About P1.6 billion in crop insurance claims have been paid to farmers and fisherfolks last year, according to initial reports from the Philippine Crop Insurance Corporation (PCIC). In a report to Agriculture Secretary Emmanuel Piñol, PCIC President Jovy Bernabe said his office has paid P1.6 billion to claimant farmers and fisherfolk for damages to standing crops and properties caused by the El Niño weather pattern and several typhoons and flooding that occurred in 2016. PCIC noted that this only the second time it has shelled out indemnity payment at the billion-peso level. The indemnity payment was 16 percent more than the P1.379 billion paid in 2015. The payment allowed 234,681 farmers and fisherfolk to restart their operations after farm damage, minimize financial losses, and prevent significant disruption in the supply of food in the market. These farmers and fisherfolk were among the 1.075 million insured by the PCIC in 2016. Collectively, the insured farmers operated 919,814.81 hectares, an expansion of 7.52 percent from the total farm area of 855,504.53 hectares covered by PCIC’s services in 2016. In terms of premium income, the PCIC generated P2.587 billion, while its total amount of insurance cover reached P41.002 billion. Source -  http://newsbits.mb.com.ph