Mr. Ngo Trung Dung, Deputy Secretary General of the Insurance Association of Vietnam, spoke with VETs Hoang Lan about promoting agricultural insurance given that risks posed by natural disasters will only rise.
Kathmandu, The Ministry of Agriculture and Livestock has introduced a revised procedure for providing subsidies on crop and livestock insurance, reducing the percentage of the insurance premium subsidies that were previously available.
In the aftermath of Hurricane Helene, which devastated communities, homes, farms and businesses across parts of the Southeast, the U.S. Department of Agriculture has deployed staff to assist with response and recovery efforts.
Amid discussions on the limitations of agricultural insurance in Puerto Rico, Agriculture Secretary Ramon Gonzalez Beiro has faced criticism for not taking steps to extend insurance coverage beyond hurricane-induced damages to include losses from storms.
The Regional Seminar on Agriculture and Fisheries Insurance successfully brought together representatives from Caribbean governments, agricultural experts, and private sector stakeholders at the Accra Hotel in Barbados from September 4 to 6, 2024. The meeting was funded by several stakeholders.
Damages from Hurricane Helene to farms and agricultural operations in Southwest Virginia could reach well over $125 million, according toVirginia Cooperative Extension.
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.