Despite Puerto Ricos agricultural sector having long complained that the Agricultural Insurance Corporation (CSA, in Spanish) policies only cover losses from crops damaged by hurricanes and not by storms, Agriculture Secretary Ramón González-Beiró has not taken any steps during this term to address the issue by seeking legislation or coordinating with federal agencies.
Beef farmers on Prince Edward Island (PEI), Canada, are now eligible for protection against an unexpected drop in prices over a defined period of time through a recently launched pilot insurance programme.
The USDAs Under Secretary for Farm Production and Conservation says they expect significant demand for resources following damage from Hurricane Helene.
Secretary, Department of Agriculture and Farmers Welfare Dr. Devesh Chaturvedi welcomed a UNDP delegation led by Ms. Kanni Wignaraja, United Nations Assistant Secretary-General and Regional Director for Asia and the Pacific at Krishi Bhawan, New Delhi today. The meeting centered around ongoing collaboration between the Ministry and UNDP, particularly in the areas of agricultural insurance and credit, aimed at enhancing risk resilience in the agriculture sector.
The heavy damage caused by Typhoon Yagi on the farming sector in early Septemberhas raisedquestions about the role ofinsurance in an economy where agriculture isconsidered an important pillar. According to initial estimates, thetyphoon and its aftermath swept away more than VNĐ50 trillion (US$2 billion) worth of assetswhich might slow down the GDP expansion rate this year by 0.15 percentage points from the growth scenario of 6.8-7 per cent.
The recent storm caused an estimated VND2.5 trillion in damages to 23,595 hectares of aquaculture farms, with over 22,000 livestock and more than 3 million poultry dead. Despite these heavy losses, most farmers had no agricultural insurance coverage.
Agricultural insurance rates tend to be high in Vietnam due to the considerable risks posed by payout natural disasters and disease outbreaks. Reports indicate that payout rates can range from 70-90 per cent for significant losses, particularly in areas like rice, shrimp farming, and livestock. In some cases, annual loss ratios have surpassed 100 per cent, and in extreme cases even exceeded 200 per cent.
A total of 53,780 coconut farmers in Central Visayas have secured their livelihoods through free crop insurance under the Philippine Crop Insurance Corporation (PCIC) program this year. This insurance program was valued at P23 million in total premium subsidies, which provides crucial support to farmers without requiring them to pay for coverage.
There is no Pradhan Mantri Fasal Bima Yojna (PMFBY) cover on cards for the third consecutive crop season in cluster 2 comprising Ambala, Karnal, Sonepat, Hisar, Jind, Mahendragarh and Gurugram districts. The reason: No insurance firm has come forward to implement the scheme in this cluster.
Farmers in Virudhunagar district have been asked to pay the premium for crop insurance under the Prime minister Crop Insurance Scheme for theKarifseason. The farmers could pay the premium through banks, Primary Agricultural Cooperative Societies or common service centres.
The national government’s subsidies to state-owned and -controlled firms declined by 51.9 percent in August, according to a report released by the Bureau of the Treasury (BTr).The National Irrigation Administration and the Philippine Crop Insurance Corp. were the only billion-peso recipients during the month, receiving P5.6 billion and P1.9 billion, respectively.
France, the European Union largest grain producer, has experienced particularly wet weather in the past year, including a month of continuous rain in October-November, the wettest spring ever and violent storms last month.The rainy weather and soggy fields delayed sowings and hurt crop development, so much so that the farm ministry estimates France will harvest its worst wheat crop since the 1980s, down 25% from last year.
Despite Puerto Rico agricultural sector having long complained that the Agricultural Insurance Corporation policies only cover losses from crops damaged by hurricanes and not by storms
Pakistan insurance leader, Adamjee Insurance, unveils a groundbreaking crop insurance solution, Adamjee Zarai Tahafuz. This revolutionary project empowers farmers and strengthens the nation agricultural backbone.
The Cebu city government has assisted 79 hog farmers in securing livestock insurance amid the resurgence of African swine fever (ASF). This insurance would protect swine farmers from the negative economic impact caused by the ASF.The insurance policies were issued by the Philippine Crop Insurance Corporation (PCIC) to the 79 hog farmers cover 405 breeding and fattening hogs.
New Brunswick produced nearly two million litres (527,000 gallons) of maple syrup last year, compared to the year before when more than three million litres (811,000 gallons) were produced. While Agriculture and Agri-Food Canada has a program that pays agricultural producers in advance to helpthemsurvive through the off-season, during a bad year, producers might struggle to reimburse the program. New insurance program will allow producers to cover costs during years like the one that just passed.