Pea- to golf ball-size hail destroys crops across the Prairie Provinces. Several strong storms hit the Prairie Provinces in August dropping pea- to golf ball-size hail. CCHA member companies are investigating 1,3,40 claims of crop damage from storms that occurred August 12-18. Most of the severe hail hit farms across Saskatchewan.
So-called parametric insurance receives a lot of attention in the scientific literature. What is special about it is that it pays out automatically when a certain, scientifically determinable index value is reached. This is particularly convincing for weather-related insurance.However, a fraud scandal in the US states of Kansas and Colorado shows that the moral hazard is by no means as low as claimed in theoretical treatises.
After finally getting timely spring rains following years of drought, some southern Alberta farmers are now facing massive crop losses. A violent hailstorm, which left behind busted windows and damaged siding in Calgary, also wreaked havoc in rural areas east of the city, including in Vulcan County.A significant number of farmers in the county lost their entire harvest to hail damage
The Kashmir Valley Fruit Growers cum Dealers Union, an umbrella body representing all fruit growers’ associations in the region, has urgently called on the government to implement the long-promised Crop Insurance Scheme. Despite previous government assurances, the scheme has yet to be put into action, leaving growers vulnerable to the financial fallout of natural disasters
With the increasing unpredictability and severity of the weather, agriculture across the world has become fraught with risks. Old solutions have become unfeasible and current solutions do not provide enough protection.
Grain crops are failing in parts of the country due to dry weather and severe frosts. Farmers are weighing up whether to cut them for hay instead of taking them through to harvest, but some crops are too poor even for hay.
Agricultural insurance in Chinahas been a stable growth sector in the property insurance industry, consistently achieving high premium growth rates, averaging around 20% year-on-year (YoY) for over a decade, reported Caixin Global. However, in the first half of 2024, agricultural insurance premium growth was muted, increasing only 6% YoY.
Finance Ministry of China announced the nationwide implementation of full-cost insurance and planting income insurance policies for rice, wheat and corn, as part of a food security drive to encourage planting of staple grains.
Farmers have urged the government to directly take care of the crop insurance scheme as they did not get any benefits from the private insurance firms despite paying the premium
The global crop insurance market is projected to grow by $14.82b, with a compound annual growth rate (CAGR) of 6.63% between 2022 and 2027. Asia Pacific is expected to contribute 31%of the market’s growth
Farmers in Thadagam Valley reported that elephants have been regularly visiting almost every village in the area at night for over two months. They have appealed to the Department to increase the number of patrol teams.
Bulgariahas formally requested the activation offundsfrom the European Union’s agricultural reserve due to extensive damage caused by the ongoingdrought. The request highlights that the country has also been severely affected by fires in July and August.
Indian rice production this year will be higher than last year despite heavy rains and flooding in some states.
Some farming methods used to fight the menace such as growing herbicide-tolerant rice varieties have failed to stem the weedy rice invasion. While the origins of weedy rice are unclear, several of its varieties began to emerge in Asia about two decades ago
Persistent rainfall in France is reducing soft wheat production, resulting in a high decrease in the overall harvest and substantial losses for individual farmers.
This summer extreme weather has seriously affected Europe agriculture, causing significant crop losses and rising food prices. While the weather was cool and rainy in Northern and Western Europe, Central and Southeastern Europe was hit by extreme heat and drought. In Hungary, corn, potato and sunflower yields were particularly affected by the drought, causing significant losses to farmers.