Agricultural Insurance Consultation Call Report
The fourth consultation call focused on agriculture insurance, an issue that has hardly been discussed when considering inclusive insurance markets. It was attended by almost 30 supervisors from various jurisdictions across Asia, Africa, Latin America and the Caribbean.
Experts on the call: Richard Carpenter, International Legal and Regulatory Consultant, Michael Hafeman, Actuary and Independent International Consultant on Financial Sector Regulation and Supervision and Peter Wrede, Senior Insurance Specialist, GIIF IBRD Program Coordinator, World Bank.
On the topic: Regulatory issues around agricultural insurance have hardly been discussed when considering inclusive insurance markets. Insurers are generally reluctant to provide insurance to farming or in rural areas. Still, insurance is an important tool to secure rural food production. However, farmers and their rural enterprises have limited access to insurance.
Furthermore, climate change and natural disasters affect an important number of people who can fall prey to these events. Especially populations living in rural areas and active in the agricultural sector are concerned by these developments. Agricultural insurance is an important instrument to secure rural development, improve living conditions and production and prevent urbanization and migration. Insurance can mitigate adverse effects of extreme meteorological events and natural disasters, and also, secure the assets and lives of rural population.
Even though agricultural insurance schemes are becoming increasingly popular only little attention has been focused on legal and regulatory aspects of agricultural insurance and how to approach these. Our experts Richard Carpenter, Michael Hafeman and Peter Wrede will present an overview of current trends in agricultural insurance and the challenges supervisors have been facing.
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