Thailand - BAAC crop insurance to cover fruit and dairy farms

22.07.2019 472 views
The state-owned Bank for Agriculture and Agricultural Cooperatives (BAAC) plans to expand crop insurance to cover fruit and dairy farming in response to farmers' interest in protection against natural disasters. The bank is conducting a study to offer crop insurance for durian, even though the fruit's price remains high, said executive vice-president Somkiat Kimawaha. The fruit's peak normally lasts 3-4 years before prices fall, Mr Somkiat said. Crop insurance in Thailand is limited to rice and corn, while the state-backed farm bank provides insurance for longan and dairy cattle as pilot projects. Mr Somkiat said farmers are more enthusiastic about taking out crop insurance, as seen by larger insured areas. Some 1.9 million farmers took out crop insurance for this crop year, in the purchase period that just ended on June 30, to provide coverage for 28.2 million rai of farmland, compared with 27.6 million in the previous year. Insurance premiums for this crop year amounted to 2.58 billion baht, up from 2.48 billion baht a year earlier. Moreover, 90,000 farmers took out crop insurance for more than 15 rai, for which the government provided subsidy. The incremental area totalled 1.3 million rai of farmland. Participating farmers were charged an insurance premium of 59 baht per rai, with the government subsidising 35.40 baht per rai and the BAAC paying 23.60 baht per rai for its customers. Non-BAAC customers must cover the non-subsidy if they have taken out rice insurance. Crop insurance covers six natural disasters: floods, drought, storms, cold, hail and fires. Under the scheme, farmers receive compensation of 1,260 baht per rai for crops damaged by natural disasters. They can further secure 630 baht per rai for damage caused by pests and disease. Mr Somkiat said 96,000 farmers claimed rice insurance of 1.27 billion baht in the previous crop year. Source - https://www.bangkokpost.com
19.10.2025

Philippine agriculture chief urges P8 billion boost in crop insurance funds

The government’s current subsidy for the Philippine Crop Insurance Corporation (PCIC) is not keeping up with farmers’ needs. While 2.3 million farmers are presently covered – including 1.25 million rice producers – the existing P4.5 billion allocation limits coverage to a maximum of P20,000 per hectare, only a third of the estimated P60,000 cost of rice production.

19.10.2025

Nepal - Insurance Authority conducts interaction on agriculture, livestock and herbs insurance

The Insurance Authority of Nepal (BEE) has organized a discussion and interaction program with the representatives of the insurance companies on agriculture, livestock and medicinal herbs insurance. The programme was held at the central office of NRA, Kupandole, Lalitpur.

19.10.2025

Asia-Pacific leads livestock insurance market with 39.7% share

Asia-Pacific dominated the global livestock insurance market with a 39.7% share in 2024. Globally, the market is projected to grow from $4.5b in 2025 to $8.5b by 2034, posting a CAGR of 7.4%, according to recent industry data. The market was valued at $4.2b in 2024.

19.10.2025

India - ₹656.62 cr. crop insurance claims released for farmers in Kalaburagi, Karnataka

Rural Development and Panchayat Raj Minister Priyank Kharge has said that the State government has released ₹656.62 crore crop insurance claims for crops damaged during 2024-25 kharif season in Kalaburagi district.

19.10.2025

India - Crop Insurance Scam: Rs 122 Cr Fraud in Rajasthan

A massive crop insurance scam worth around Rs 122 crore has been uncovered under the Pradhan Mantri Fasal Bima Yojana (PMFBY) after it was found that claims of over 1.7 lakh farmers were shown as "zero" despite crop damage.

19.10.2025

Canada - Good time to consider government support for private crop insurance

Farmers and their organizations regularly call for improvements in business risk management programs, the farm safety nets that include AgriInsurance (crop insurance) and AgriStability. One way to do that may be allowing government support for private insurance products.

19.10.2025

Africa Re launches Index-Based Livestock Insurance product in Nigeria

Africa Re, in collaboration with the Livestock Productivity and Resilience Support Project (L-PRES), a consortium of insurance providers, and development partners, has launched an Index-Based Livestock Insurance (IBLI) product in Nigeria.

19.10.2025

Freedom Holding Corp. Offers Advanced Crop Insurance In Kazakhstan

Freedom Insurance, part of the Freedom Holding Corp., has launched an AI-powered crop insurance product that helps farmers protect their harvests from extreme weather conditions.