Climate insurance is rarely well thought out in agriculture

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IMAGE: The effects of climate change are felt particularly acutely in developing countries.
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Credit: UFZ / André Künzelmann

Internationally subsidised agricultural insurance is intended to protect farmers in developing countries from the effects of climate change. However, it can also lead to undesirable ecological and social side effects, as UFZ researchers and their US colleagues at the University of Oregon have explained in a review article in the latest issue of Global Environmental Change. The article also contains recommendations for improved insurance schemes which in future should also take account of ecological and social aspects in addition to economic issues.

The effects of climate change are felt particularly acutely in developing countries. A range of international initiatives develop and promote risk insurance. One example is the G7 climate risk insurance initiative InsuResilience, which aims to insure 400 million people in developing countries against climate-related risks by 2020. The initiative includes “agricultural insurance”, which is designed to insure farmers against major losses, for example as a result of extreme drought. “Agricultural insurance can be a secure and extremely helpful tool for farmers in affected areas,” according to Dr Birgit Müller, socio-ecological modeller at UFZ. “However, in their current format, the insurance policies are not always well thought out. They can bring about unwanted environmental and social side effects, and so do little to help farmers adjust to long-term changes in environmental conditions.”

For the current review article, Birgit Müller worked with Professor Leigh Johnson, geographer at the University of Oregon, and her UFZ colleague David Kreuer to collect empirical and model studies from around the world to provide a comprehensive overview of the potential impact of agricultural insurance. “Previous studies have concentrated primarily on economic aspects. Little attention has been devoted to the socio-ecological system as a whole,” says Müller. “But one thing is becoming clear: agricultural insurance can have a range of unwanted side effects, for example changes to farmers’ land use strategies.”

Small-scale farmers in developing countries traditionally grow a wide range of crops in their fields to ensure that at least one crop can survive a potential drought. However, farmers are frequently reverting to monocultures because the agricultural insurance is often linked to specific crops and does not take effect if farmers cultivate a different crop. And this has far-reaching ecological consequences: a decline in agricultural biodiversity, deterioration in soil quality, increased use of fertilisers and pesticides, which in turn increases the risk of water pollution. However, even if agricultural insurance is not linked to specific crops, farmers with insurance cover may be inclined to grow riskier crops which promise high yields but also bring greater losses in an emergency. Because the farmers have insurance, it is not absolutely necessary to adopt a sensible cultivation strategy.

Apart from ecological effects, the scientists also reveal some potential social side effects of agricultural insurance, such as the weakening of networks of small farmers in developing countries. As a general rule, farmers help each other in the wake of major crop failures. Agricultural insurance can lead to an insured farmer no longer helping another farmer who could have taken out insurance. “Agricultural insurance and the resulting changes in land use strategies can cause this kind of unintended ecological and social feedback, which can in turn lead to further problems and costs,” warns Leigh Johnson. “In the long term, this could have a far-reaching impact on individual farms.”

In their review, the researchers therefore put forward proposals on how to improve the design of agricultural insurance in future. For example, the insurance policies should take effect only in emergencies such as extreme droughts; farmers would deal with medium droughts using their own risk management measures. Müller: “Lessons have already been learned in the USA in terms of agricultural insurance, where the insurance premium is only subsidised by the state if a minimum quantity of cultivated crops is maintained and management has not been extended to ecologically valuable marginal areas,” explains Müller. “We hope that our review will contribute to the development of cohesive insurance schemes which take account of environmental and social aspects – it is important that development funds are channelled into well thought-out concepts that are effective and economic in the long term.”

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Disclaimer: AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert system.

Global Agricultural Insurance Market with Healthy CAGR Value by Key Regions, Key Players and Forecast 2022| Allianz, FCIC, Swiss RE, Metlife

Agricultural Insurance, Agricultural Insurance Market, Industry, Trade, analysis, overview, trends, Growth, Size, Profit, Forecast, Price, Insurance, Agriculture
Agricultural Insurance

Despite steep losses incurred in 2012, sharp increases in crop insurance protection in force and strong premium gains in 2011 have driven the performance of the Agricultural Insurance Market in the past five years. Moreover, regulatory changes are anticipated to dictate the industry’s performance over the six years to 2012. The Farm Bill continues to solidify crop insurance as the most important means for farmers to hedge production and price risk. Ultimately, industry revenue is forecast to rise, with consistent increases in the agricultural price index driving up revenue from 2017 onward. Agricultural insurance, also known as crop insurance is purchased by agricultural producers, including farmers, ranchers and others. It protects against either the loss of their crops due to natural disasters, such as hail, drought and floods, or the loss of revenue due to declines in the prices of agriculture commodities.

