A project to reform agricultural insurance is under preparation, including making it mandatory for farmers to take out insurance and granting state subsidies for strategic sectors, the director general of the National Agricultural Mutual Fund (CNMA), Mr Cherif Benhabiles.
Catastrophe risk modelling firm AIR Worldwide has released an updated Multiple Peril Crop Insurance (MPCI) Model for China to support probabilistic assessments for five newly modelled crop lines of business and a newly modelled sub-peril. This update also includes a new livestock module that adds six additional lines of business and two new sub-perils.
Agricultural insurance has yet to take off in Vietnam because there are still many farmers who are not interested in this type of insurance despite the impact of climate change on agriculture.
AXA Climate and SatSure AG have signed a Memorandum of Understanding (MoU) to jointly offer parametric insurance solutions for private and public sector institutions on a global scale.
The rise in digital initiatives for crop insurance and supportive government initiatives such as subsidies drive the growth of the global crop insurance market. US-based Allied Market Research said in its latest report that the crop insurance market is expected to grow $53.02bn globally by 2027, at a 6.1% CAGR.
The CBIRC has approved a reinsurance licence for China Agricultural Reinsurance Co, according to a report by China Banking and Insurance News.
International Livestock Research Institute (ILRI) has launched a new drought index-insurance for resilience in the Sahel and Horn of Africa (DIRISHA) project, focusing on pastoral systems in the Intergovernmental Authority on Development region(IGAD), the eight-country trade bloc in Africa.
As the Earth warms, it creates a feedback loop. That is, the warming planet, melts permafrost, which will release trapped carbon and lead to more warming and more melting. A new study has shown that the feedback loop won't only happen in the nether regions of the north and south, but in the tropics as well.
The government has launched an insurance campaign for Thailand's more than 4.5m cattle farmers.
The government has been working on a crop insurance plan targeted at farmers, National Food Security & Research Minister Syed Fakhar Imam has revealed.