The Agricultural Insurance Board, under the Ministry of Agriculture, Livestock, Lands and Irrigation, has designated February 2026 as an insurance month for the farming community.
During this period, farmers can obtain insurance coverage for a wide range of crops, including rice, maize, potatoes, onions, soybeans, and chilies, protecting against losses from drought, floods, wild animals, pests, diseases, and fire.
Policies are offered at modest premiums and provide compensation for crop damage, including losses from natural disasters. For example, to insure crops such as cowpea, green gram, urad dal, kurakkan, peanut, sesame, and kollu for LKR60,000 ($194) per acre, the premium is set at 7% of the insured value. Similarly, for vegetables and other crops including sweet potatoes, cassava, yams, beets, cabbage, carrots, leeks, red onions, okra, beans, chili, tomatoes, bitter gourds, and pumpkins, the premium is also 7% of the insured amount per acre. For instance, coverage of LKR100,000 per acre for sweet potato cultivation would require a premium of LKR7,000.
The Board has also introduced targeted insurance schemes for high-value crops such as ginger, turmeric, cinnamon, pepper, pineapple, papaya, and banana, encouraging growers to participate and protect their harvests against potential losses at affordable rates.