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The report for Global Agricultural Insurance Market includes primary research alongside the comprehensive investigation of subjective as well as quantitative perspectives by different industry specialists, key supposition pioneers to gain the more profound understanding of the market and industry execution. The report gives the reasonable picture of the current market situation which incorporates authentic and anticipated market estimate in terms of esteem and volume, technological advancement, macroeconomic and governing factors in the market.

Key Players:

Allianz

FCIC

Swiss RE

Metlife

Munich Re

Zurich Insurance

BSI Insurance

Syngenta

Sumitomo

Anbang Insurance

CPIC

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Rising incidences of the disease worldwide coupled with increasing awareness about availability of disease related treatments are the major factors that are driving the global Agricultural Insurance market towards growth. While on the other hand, rising drug resistance among disease causing pathogens is one of the major factors restraining the growth of the global market.

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Regions Covered:

United States

EU

Japan

China

India

Southeast Asia

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Table of Contents

Global Agricultural Insurance Market Research Report 2017

Chapter 1 Agricultural Insurance Market Overview

Chapter 2 Global Economic Impact on Industry

Chapter 3 Global Market Competition by Manufacturers

Chapter 4 Global Production, Revenue (Value) by Region

Chapter 5 Global Supply (Production), Consumption, Export, Import by Regions

Chapter 6 Global Production, Revenue (Value), Price Trend by Type

Chapter 7 Global Market Analysis by Application

Chapter 8 Manufacturing Cost Analysis

Chapter 9 Industrial Chain, Sourcing Strategy and Downstream Buyers

Chapter 10 Marketing Strategy Analysis, Distributors/Traders

Chapter 11 Market Effect Factors Analysis

The report provides both, qualitative and quantitative research of the global Agricultural Insurance market, as well as encompasses worthy insights into the rational scenario and favored improvement methods adopted by key contenders.

The Global Agricultural Insurance Market is characterized by the presence of a large number of global, regional, and local players and is highly-competitive. These international players are increasingly focusing on expanding their geographical presence and they have huge production facilities located across the world. Several vendors are increasingly competing against each other based on factors such as innovations, price, and quality of the product.

Global Agricultural Insurance Market 2017 Share,Trend,Segmentation and Forecast to 2022

WiseGuyReports.Com Publish a New Market Research Report On – “Global Agricultural Insurance Market 2017 Share,Trend,Segmentation and Forecast to 2022”.


                             
Agricultural insurance protects against loss of or damage to crops or livestock. It has great potential to provide value to low-income farmers and their communities, both by protecting farmers when shocks occur and by encouraging greater investment in crops. However, in practice its effectiveness has often been constrained by the difficulty of designing good products and by demand constraints.
 
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Scope of the Report: 

This report focuses on the Agricultural Insurance in Global market, especially in North America, Europe and Asia-Pacific, South America, Middle East and Africa. This report categorizes the market based on manufacturers, regions, type and application.

Market Segment by Manufacturers, this report covers 
PICC 
Zurich (RCIS) 
Chubb 
QBE 
China United Property Insurance 
American Financial Group 
Prudential 
XL Catlin 
Everest Re Group 
Endurance Specialty 
CUNA Mutual 
Agriculture Insurance Company of India 
Tokio Marine 
CGB Diversified Services 
Farmers Mutual Hail 
Archer Daniels Midland 
New India Assurance 
ICICI Lombard

Market Segment by Regions, regional analysis covers 
North America (USA, Canada and Mexico) 
Europe (Germany, France, UK, Russia and Italy) 
Asia-Pacific (China, Japan, Korea, India and Southeast Asia) 
South America (Brazil, Argentina, Columbia etc.) 
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
Market Segment by Type, covers

