Philippines: Agri insurance is a national issue, says insurance commissioner
Source: Asia Insurance Review | Aug 2018
Agricultural insurance is no longer only a problem for farmers but has become a national issue that needs to be addressed, insurance commissioner Dennis Funa has said.
“Losses incurred by our farmers may be explained by poor agricultural practices and natural disasters,” he said at a recent agricultural insurance forum. “These, among others, have been found to be significant contributors to the vicious cycle of poverty of farmers in the Philippines, especially the smallholder farmers,” Mr Funa added.
At the same forum, Senator Cynthia Villar, who chairs the senate committee on food and agriculture, said, “What is needed is for the private sector to complement the current limited coverage of rice, corn and coconut farmers.”
She called on insurers to help small farmers recover from Nat CAT losses by providing insurance coverage to the agricultural sector. A