Due to unseasonal storm and rain, crops including pulses, oilseeds, and vegetables have suffered a lot of damage. Farmers have to suffer a lot due to this unprecedented hailstorm and rainfall across Indian states. Moreover, the crop of pulses and oilseeds was damaged at a time when the farmer was about to harvest the crops, or at a time when the capital has been spent from sowing to harvesting.
Insurers in Kenya are yet to put together a policy that can cushion farmers against losses from desert locusts currently ravaging parts of the country. Farmers in the Rift Valley and Western regions of Kenya are currently preparing for the planting season, which could largely be impacted by the invasion of desert locusts.
In 2016, one of the biggest reforms the Bharatiya Janata Party unveiled for the farm sector was the new crop insurance scheme. The new scheme--Pradhan Mantri Fasal Bima Yojana--promised farmers a higher cover at much lower premiums and covered localized crop damages, as well as post-harvest and re-sowing losses.
Rural women’s work is concentrated in agriculture, which is the sector hardest hit by climate change. As part of a holistic approach to managing agricultural risk, insurance schemes can reduce producers’ vulnerability, strengthen their livelihoods and build their resilience. However, they are often designed and delivered without considering women’s needs, excluding female producers and restricting the growth of the insurance market.
Leading reinsurers Swiss Re and AXA XL Reinsurance, as well as the Georgian insurance company Aldagi will sponsor the organization of the 2020 AgroInsurance Conference, which is to take place in Tbilisi, Georgia on April 27-29, 2020. As part of the conference sponsorship and partnership programs, AgroInsurance is giving away a number of free tickets to representatives of insurance companies.
Cabinet has passed an order-in-council authorizing an additional $8.2 million in spending for the government’s share of Saskatchewan crop insurance premiums. The money is part of a larger special warrant for additional spending to March 31, 2020. Saskatchewan Crop Insurance Corp. chief executive officer Shawn Jaques said the extra money is required to cover higher program use and wildlife damage claims.
A light harvest has weighed heavily on GrainCorp's financial position this season, but it has also triggered a $57.9 million insurance payout. Yesterday, the national commodity forecaster ABARES pegged Australia's 2019/20 winter crop production for New South Wales, Victoria, and Queensland at 11.44 million tonnes.
The government’s flagship Pradhan Mantri Fasal Bima Yojana (PMFBY), or crop insurance scheme, is likely to see a crunch in insurance capacity as companies as well as re-insurers move away from offering covers. While on one hand, re-insurers have increased rates for offering cover to insurers, on the other, claims continue to pile up.
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