The creation of a new insurance system for farmers that seeks to offer financial support to producers of all crops, as well as for sheep and goat farmers was approved by the cabinet on Wednesday. The new insurance system “will cover all crops in view of all threats, and so we are departing from the current state of affairs where only some crops are insured and after only some threats,” Agriculture Minister, Costas Kadis said.
A Department of Agriculture official says the crop insurance coverage for hemp is not ready. Martin Barbre, USDA Risk Management Agency administrator, told the crop insurance industry this week that agents could discuss crop insurance with hemp farmers, but must tell them “there is no coverage at the present time.”
More than 334 million acres of farmland were protected by crop insurance in 2018, a 20 million acre increase over 2017 and an all-time high. In addition, crop insurance came in $2 billion under original federal budget projections for the year, according to the National Crop Insurance Services (NCIS).
The cabinet has approved a rice insurance scheme for the 2019 season worth 1.74 billion baht, aiming to cover 30 million rai of farmland. The scheme, operated by the Bank for Agriculture and Agricultural Cooperatives (BAAC), covers six types of natural disaster -- floods, drought, storms, cold, hail and fires.
Devastating flooding in Queensland’s northwest is feared to have killed about 500,000 cattle and left farmers with estimated costs of $5 billion – but most is not covered by insurance. The Cattle Council of Australia says the full extent of losses is difficult to calculate, but feedback from affected properties suggests more than 500,000 animals have died.
Brazil could double its budget for subsidizing farm insurance in 2020, the country’s agriculture policy secretary said on Thursday, seemingly running counter to the new government’s pledge to slash public spending in the face of mounting debt. The government could increase its budget to subsidize premiums for insurance against potential harvest losses to 1 billion reais ($266.31 million), the Agriculture Ministry’s policy secretary Eduardo Sampaio said in an interview.
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