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.
The Moroccan crop landscape may benefit from a more tailor-made approach, supporting food production, social resilience, and the economic sustainability of crop re/insurance, according to a blog posted on Swiss Re's website.
The Caisse Nationale de Mutualité Agricole (CNMA), which commands a share of over 75% of the agricultural insurance market in Algeria, has raised awareness of the risks linked to storage silos.
The Securities and Exchange Commission of Pakistan (SECP) has stressed the crucial need for agricultural insurance in Pakistan which currently accounts for only 2% of the total non-life sector premiums.
The National Financial Regulatory Administration (NFRA) has released guidelines for promoting the development of inclusive insurance to better meet the needs of the people and the real economy.
Global Insurance Law Connect's Risk Radar 2024 identified cyber security and Nat CAT linked to climate change and cyber security as challenges facing insurers in India this year.
Non-life insurers have agreed to resume farm insurance business after the government gave them its commitment to settle NPR970m ($7.3m) in premium subsidy arrears as soon as possible.