AgroInsurance and VanderSat partnered up to conduct a global drought insurance survey to develop a better understanding of the current situation and the upcoming trends in the drought insurance market. We collected around 89 fully completed surveys, from all over the world, covering all major actors in the insurance value chain.
The increased variability of weather patterns and the frequency and severity of severe weather events will have a significant effect on agricultural crop production. The impact of climate change will have a corresponding effect on the multi-peril crop insurance industry, including increased payouts due to decreased crop yields, droughts, floods, temperature changes, pests, and weeds.
In Africa, 1,145 natural disasters including droughts, extreme temperatures, floods, storms, wildfire, earthquakes (including tsunamis), mass movements, volcanic activity and land- slides occurred during 1995 and 2015 with 308 million people affected and damages of US$ 17 billion. The most frequent type of disaster was floods (64%) followed by storms (14%) and droughts (13%). However, droughts accounted for 80% of the affected people. The total damage was US$ 17 billion.
Former Mukinbudin farmer Rowell Walton said he was still talking to people who thought the window to take out cover for multi-peril insurance had closed. With the late start to the season, Mr Walton said there was still time for farmers to get insurance which covered drought, water stress, flood, hailstones, wind, frost, lightning, excessive rain, heat stress, snow, hurricane, cyclone, tornado, wildlife, wandering livestock, accidental fire, bushfire, weed infestation and insect/pest manifestation.
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