Dohan Song, Ph.D.
Director of Financial Research Unit
NongHyup Economic Research Institute
Seoul, Korea
About the Crop Insurance Program
In Korea, the Crop Insurance Program (here after, CIP) was first introduced in 2001 in an attempt to compensate farmers from possible catastrophic...
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2014.12.19
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Tahlim Sudaryanto
Senior Agricultural Economist,
Indonesian Center for Agricultural Socio Economic and Policy Studies,
Ministry of Agriculture, email:tahlim@indo.net.id
Introduction
Indonesia is one of the countries that are prone to natural disasters affect agriculture due to...
2016.04.28
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Introduction
Insurance is an instrument that is used to manage risks. In agriculture, insurance is a tool used to manage risks arising from the production of commodities, price variability, as well as climate and weather uncertainties. Risks from production is normally addressed by...
Philippine Agriculture Secretary Francisco P. Tiu Laurel Jr. has urged the Philippine Crop Insurance Corp. (PCIC) to modernize its operations and develop more affordable insurance products for farmers, fisherfolk, and livestock raisers.
PCIC, which recently returned to the Department of Agriculture’s oversight, is encouraged to digitalize its processes, upgrade technologies, and create insurance products that offer improved protection for its clients, according to Tiu Laurel.
PCIC plays a significant role in promoting food production by providing insurance protection against natural disasters, diseases, pest infestations, and other risks for farmers, fishermen, and livestock raisers.
With an annual budget of P4.5 billion from the General Appropriations Act, PCIC primarily focuses on indemnifying insurance claims. Last year, the agency serviced 744,000 farmer claims and aims to expand coverage to 1.2 million farmers, 21,000 livestock raisers, and fisheries stakeholders this year.
Read more here.