa, 1,145 natural disasters including droughts, extreme temperatures, floods, storms, wildfire, earthquakes (including tsunamis), mass movements, volcanic activity and land- slides occurred during 1995 and 2015 with 308 million people affected and damages of US$ 17 billion. The most frequent type of disaster was floods (64%) followed by storms (14%) and droughts (13%). However, droughts accounted for 80% of the affected people. The total damage was US$ 17 billion.
Nespresso has partnered with Blue Marble Microinsurance — a startup with the mission of providing socially impactful, commercially viable insurance protection to the underserved and incorporated by nine insurance entities — to launch a pilot weather index insurance program for smallholder coffee farmers in Colombia. There is an immediate need to establish innovative solutions that help to ensure coffee producers have long-term security in the face of climate change.
Agroseguro has advanced the payment of more than 6 million Euro to kaki producers in the Region of Valencia for the damages caused by severe hail storms, which took a toll on 6,000 hectares. According to a statement from the Spanish Association of Insurance Entities of Combined Agricultural Insurance (Agroseguro Agroseguro), "the crop has not only been affected by hail, but also by severe spring frosts in another 4,800 hectares, as well as major episodes of rain, strong winds and floods."
Farmers adversely affected by typhoon “Ompong” (Mangkhut) can expect a speedy release of insurance money assistance from the government. This was the assurance given by Philippine Crop Insurance Corporation (PCIC) President Jovy Bernabe in the corporation’s preliminary report submitted to Department of Agriculture (DA) Secretary Manny Piñol.
A leading agriculture information portal has urged farmers to sign up for new crop insurance against predicted crop failure due to the looming El-Nino-induced drought. The Farmers Voice warned farmers of the looming El Nino — a warming of sea surface temperatures in the Pacific which can lead to scorching weather in eastern and southern Africa. Up until recently, farmers in Zimbabwe could only insure against hail, fire or frost.
In January-March of 2018, the agrarian sector of Kazakhstan attracted 136 mln USD of investments, an increase of 25% compared with the same period last year, declared the Deputy Prime Minister, Minister of Agriculture of Kazakhstan, Umirzak Shukeyev on July 3. According to him, the agro-industrial complex of Kazakhstan has wide opportunities.
Planting annual forages following a primary crop or specifically for feed can provide a number of benefits, including ground cover and forage resources for livestock. One of the main risks with this production practice, especially in a non-irrigated field, is variable precipitation and soil moisture conditions.
Agricultural production in developing countries is fraught with various sources of risk. The type and severity of these risks varies by crop or farming system, agroecological conditions, and the policy and institutional settings. A seemingly ubiquitous source of agricultural risk is production risk due to weather uncertainty and variability, particularly those associated with deficient rainfall.
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