Asia’s agricultural sector holds the peak position in the food pyramid for the world with 2.2 billion people in the region relying on agriculture for their livelihood. In addition to feeding mouths, it is also seen as a profitable investment producing high amount of yield in a short period of time. However, this is at the mercy of catastrophic weather conditions like severe heat, drought and floods that greatly impacts the livelihood and pockets of small-scale farmers as well as commercial farming enterprises.
So where do insurers stand? The awareness of agricultural insurance and its coverage potential has increased and is seen as a “gift” to cover the losses during adverse weather conditions. Can insurers survive without government subsidy? Are insurers capitalizing on these golden opportunities? The liabilities are increasing too as farmers continuously face a volatile trade environment, the excesses of climate change. So there is a need to step up with better models and more effective risk management tools.
The 5th Asia Agriculture Insurance Conference organised by Asia Insurance Review will take the debate a step further and explore the changing perspective of agricultural insurance today, the conference will also look at how insurers can rise to the challenge of facing the fragmented agri-platforms. A highlight of the Conference will be the in-depth case-studies on the Pradhan Mantri Fasal Bima Yojana (Prime Minister’s Crop Insurance Scheme).