The AMA Innovation Lab has just launched a new project in partnership with the Ghana Agricultural Insurance Pool (GAIP) to improve the quality of agricultural index insurance available to the nation’s small-scale farmers. The improved insurance could improve crop yields, incomes and livelihoods for farmers who produce a majority of the nation’s food.
Of the various crop insurance schemes at the national level since 1985, the Pradhan Mantri Fasal Bima Yojana (PMFBY) is the most ambitious risk mitigation programme for farmers. The yield-based National Agriculture Insurance Scheme (NAIS) was the most widely implemented scheme. The present government held a comprehensive review and extensive consultations to close loopholes before a national level rollout in April 2016.
Farmers, insurers and researchers in Queensland, Australia have been working together on a new project to offer a more affordable alternative to multi-peril crop insurance, using index insurance to protect against natural disasters like cyclones. The project has been developed as part of the state government’s Drought and Climate Adaptation Program and aims to address the issue of low insurance take-up among farmers in Australia.
The Cabinet meeting chaired by then Chief Minister Mehbooba Mufti in March has accorded in principle sanction to the adoption of the WBCIS in respect of horticulture crops namely apple, saffron, mango and litchi for the Jammu and Kashmir in addition to “Pradhan Mantri Fasal Bima Yojana” (PMFB) as per the operational guidelines of the scheme circulated by the department of agriculture, cooperation and farmers welfare, Government of India w.e.f Kharif 2016.
Nespresso has partnered with Blue Marble Microinsurance — a startup with the mission of providing socially impactful, commercially viable insurance protection to the underserved and incorporated by nine insurance entities — to launch a pilot weather index insurance program for smallholder coffee farmers in Colombia. There is an immediate need to establish innovative solutions that help to ensure coffee producers have long-term security in the face of climate change.
Agricultural production in developing countries is fraught with various sources of risk. The type and severity of these risks varies by crop or farming system, agroecological conditions, and the policy and institutional settings. A seemingly ubiquitous source of agricultural risk is production risk due to weather uncertainty and variability, particularly those associated with deficient rainfall.
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