Market Segment by Applications, can be divided into 
Crop/MPCI 
Crop/Hail 
Livestock 
Others
 
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Table Of Contents – Major Key Points
 
1 Market Overview 
1.1 Agricultural Insurance Introduction 
1.2 Market Analysis by Type 
1.3 Market Analysis by Applications 
1.3.1 Crop/MPCI 
1.3.2 Crop/Hail 
1.3.3 Livestock 
1.3.4 Others 
1.4 Market Analysis by Regions 
1.4.1 North America (USA, Canada and Mexico) 
1.4.1.1 USA Market States and Outlook (2012-2022) 
1.4.1.2 Canada Market States and Outlook (2012-2022) 
1.4.1.3 Mexico Market States and Outlook (2012-2022) 
1.4.2 Europe (Germany, France, UK, Russia and Italy) 
1.4.2.1 Germany Market States and Outlook (2012-2022) 
1.4.2.2 France Market States and Outlook (2012-2022) 
1.4.2.3 UK Market States and Outlook (2012-2022) 
1.4.2.4 Russia Market States and Outlook (2012-2022) 
1.4.2.5 Italy Market States and Outlook (2012-2022) 
1.4.3 Asia-Pacific (China, Japan, Korea, India and Southeast Asia) 
1.4.3.1 China Market States and Outlook (2012-2022) 
1.4.3.2 Japan Market States and Outlook (2012-2022) 
1.4.3.3 Korea Market States and Outlook (2012-2022) 
1.4.3.4 India Market States and Outlook (2012-2022) 
1.4.3.5 Southeast Asia Market States and Outlook (2012-2022) 
1.4.4 South America, Middle East and Africa 
1.4.4.1 Brazil Market States and Outlook (2012-2022) 
1.4.4.2 Egypt Market States and Outlook (2012-2022) 
1.4.4.3 Saudi Arabia Market States and Outlook (2012-2022) 
1.4.4.4 South Africa Market States and Outlook (2012-2022) 
1.4.4.5 Nigeria Market States and Outlook (2012-2022) 
1.5 Market Dynamics 
1.5.1 Market Opportunities 
1.5.2 Market Risk 
1.5.3 Market Driving Force 

2 Manufacturers Profiles 
2.1 PICC 
2.1.1 Business Overview 
2.1.2 Agricultural Insurance Type and Applications 
2.1.2.1 Type 1 
2.1.2.2 Type 2 
2.1.3 PICC Agricultural Insurance Sales, Price, Revenue, Gross Margin and Market Share (2016-2017) 
2.2 Zurich (RCIS) 
2.2.1 Business Overview 
2.2.2 Agricultural Insurance Type and Applications 
2.2.2.1 Type 1 
2.2.2.2 Type 2 
2.2.3 Zurich (RCIS) Agricultural Insurance Sales, Price, Revenue, Gross Margin and Market Share (2016-2017) 
2.3 Chubb 
2.3.1 Business Overview 
2.3.2 Agricultural Insurance Type and Applications 
2.3.2.1 Type 1 
2.3.2.2 Type 2 
2.3.3 Chubb Agricultural Insurance Sales, Price, Revenue, Gross Margin and Market Share (2016-2017) 
2.4 QBE 
2.4.1 Business Overview 
2.4.2 Agricultural Insurance Type and Applications 
2.4.2.1 Type 1 
2.4.2.2 Type 2 
2.4.3 QBE Agricultural Insurance Sales, Price, Revenue, Gross Margin and Market Share (2016-2017) 
2.5 China United Property Insurance 
2.5.1 Business Overview 
2.5.2 Agricultural Insurance Type and Applications 
2.5.2.1 Type 1 
2.5.2.2 Type 2 
2.5.3 China United Property Insurance Agricultural Insurance Sales, Price, Revenue, Gross Margin and Market Share (2016-2017) 
2.6 American Financial Group 
2.6.1 Business Overview 
2.6.2 Agricultural Insurance Type and Applications 
2.6.2.1 Type 1 
2.6.2.2 Type 2 
2.6.3 American Financial Group Agricultural Insurance Sales, Price, Revenue, Gross Margin and Market Share (2016-2017) 
2.7 Prudential 
2.7.1 Business Overview 
2.7.2 Agricultural Insurance Type and Applications 
2.7.2.1 Type 1 
2.7.2.2 Type 2 
2.7.3 Prudential Agricultural Insurance Sales, Price, Revenue, Gross Margin and Market Share (2016-2017) 
2.8 XL Catlin 
2.8.1 Business Overview 
2.8.2 Agricultural Insurance Type and Applications 
2.8.2.1 Type 1 
2.8.2.2 Type 2 
2.8.3 XL Catlin Agricultural Insurance Sales, Price, Revenue, Gross Margin and Market Share (2016-2017) 
2.9 Everest Re Group 
2.9.1 Business Overview 
2.9.2 Agricultural Insurance Type and Applications 
2.9.2.1 Type 1 
2.9.2.2 Type 2 

