The Insurance Association of China (IAC), as a self-regulatory body, has for the first time issued guidelines for the insurance industry relating to product development in the field of agricultural insurance.
TARSIM (Agricultural Insurance Pool) has kicked off 2023 with a slew of incentives in crop, livestock and other agricultural insurance lines.
The Insurance Association of China (IAC) has released a set of rules for the crop, livestock and forestry sectors (collectively termed as the agricultural sector). This is the first time that the insurance industry is standardising agricultural insurance underwriting and settlement processes as part of its system of self-regulation.
The government has announced the products and premium rates to be covered by the Agricultural Insurance Pool (TARSIM) next year.
The government is restructuring its flagship crop insurance scheme, the Pradhan Mantri Fasal Bima Yojana (PMFBY), through measures including the use of artificial intelligence (AI)-based technologies for the timely assessment of crop yield data for prompt claims settlement and the introduction of competitive bidding by insurers.
NongHyup Property and Casualty Insurance Company (NH P&C) has posted an adequate operating performance, with a weighted five-year average operating ratio of 97.4% (2017-2021) and a return-on-equity ratio of 4.4%, notes AM Best.
The Kenyan government has started efforts to formulate a policy that will provide insurance to safeguard fish farmers against losses.
ICRISAT scientists have collaborated with the Asian Development Bank (ADB) to develop high-resolution spatial maps that enable cropland mapping for insurance claims and agriculture policy decision making on targeting regenerative agriculture.
The Central Bank of The Gambia (CBG) in collaboration with the African Risk Capacity (ARC) are looking at launching non-sovereign parametric micro/meso insurance in The Gambia.
Regional InsurTech Igloo, in partnership with non-life insurance leader PVI Insurance, Vietnam Meteorological and Hydrological Administration (VNMHA) and global reinsurer SCOR, has launched Vietnam's first weather index insurance -? a blockchain-based parametric product that automates insurance claims of rice farmers.