Costa Rica: Collective Insurance for Agriculture

A state-run insurance company project aims to create an insurance group for crops in order to encourage the use of these policies, the costs of which are high due to the high risk they present.

Monday, April 6, 2015

The Ministry of Agriculture and Livestock (MAG) and the National Insurance Institute (INS) are backing the concept of group insurance for agricultural producers so that they can have increased access to crop insurance. The initiative is expected to be ready before the end of the month. They are also seeking to create a fund with resources from both institutions for small producers.

José Joaquín Salazar, Deputy Minister of MAG, told Elfinancierocr.com that "... The benefit of a group policy, which is taken on by several policy holders, is the discount received in the premium, and the savings will be even higher when there is greater participation of policyholders. Through this initiative we would be able to provide discounts based on volume of hectares which will be covered by the policy. The premium can be reduced by between 3% and 5% in an area of ​​500 hectares if a group insurance is used, rather than individual insurance. "



More on this topic

Increase in Sales of Agricultural Insurance

September 2012

In Panama the sale of agricultural insurance policies up to August has seen a 47% increase compared to the same period last year.

Inclement weather has encouraged the agricultural sector to take up these types of policies. A total of 1,442 producers have insured 25,175 hectares of crops and about 405 have insured about 8472 head of cattle.

Eight Ministers in Eight Years

March 2012

The Ministry of Agricultural Development in Panama has changed hands eight times in the past eight years, while the agricultural sector’s output has fallen by 3.2%.

The agricultural sector faces a critical situation with little prospects in an economy that is oriented towards services. Agricultural production fell by 3.2% in the period 2003-2010, demonstrating a downward trend, according to an article in Capital.com.pa.

Costa Rica Subsidizes Crop Insurance

May 2009

The government will subsidize between 30% and 60% of the total cost of insurance premiums for crop losses due to bad weather.

Rice, beans, corn, potatoes, onions, bananas and tropical roots (cassava, cocoyam, yam and taro) are the crops that will benefit.

Agriculture Minister Javier Flores informed Nacion.com: "We are already working with the INS, the Treasury Department and international agencies on a parametric insurance system based on historical rainfall rates and weather conditions. These premiums would be much more accessible for producers."

Honduras - producers urged to obtain agricultural insurance

November 2008

According to Agriculture and Cattle Ranching Secretary, agricultural insurance is the only hope for producers against losses from weather phenomena.

The Minister of Agriculture and Cattle Ranching (MACR), Hector Hernandez, said that the National Committee for Agricultural Insurance will start operating soon. It was created with the participation of the private sector, international organisms and the government.

 close (x)

Receive more news about Agriculture

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

Type in your e-mail address:

* Al suscribirse, estará aceptando los terminos y condiciones


Looking for Importers and distributors of furniture

Mexican manufacturer of office furniture seeks importers and distributors interested in dealing their products in Central America.
PM Steele is a 100% Mexican company, with more than 67...

Stock Indexes

(Apr 6)
Dow Jones
-5.60%
S&P 500
-5.10%
Nasdaq
-5.64%

Commodities

(Jun 1)
Brent Crude Oil
38.43
Coffee "C"
99.850
Gold
1,746
Silver
18.845