The recent storm caused an estimated VND2.5 trillion in damages to 23,595 hectares of aquaculture farms, with over 22,000 livestock and more than 3 million poultry dead. Despite these heavy losses, most farmers had no agricultural insurance coverage.
Payments related to severe spring frost in German vineyards earlier this year may run to tens of millions of euros.German vineyards in several regions suffered frost damage in late April and insurers expect payouts on customer claims to be in the ‘double-digit million’ range.
One of the few things representatives of both Presidential candidates can agree on is the importance of crop insurance.Crop insurance is a critical tool, and there needs to be bipartisan support to ensure the programs are preserved and strengthened going forward.
A crop insurance scheme by the World Food Programme (WFP) in partnership with the Ethiopian government is redefining the future of rural farming in the East African country. Launched in 2013, the scheme insures farmers against droughts, excessive rainfall, hailstorms, pests and crop diseases which have been discouraging the growers from investing in improved agricultural practices, making them even more vulnerable to climate extremes and food insecurity.
Pea- to golf ball-size hail destroys crops across the Prairie Provinces. Several strong storms hit the Prairie Provinces in August dropping pea- to golf ball-size hail. CCHA member companies are investigating 1,3,40 claims of crop damage from storms that occurred August 12-18. Most of the severe hail hit farms across Saskatchewan.
So-called parametric insurance receives a lot of attention in the scientific literature. What is special about it is that it pays out automatically when a certain, scientifically determinable index value is reached. This is particularly convincing for weather-related insurance.However, a fraud scandal in the US states of Kansas and Colorado shows that the moral hazard is by no means as low as claimed in theoretical treatises.
After finally getting timely spring rains following years of drought, some southern Alberta farmers are now facing massive crop losses. A violent hailstorm, which left behind busted windows and damaged siding in Calgary, also wreaked havoc in rural areas east of the city, including in Vulcan County.A significant number of farmers in the county lost their entire harvest to hail damage
The Kashmir Valley Fruit Growers cum Dealers Union, an umbrella body representing all fruit growers’ associations in the region, has urgently called on the government to implement the long-promised Crop Insurance Scheme. Despite previous government assurances, the scheme has yet to be put into action, leaving growers vulnerable to the financial fallout of natural disasters
With the increasing unpredictability and severity of the weather, agriculture across the world has become fraught with risks. Old solutions have become unfeasible and current solutions do not provide enough protection.
Grain crops are failing in parts of the country due to dry weather and severe frosts. Farmers are weighing up whether to cut them for hay instead of taking them through to harvest, but some crops are too poor even for hay.
Agricultural insurance in Chinahas been a stable growth sector in the property insurance industry, consistently achieving high premium growth rates, averaging around 20% year-on-year (YoY) for over a decade, reported Caixin Global. However, in the first half of 2024, agricultural insurance premium growth was muted, increasing only 6% YoY.
Finance Ministry of China announced the nationwide implementation of full-cost insurance and planting income insurance policies for rice, wheat and corn, as part of a food security drive to encourage planting of staple grains.
Farmers have urged the government to directly take care of the crop insurance scheme as they did not get any benefits from the private insurance firms despite paying the premium
The global crop insurance market is projected to grow by $14.82b, with a compound annual growth rate (CAGR) of 6.63% between 2022 and 2027. Asia Pacific is expected to contribute 31%of the market’s growth
Farmers in Thadagam Valley reported that elephants have been regularly visiting almost every village in the area at night for over two months. They have appealed to the Department to increase the number of patrol teams.
Bulgariahas formally requested the activation offundsfrom the European Union’s agricultural reserve due to extensive damage caused by the ongoingdrought. The request highlights that the country has also been severely affected by fires in July and August.