Ashfall from the Taal volcano that is threatening to erupt has caused PHP3.06bn ($60.07m) of agriculture-related damage and losses according to the latest bulletin released by the Department of Agriculture (DA).
China's agricultural insurance market has reported premiums of CNY68bn ($10bn) for last year, more than 13 times the premium volume of CNY5.18bn seen in 2007, said Mr Liang Tao, a vice chairman of the CBIRC.
Thailand's dry season starts in November and usually lasts through April, although this year authorities say it could go on through June. A drought has been declared in 14 provinces in the central, northern and north-eastern farming regions of the country.
A review of 57 scientific studies by British academics has concluded that global warming is leading to an increase in hot, dry weather around the world that creates the conditions for wildfires to take hold
The central government's flagship crop insurance scheme, Pradhan Mantri Fasal Bima Yojana (PMFBY), has attracted less interest from insurers in the wake of losses following a surge in extreme weather events.
The insurance regulator has deferred the central government's proposal to create a risk pool for claim settlement under the national crop insurance scheme, the Pradhan Mantri Fasal Bima Yojana (PMFBY) which was launched in 2016.
Nat CAT in 2019 led to the claims loss ratio in Thailand reaching 200% and indicate the possibility of crop insurance premiums increasing in 2020, reported local publication Bangkok Post citing figures from the Thai General Insurance Association (TGIA).
The loss ratio of pig insurance has risen to 130%, as African swine fever that wiped out a significant proportion of the country's pigs, industry experts told Caixin at a recent agricultural insurance forum.
When a leading global reinsurer is looking for growth, every line of business if fair game.
An economics professor has proposed the establishment of an agricultural insurance fund, so as to realise financially stable insurance services for farmers.