2.9.3 Everest Re Group Agricultural Insurance Sales, Price, Revenue, Gross Margin and Market Share (2016-2017

Continue…….
 
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Agriculture to get 11 per cent of Barclays Bank’s loans – BusinessGhana News

Barclays Bank Ghana Limited says it is committed to ensuring that farmers get financial support in order to improve productivity.

To show commitment, the bank has set up Agribusiness Desk primarily to address financial concerns of farmers. The bank has also invested over US$57 million into the maize and soya value chain from 2014 to 2017.

The Head of Agribusiness at Barclays Bank Ghana, Mr Andrew Ahiaku, told the GRAPHIC BUSINESS after a media dialogue on Wednesday, September 13 in Accra, that the bank had dedicated 11 per cent of its entire loan portfolio to finance agriculture.

He stated that the bank has develope agricultural policy and a strategy aimed at supporting agribusiness in a quest to encourage growth in the sector.

“For us at Barclays Bank Ghana, we see and treat agribusiness as the business of agricultural production,” he said and added that financing of the sector must be approached from the value chain perspective.

Agribusiness is the business of agricultural production, which focuses on agrochemicals, breeding, crop production (farming and contract farming), distribution, farm machinery, processing and seed supply, as well as marketing and retail sales .

Supporting the sector

Touching on projects undertaken by Barclays Bank, Mr Ahiaku noted that the bank had already embarked on several projects such as supporting Guinness Ghana Breweries Limited (GGBL) in their sorghum project in the northern part of the country.

“Beyond this, the bank has also supported the biggest poultry farmer in the country (Akate Farms) with about GH¢4 million in 2016,” he said.

“Though government wants banks to dedicate 10 per cent for agricultural financing,” he said and added that Barclays Bank had taken a step further to do 11 per cent.

Mitigate risks associated with agricultural financing

Mr Ahiaku called on the government to help mitigate risks associated with the agricultural sector in order to encourage banks to support the sector.

“If the government was able to support the sector such that there was a strong market to sell produce then the only thing banks or farmers will think about was production risk which could be addressed by agricultural insurance,” he added.

So far, he said: “What Barclays Bank is doing is to partner with other stakeholders to mitigate the risks associated with agricultural financing in the country.”

Mr Ahiaku was speaking ahead of this year’s National Food and Agric Show (FAGRO), which is slated for Tamale from September 26 to September 30, 2017.

Some of the activities lined up for this year’s event include a leadership summit for women in agriculture, an agricultural colleges dialogue, a seminar on how to structure strong farmers cooperatives, a business plan writing boot-camp for agribusiness players and a forum to discuss the government one- district, one- factory (1D1F) agenda.

Agricultural Insurance Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022

Wiseguyreports.Com Adds “Agricultural Insurance Market: Demand, Growth, Opportunities and Analysis of Top Key Player Forecast To 2022” To Its Research Database

PUNE, INDIA, September 20, 2017 /EINPresswire.com/ — Global Agricultural Insurance Industry

Latest Report on Agricultural Insurance Market Global Analysis & 2022 Forecast Research Study

WiseGuyReports has announced the addition of a new market intelligence report to its repository titled “Global Agricultural Insurance Market Size, Status and Forecast 2022”. The research report presents a comprehensive overview of market and growth trends of this industry in the coming years.

