Vietnam: Farmers to get premium subsidy for agriculture cover
Source: Asia Insurance Review | Jun 2018
Farmers from poor or near poor households will receive support of up to 90% for agriculture insurance premiums from the government, according to a new resolution issued by the authorities.
The resolution, which will be implemented with effect from 5 June 2018, says that farmers who do not belong to a poor or near poor household will be covered for up to 20% of agriculture insurance premiums, reports Vietnam News.
An agricultural organisation may also enjoy support of up to 20% of agriculture insurance premiums if it operates as a cooperative, and applies innovations in planting and processing towards a clean, high-tech and eco-friendly agriculture.
Risks against which farmers are protected by the insurance plan include natural risks and animal disease risks which have to be publicly announced or officially confirmed by responsible state agencies.
Insurance agents providing agriculture insurance services have to meet the government’s requirements for capital, solvency, internal audit and management. They also have to have headquarters or branches in provinces or cities where the agriculture insurance assistance is rendered. A