The government is planning to revamp its flagship crop insurance scheme - Pradhan Mantri Fasal Bima Yojana (PMFBY) - by giving more flexibility and freedom to states and farmers in choosing insurance products for risk hedging as per the proneness of the particular state to the specific weather vagary.
The 5th International Conference "Agricultural Insurance, Reinsurance & Brokerage in CIS, Europe & Asia" will take place on April 27-29, 2020 in Tbilisi, Georgia, at the Biltmore Hotel. Early-bird registration is available through February 16, 2020. From February 17, 2020 standard registration for a full fee will apply.
A pilot hemp insurance program through Multi-Peril Crop Insurance provides coverage against loss of yield because of insurable causes of loss for hemp grown for fiber, grain or Cannabidiol (CBD) oil and the Noninsured Crop Disaster Assistance Program (NAP) coverage protects against losses associated with lower yields, destroyed crops or prevented planting where no permanent federal crop insurance program is available.
Given the weather vagaries which have affected crop production in recent years, it's not surprising that the related conditions are closely intertwined with crop insurance rules, claims, and payments. Area farmers were reminded of that impact during annual updates sponsored by Premier Insurance Solutions LLC.
Global insurance and reinsurance group Everest Re has pre-announced an expectation of a $215 million catastrophe loss hit and a further $50 million hit from its crop reinsurance book in the fourth-quarter of 2019. Ahead of its results, Everest Re has joined the group of companies pre-warning of the expected hits to the final quarter of the year.
Last week, the Florida Department of Agriculture and Consumer Services offered a reminder to Florida’s tomato and pecan growers of the approaching crop insurance deadline. Growers have until January 31, 2020 to apply for crop insurance coverage for the 2020 crop year. Current policyholders who would like to make changes to their existing coverage also have until the January 31 sales closing date to do so.
A decision has been signed in Azerbaijan’s Cabinet of Ministers on products subject to agricultural insurance, Trend reports with reference to Azerbaijan’s Cabinet of Ministers. In June 2019, a law on agricultural insurance was adopted in Azerbaijan, and in August 2019, by the decree of Azerbaijani President Ilham Aliyev, the Agricultural Insurance Fund was established.
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