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“Global Agricultural Insurance Market” market report presents a detail qualitative analysis of the “Global Agricultural Insurance Industry” market and its important classification and forecast for “2022″. The report contains current scenario of the “Global Agricultural Insurance Market ” industry and encompasses discussion various prime factors related to markets such as growth, drive, various patterns, and control.

The report provides in depth study of “Global Agricultural Insurance Industry” using SWOT analysis i.e. Strength, Weakness, Opportunities and Threat to the organization. The report identifies the strength factors of the organization that will help organizations to acquire a prominent market share, to rectify where the organization is lacking or some hole which is creating glitches for development product. Look out for more opportunities in the market, get up to date to avoid any threats, competitors and substitutes.

Major Key Players:

PICC

Zurich (RCIS)

Chubb

QBE

China United Property Insurance

American Financial Group

Prudential

XL Catlin

Everest Re Group

Endurance Specialty

CUNA Mutual

Agriculture Insurance Company of India

Tokio Marine

CGB Diversified Services

Farmers Mutual Hail

Archer Daniels Midland

New India Assurance

ICICI Lombard

Additionally report also briefs about the cost structure of organization. Finally, what strategies should be used by organizations to place their product in the market, branding idea to be adopted by them, cost estimation for marketing and branding.

The report gives the reasonable picture of current market situation which incorporates past and anticipated market data for development purpose considering reference point such as esteem and volume, innovative development, economic science and government in the market.

For Detailed Reading Please visit WiseGuy Reports @     https://www.wiseguyreports.com/reports/2318642-global-agricultural-insurance-market-size-status-and-forecast-2022

Some Major Points from Table of content:

1 Industry Overview       1

2 Global Agricultural Insurance Competition Analysis by Players     14

3 Analysis of Agricultural Insurance Industry Key Players  23

4 Global Agricultural Insurance Premiums Application (2012-2017) 53

5 North America Agricultural Insurance Development Status and Outlook    56

6 Europe Agricultural Insurance Development Status and Outlook   59

7 Japan Agricultural Insurance Development Status and Outlook     61

8 China Agricultural Insurance Development Status and Outlook     63

9 India Agricultural Insurance Development Status and Outlook      65

10 South America Agricultural Insurance Development Status and Outlook  67

11 Market Forecast by Regions and Application (2017-2022)          69

12 Agricultural Insurance Market Dynamics          78

13 Market Effect Factors Analysis            81

Continued…..

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Ghana news: Agriculture to get 11% of Barclays Bank’s loans

Barclays Bank Ghana Limited says it is committed to ensuring that farmers get financial support in order to improve productivity.

To show commitment, the bank has set up Agribusiness Desk primarily to address financial concerns of farmers. The bank has also invested over US$57 million into the maize and soya value chain from 2014 to 2017.

The Head of Agribusiness at Barclays Bank Ghana, Mr Andrew Ahiaku, told the GRAPHIC BUSINESS after a media dialogue on Wednesday, September 13 in Accra, that the bank had dedicated 11 per cent of its entire loan portfolio to finance agriculture.

He stated that the bank has develope agricultural policy and a strategy aimed at supporting agribusiness in a quest to encourage growth in the sector.

“For us at Barclays Bank Ghana, we see and treat agribusiness as the business of agricultural production,” he said and added that financing of the sector must be approached from the value chain perspective.

Agribusiness is the business of agricultural production, which focuses on agrochemicals, breeding, crop production (farming and contract farming), distribution, farm machinery, processing and seed supply, as well as marketing and retail sales .

Supporting the sector

Touching on projects undertaken by Barclays Bank, Mr Ahiaku noted that the bank had already embarked on several projects such as supporting Guinness Ghana Breweries Limited (GGBL) in their sorghum project in the northern part of the country.

“Beyond this, the bank has also supported the biggest poultry farmer in the country (Akate Farms) with about GH¢4 million in 2016,” he said.

“Though government wants banks to dedicate 10 per cent for agricultural financing,” he said and added that Barclays Bank had taken a step further to do 11 per cent.

Mitigate risks associated with agricultural financing

Mr Ahiaku called on the government to help mitigate risks associated with the agricultural sector in order to encourage banks to support the sector.

