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Turkey – TARSİM initiated new insurance product

In recent years agriculture has been significantly affected by changing climate conditions, natural disasters and risks have increased in their frequency and severity. In parallel with these changes, in 2017 TARSİM with the support of Ministry of Food, Agriculture and Livestock, Undersecretariat of Treasury and other interested parties initiated new insurance product – District Based Drought Yield Insurance.

Within the product, TARSİM provides yield loss coverage for wheat in dry land against drought, frost, warm wind and heat wave, excessive moisture, excessive precipitation and risks other than hail, storm, whirlwind, fire, landslide, flood, earthquake. In case the district’s actual yield in correlative year is lower than the yield insured, all insured farmers in the district will receive the compensation. If the district’s actual yield equals or exceeds the yield insured, no compensation to be paid to insured farmers.

Government provides 60% premium subsidy, meanwhile, farmers may also benefit from various discounts. In order to apply for coverage, farmer is required to register in Farmer Registration System or update his/her record. After registration process farmer can easily apply for insurance through agencies of the authorized insurance companies.

In 2018 four more crops (barley, rye, triticale and oat) to be included into the District Based Drought Yield Insurance.

Source – http://www.agroinsurance.com

Based on materials of TARSİM

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