Government Support to Agricultural Insurance: Challenges and by Olivier Mahul

By Olivier Mahul

Governments in constructing international locations were more and more fascinated by the aid of business agricultural coverage courses lately. of their try and layout and enforce agricultural assurance, many governments in constructing nations have sought technical the aid of the overseas neighborhood and especially from the area financial institution. international financial institution is without doubt one of the few overseas monetary organisations having a completely committed coverage workforce with agricultural coverage specialists, and the rural assurance workforce at present presents technical information in approximately 20 nations. one of many recurrent requests from the governments is ready the overseas event with agricultural assurance, not just in built nations the place sometimes agricultural coverage has been provided for greater than a century, but in addition in center- and low-income international locations. they're fairly drawn to the event of public help to agricultural coverage, together with technical, operational, monetary and institutional elements. The ebook goals to notify and replace the private and non-private choice makers eager about the merchandising of agricultural assurance in regards to the contemporary advancements in agricultural coverage, with a specific concentrate on center- and low-income nations. It offers the choice maker with a framework for the advance of agricultural assurance in keeping with an analytical assessment of the reason of public intervention in agricultural coverage and an in depth comparative research of agricultural coverage courses with and with no public aid. This research relies on a survey carried out through the area financial institution s agricultural coverage group in 2008 in sixty five constructed and constructing international locations. It bargains policymakers a overview of public help in agricultural coverage in gentle of overseas adventure and makes ideas for the advance of sustainable, reasonable and reasonably-priced agricultural assurance courses.

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Extra resources for Government Support to Agricultural Insurance: Challenges and Options for Developing Countries

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However, it cannot operate in isolation. It should be promoted only when basic agricultural services—such as timely availability of inputs, extension services, and efficient marketing channels for agricultural outputs—are in place. Agricultural insurance programs need to be customized to beneficiaries. The emerging commercial agricultural sector needs more standardized insurance products offered through cooperatives or rural finance institutions, such as credit-linked agricultural insurance. The traditional farming sector may not be geared toward commercial insurance; governments may therefore need to consider alternative support mechanisms, in the form of social safety net schemes, for example.

They are intimately tied to the difficulties associated with measuring risks and monitoring farmer behavior. It may be very difficult for private entities to measure risks, collect relevant 4 Government Support to Agricultural Insurance: Challenges and Options for Developing Countries data, monitor producer behavior, and establish and enforce underwriting guidelines. These difficulties can result in high, sometimes prohibitive, transactions costs that preclude the development of private insurance markets.

Many of the crop-yield risks faced by farmers come from the randomness induced by weather and natural growing conditions. Because such risks are typically realized over a large geographic area, catastrophic risks may be significant and difficult for insurers to diversify. Likewise, widespread animal epidemic diseases can simultaneously affect a large number of herders, generating major losses. The systemic component of agricultural risks can generate major losses in the portfolio of agricultural insurers.

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