“If the government was able to support the sector such that there was a strong market to sell produce then the only thing banks or farmers will think about was production risk which could be addressed by agricultural insurance,” he added.

So far, he said: “What Barclays Bank is doing is to partner with other stakeholders to mitigate the risks associated with agricultural financing in the country.”

 

Mr Ahiaku was speaking ahead of this year’s National Food and Agric Show (FAGRO), which is slated for Tamale from September 26 to September 30, 2017.

Some of the activities lined up for this year’s event include a leadership summit for women in agriculture, an agricultural colleges dialogue, a seminar on how to structure strong farmers cooperatives, a business plan writing boot-camp for agribusiness players and a forum to discuss the government one- district, one- factory (1D1F) agenda.

Climate projects target producers | North Queensland Register

Nine projects designed to help Queensland primary producers better manage drought and climate impacts will be funded through the Drought and Climate Adaptation Program (DCAP).

Agriculture and Fisheries and Rural Economic Development Minister Bill Byrne said the Palaszczuk Government’s commitment of $17.5 million would fund nine projects over five years.

“While variable climate is a way of life in Queensland, the Palaszczuk Government is focused on funding programs that will assist our producers in the long-term,” Minister Byrne said.

“The Drought and Climate Adaptation Program is bringing together the best climate scientists, and cutting-edge researchers in the state to work with the government and industry leaders

“The projects being announced today with lead to improved seasonal forecasts, assess the economic implications of drought management decisions, identify barriers to drought preparedness, work on more affordable agricultural insurance products and use paleo-climate research to improve climate risk decision-making.

“With more than 66 per cent of Queensland drought-declared and some producers now in their fifth year of drought, it’s vital that we do what we can to improve drought preparedness and resilience for Queensland producers.”

These projects are:

  • Northern Australia Climate Program
  • The inside edge for graziers to master Queensland’s drought-prone climate
  • Delivering integrated production and economic knowledge and skills to improve drought management outcomes for grazing systems
  • Use of BoM multi-week and seasonal forecasts to facilitate improved management decisions in Queensland’s vegetable industry
  • Do we really know our baseline climate? Using paleoclimate data to plan and prepare for extreme events and floods in Queensland
  • Enabling drought resilience and adaptation: A program of social research and knowledge support
  • Producing enhanced crop insurance systems and associated financial decision support tools (Phase 2)
  • GrazingFutures: promoting a resilient grazing industry
  • Forewarned is forearmed: equipping farmers and agricultural value chains to proactively manage the impacts of extreme climate events.

Minister Byrne said the Department of Science, Information Technology and Innovation (DSITI), the University of Southern Queensland (USQ) and the Bureau of Meteorology (BoM) would be making additional funding contributions to their projects.

“These projects will link into the Queensland Drought Mitigation Centre which will improve our understanding of droughts and will help producers better prepare for them,” he said.

“While dry conditions are a part of agriculture, droughts can have adverse economic, environmental and social impacts.

“This suite of information will assist producers’ with their farm management plans.

“We will all benefit from the long-term productivity of the agri-business sector.”

To find out more about DCAP, call the Department of Agriculture and Fisheries on 13 25 23, or visit the websites www.daf.qld.gov.au or www.longpaddock.qld.gov.au.

The story Climate projects target producers first appeared on Queensland Country Life.

Farmers’ opinion sought for crop insurance policy

 Staff Reporter

MUSCAT

In a move to spread awareness among farmers about agriculture insurance, the Agricultural Policy Team is planning to hold introductory workshops across the Sultanate.

The workshops will explain the contents of vegetables and protective structures policy and the proposed underwriting mechanisms in a move to officially launch agricultural insurance products, market regulator CMA said in a statement.

A number of workshops will be held in the governorates next week commencing in Sohar. The meetings will include seeking the opinions of farmers about the insurance policy for agricultural products prior to commencing marketing and implementation of the agricultural insurance policy.

Further, the workshops aim to educate the farmers, individuals or institutions, on the concept and philosophy of agricultural insurance and to emphasise the provision of insurance coverage of the risks the agricultural and animal projects are exposed to.

