This document provides an overview of the actual impact caused by COVID-19 pandemics to agricultural insurance markets in 29 countries. It is based on the survey conducted by AgroInsurance International in July 2020 – February 2021. Survey questionnaire responses were complemented with the personal communication notes and analysis of industry-related public sources.
Allianz experts estimate that the value of the agriculture insurance segment to stand at $10 million but say it holds the potential to grow to $30 million. They aim at partnering with aggregators such as banks, cooperatives, agro-dealers, and commodity Associations to deploy the solution, said Lovemore Forichi, Senior Underwriter of Agriculture at Allianz Re.
Last year, Hafizur Rahman's entire rice crop drowned in floodwaters that followed heavy rain in northern Bangladesh. The loss forced the 30-year-old farmer from Kurigram district to look for daily labouring work, hoping to scrape together enough money for seed to plant a new 8-acre (3-hectare) rice crop this year.
The agricultural insurance losses reached EUR 632.9 million in 2020, according to data provided by Agroseguro. This is the fourth consecutive year with agricultural losses exceeding EUR 600 million. At the beginning of the year, storm Gloria followed by repeated hailstorms have damaged more than 427,300 hectares of crops, with losses reaching EUR 241.3 million.
Belize’s Міnіѕtrу оf Аgrісulturе, Fооd Ѕесurіtу аnd Еntеrрrіѕе has stated іt wіll bе rеlеаѕіng рhаѕе 2 оf іtѕ rеlіеf fоr rеgіѕtеrеd growеrѕ whо hаvе bееn ѕеvеrеlу іmрасtеd bу thе Сovid раndеmіс аnd thе 2019 drоught. Тhе Аgrісulturаl Ѕubрrојесt іѕ а раrt оf thе Соntіngеnt Еmеrgеnсу Rеѕроnѕе Соmроnеnt (СЕRС) оf thе Веlіzе Сlіmаtе Rеѕіlіеnt Іnfrаѕtruсturе Рrојесt (ВСRІР).
Kenya’s agriculture ministry has opened bids for crop insurance providers to cover more smallholder farmers from the risks and shocks of climate change, under a government program. Companies have until March 16 to submit bids for the subsidized crop insurance initiative that seeks to increase the amount of counties covered to 37 from 33, according to the statement. Sub-Saharan Africa’s third-biggest economy has 47 regional units.
Saskatchewan producers can expect a record high level of crop insurance coverage from the provincial program this year, with enhancements to the program announced leading into this year’s growing season. Deputy premier and finance minister Donna Harpauer joined Jeff Morrow, acting president and CEO of Saskatchewan Crop Insurance Corporation (SCIC), to share details of the 2021 Crop Insurance program on Feb. 23.
To ensure timely settlements of claims under Pradhan Mantri Fasal Bima Yojana (PMFBY), the Directorate General of Civil Aviation (DGCA) has approved the proposal of the Department of Agriculture for flying drones over 100 districts growing rice and wheat, said Union Agriculture Minister Narendra Singh Tomar.
During the next few weeks, many farm operators will be finalizing their crop insurance decisions for the 2021 crop year. The rise in corn and soybean prices in the past several weeks will likely enhance the available crop insurance coverage for 2021 compared to recent years; however, premium costs are also likely to be higher than a year ago for similar crop insurance products.
The number of farmers’ crop insurance claims that were rejected by insurance companies under the Centre’s flagship Pradhan Mantri Fasal Bima Yojana (PMFBY) multiplied 10 times in just two years, according to data provided by Agriculture Minister Narendra Singh Tomar in response to a question in the Rajya Sabha on Friday.
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