AgroInsurance and VanderSat partnered up to conduct a global drought insurance survey to develop a better understanding of the current situation and the upcoming trends in the drought insurance market. We collected around 89 fully completed surveys, from all over the world, covering all major actors in the insurance value chain.
Till July end this year, key plantation districts across South India such as Kodagu, Chikkamagalur, Idukki and Wayanad faced a rainfall deficit. Come August, the heavy downpour in the first fortnight helped wipe out the deficit besides triggering flooding, landslides and inflicting crop losses in some of these districts.
The horticulture department has submitted a proposal to the government requesting for the inclusion of tomato crop under weather-based crop insurance scheme instead of Pradhan Mantri Fasal Bima Yojana (PMFBY). The report submitted to the government includes total land of cultivation, number of farmers engaged in the cultivation of tomato and annual transaction among others.
In the last two decades, Pacific Island countries (PICs) have suffered billions of dollars in damage and loss due to catastrophic weather events such as cyclones and floods, and other natural disasters including volcanic eruptions. Their predominantly small size and the diverse nature of their agricultural production systems make investments unattractive to private insurers.
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