On August 30, a committee including CMA executive president HE Abdullah Salim Al Salmi, Ministry of Agriculture Undersecretary HE Ahmed Naser Al Bakry and Oman Chamber of Commerce and Industry (OCCI) chairman Saeed Saleh Al Kiyumi held a meeting to review the initial draft policy.

The meeting praised the efforts made by the team which studies the initiative, its economic feasibility and the outcome of the committee’s work such as preparing the initial draft of the policy.

The meeting emphasised the importance of acquainting the stakeholders with the policy and seeking their opinions. They also agreed to roll out the agricultural insurance policies in phases to evaluate the experience and address the challenges.

The first phase will focus on insurance of vegetables and protective structures and will be expanded to include fruits and other crops. The second phase includes the insurance of cattle and poultry and the third phase will cover beehives and palm trees.

The aims of the move is to provide insurance coverage to reduce the risks the farmers and exposed to for more progress and stability for the agricultural and animal sector to enhance its contribution to the GDP as well as food security and self- sufficiency.

The team was formed as a result of the recommendations of the seminar on agricultural insurance products held at the premises of CMA in the first half of 2016 with the participation of the Ministry of Agriculture and Fisheries and Oman Chamber for Commerce and Industry.

The team is chaired by CMA and comprises representatives from the Ministry of Agriculture and Fisheries, OCCI, Oman Reinsurance Company and representatives of insurance companies.

The team held so far four meetings the last was on January 4, 2017 in which the types of insurance coverage needed by agricultural activities in Oman was discusses in order to mitigate the impact of risks the agricultural activities are exposed to as well as knowing the challenges and obstacles facing insurance companies in providing products for the crops and agricultural activities, livestock and fisheries to ensure their ability to withstand the risks and continue productions.

Govt . of India NATIONAL AGRICULTURE INSURANCE SCHEME (NAIS) In Hindi


The National Agricultural Insurance Scheme (NAIS/Rastriya Krishi Bima Yojana) has been under implementation in the Gujarat State since its introduction by the Govt. Of India in the Rabi / Summer 1999-2000 season. The main aim of the scheme is to stabilize farmers’ income, particularly in disaster years by providing insurance coverage and to provide financial support to the farmers in the event of failure of any of the notified crop as a result of natural calamities, pest and diseases.

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Flood damage insurance claims total Rs2.5 billion – Money

Sep 15, 2017-Non-life insurance companies have received claims worth Rs2.5 billion for damage caused by the recent floods in the Tarai, but they have paid none of them in the past one month. 

The floods and landslides that hit the country last month took the lives of more than 120 persons. In addition, more than 69,617 goats, buffaloes, chickens and pigs perished as floodwaters rose across the southern plains. 

More than 500 factories in the Morang Industrial Corridor had to be closed due to inundation. Likewise, 110 hotels in the jungle safari destination of Sauraha were affected. According to the Insurance Board (IB), insurance companies received the highest claims from the industrial, engineering and construction sectors. “Claims from industries were the highest as the flood damaged warehouses and other physical infrastructure,” IB Director Shreeman Karki said. 

According to Karki, most factories had bought insurance because banks don’t issue loans if they don’t have it. Fire insurance is mandatory for manufacturers according to government laws, he added.  

Insurance claims for damage caused to private cars and small public vehicles also amounted to a large amount. As per the IB, claims for losses to livestock and crops totalled only Rs23 million. Karki said that there were very few claims for crop losses compared to the estimated extent of damage as a large number of farmers were still reluctant to buy agricultural insurance.  

The IB said that insurance companies had assigned an adequate number of surveyors in the flood affected areas to ensure quick settlement of claims. 

Life insurance claims are yet to be assessed. “Life insurance claims related to flood victims could be insignificant.” Jhapa, Sunsari, Morang, Saptari, Sarlahi, Bara, Rautahat, Dhanusha and Sindhuli districts in the eastern region, and Makwanpur and Chitwan districts in the central region were among the worst affected by the floods. 

Dang, Banke, Surkhet and Bardia in the western and far western regions too were hit hard by the floods and landslides following torrential monsoon rains. 

Published: 15-09-2017 09:45