29.09.2024

Vietnam - Agricultural insurance expected to play bigger role in economy

Agricultural insurance will gradually play an important role in Vietnam in which more than 60% of the population live in rural areas and are largely dependent on agricultural production.However, currently, insurers are hesitant about offeringagricultural insuranceeven though the state has a subsidy scheme for agricultural insurance premiums. The subsidies range from 20% to 100% of the premiums, depending on the participants (poor, near-poor, and ordinary farmers).

29.09.2024

France - Do not bet the Farm on Crop Insurance Subsidies

Crop insurance is one of the most important protections against climate-related risks for farmers. Despite being heavily subsidized, insurance take-up in France remains surprisingly low.The penetration rate of crop insurance is low in France. Only 13.3% of farms were insured in 2020, and the numbers are stable, perhaps in slight increase, from 12% in 2016.

26.09.2024

Catastrophic Floods Cause Major Disruptions to Brazil’s Agricultural Sector

Record rainfall in May 2024 in Rio Grande do Sul, Brazil’s southernmost state, has caused destructive flooding that is wreaking havoc on the country’s agricultural and livestock sectors. The flooding demolished food storage, stalled harvests, and damaged soils. Destroyed or obstructed infrastructure is also limiting food transportation and farm operations.

26.09.2024

Pakistan - SECP calls for mandatory crop insurance programme

Despite natural and human-induced vulnerabilities posing challenges to food security, livestock and crop insurance in Pakistan is almost nonexistent. Out of a total of Rs553 billion gross premiums for the year 2022, the agriculture insurance premiums account for just Rs2.8bn.

26.09.2024

Türkiye - State-supported agricultural insurance stimulates agricultural sector expansion

The total insured value of state-supported agricultural insurance increased by 115.5% in 2023 when compared to a year earlier to TL 638,3 billion ($19.5 billion). The total state support premium amount in the agricultural sector increased by 91.7% yearly to TL 9.24 billion

26.09.2024

South Korea - Agricultural households covered skyrockets in 2022 vs 2010

As of 2022, the number of farming households covered by agricultural insurance has grown to approximately 550,000, a significant increase from the only 64,000 households that were covered in 2010

26.09.2024

India - Farmers in Villupuram told to insure crops under PM scheme

The district administration has urged the farmers in Villupuram to insure paddy crops under the Pradhan Mantri Fasal Bima Yojana (Prime Minister’s Crop Insurance Scheme) for 2024so that they can avail themselves of crop relief in case of loss due to natural calamities, pest attack or disease outbreak in the ongoing Samba season.

26.09.2024

Rwanda - Agriculture insurance scheme struggles with uptake

The uptake of the National Agriculture Insurance Scheme is performing poorly with less than 20 percent farmers subscribed within the determined insurance scope.Launched in 2019, the scheme was considered as a milestone for the country agriculture sector as it aims to cushionfarmers against losses stemming from disasterssuch as floods or drought.

26.09.2024

Viet Nam - Huge losses prompt calls for mandatory agricultural insurance with bank loans

After the devastating impacts of Typhoon Yagi, experts propose making agricultural insurance mandatory when obtaining bank loans, aiming to provide a lifeline to farmers facing catastrophic losses.

26.09.2024

Argentina Winter Crops Threatened by Drought

With the winter-crop planting campaign now completed, most of Argentina’s farmers still require well above-average rainfall throughout the balance of winter to boost soil-moisture reserves ahead of the spring, when the longer and warmer days will boost crop growth, significantly increasing plant moisture requirements.

25.09.2024

Drought in Austria caused multimillion-dollar damage to agriculture

Agriculture in Austria is struggling with the effects of the severe drought in recent weeks and months. Due to the record number of hot days, the farmers are faced with arid fields. The damage to agriculture from the drought is estimated at 150 million euros.Farmers will also have to contend with extreme weather conditions this year, from hail to floods and drought.

25.09.2024

Morocco’s Agricultural Sector In Danger

Wheat yields in Morocco wheat yields have reached unprecedented variability, with four of the last five years below average, as climate change accelerates growing seasons and disrupts rainfall patterns.The 2023-2024 winter crop season has been particularly harsh, with drought conditions reducing the seeded area of rainfed winter crops by almost a quarter compared to previous years.

25.09.2024

South Africa - Crop insurance critical to safeguard food security

Domestic agriculture sector is more exposed to the systemic risk of climate change than any other sector. Drought, flood, hail, and wildfires can cause tremendous damage to both crops and farm infrastructure. Crop insurance is vital in enhancing food security in South Africa. It ensures that agricultural growth is sustainable and resilient amid increasing climatic and weather-related risks.

25.09.2024

Spain - Agroseguro presents the 2024 livestock insurance plan

On 1 June, the 2024 Livestock Insurance Plan came into force, which includes 12 livestock and 3 aquaculture lines.Among the main new features of the 2024 Livestock Insurance Plan is the improvement of guarantees and compensation in the coverage of milk quality in thebreeding and production line of cattle, one of the main livestock sectors in Spain.

25.09.2024

India - A harvest of discontent in Maharashtra

Farmers in the State are reaping more frustration than compensation from the country flagship agricultural insurance scheme.Maharashtra has participated in the scheme every season for the past eight years since its launch in 2016-17. However, emerging details about the scheme’s utility in Maharashtra are overwhelmingly negative, raising questions about whether the State should follow Gujarat’s example and exit the programme.

25.09.2024

India - Agricultural Insurance Company Asked To Refund Premium, Pay Rs40,000 Each to 61 Mango Farmers

The National Consumer Disputes Redressal Commission (NCDRC) recently directed the Agricultural Insurance Company of India Ltd to refund the premium paid by 61 farmers from Kurnool in Andhra Pradesh, for not disclosing all details of the crop insurance policy to them.The Commission also directed the insurance company to pay Rs40,000 to each of the farmers for mental agony, harassment and as litigation costs.