Agricultural insurance in China saw a slowdown in premium growth, increasing by only 6% year-over-year in the first half of 2024, with some provinces seeing declines of 20-30%.
The protection gap in the agricultural sector in Africa has given rise to a new, innovative solution -- parametric insurance, says Mr JP Fabri, an economist and co-founder of the Malta-based advisory firm Seed Consultancy and MyUbuntu.
The National Agricultural Mutual Fund (CNMA) has announced that it would launch a new product for investors and farmers to insure their daily or seasonal workers hired during the various agricultural seasons for short periods.
The Insurance and Pensions Commission (IPEC) is drafting a regulatory framework to implement agricultural index-based insurance that will provide insurance solutions for smallholder farmers vulnerable to climate change.
Ghana has been unable to upscale the newly set-up Agricultural Insurance Fund even though the pool started well, according to Mr Kofi Andoh, the acting Commissioner of Insurance.
InsureCow, a provider of livestock insurance and management services which was founded in 2022, is expanding its reach across Bangladesh, with plans to venture as well into other emerging markets.
Global Parametrics, a CelsiusPro Group company, has partnered with One Acre Fund, an agricultural service provider offering financing and training to smallholder farmers, to provide financial protection to such farmers in Zambia and Malawi against the financial strain of losing their crops due to drought.
General insurers reduced their exposure to crop insurance under the government-backed Pradhan Mantri Fasal Bima Yojana (PMFBY) during FY24 despite the government's push to expand the coverage of the crop insurance scheme.
The Saudi government has launched the Cooperative Insurance Initiative to mitigate losses caused by plant pests and animal diseases in the agricultural industry.
Nat CATs are becoming frequent and severe because of climate change. The Philippines, having been identified as one of the most vulnerable countries to the effects of climate change, is at the forefront of facing these threats. The rising sea level and extreme weather events are just some of the challenges the country faces.