Costa Rica: Group Crop Insurance

Through eight financial institutions enterprises in the agricultural sector will have access to a collective crop insurance with Instituto Nacional de Seguros.

Monday, June 22, 2015

Some of the crops covered by this insurance are: rice (waterlogged, complementary irrigation and rainfed), squash, banana (organic and traditional), cocoa, coffee, Indian cane, sugarcane, onion, spicy export pepper, sweet pepper, beans, bulb flowers, leather leaf fern and hydroponic vegetables, corn, melon, watermelon for export, yam and taro for export, oil palm, potato, papaya, pepper, pineapple and plantain for export, Jaltepec burley tobacco, teak and melina , tiquizque, cassava, yampi, ñampí for export, and carrot.The list could be expanded on pending a study by the INS.

From a statement issued by the National Insurance Institute (INS):

Yesterday, representatives from the banks, Banco Nacional, Banco de Costa Rica, Banco Popular, BICSA and BAC San José, as well as the cooperatives Cooparroz, CoopeVictoria and Demasa, signed a Collective Crop Insurance that allows its customers to receive financing more easily to receive support from the National Insurance Institute (INS).

Farmers who participate in this type of insurance will insure not only their crops in a more practical way, but also, because this is a group policy format, get up to a 35% discount in the premium or cost of insurance. Underwriting of these policies is carried out directly in banks and cooperatives.



More on this topic

Costa Rica: Collective Insurance for Agriculture

April 2015

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.

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.

Costa Rica: Low Cost Insurance for Rice Crops

July 2014

The state has reduced insurance premiums for crop insurance for rainfed rice to $224, $197 and $149 per hectare for areas of high, medium and low risk, respectively.

Although the premium reduction is partly due to the request made by the rice sector, the reduction is not enough according to producers.

Insurance Market in Honduras Grows by 10%

February 2012

At the end of last year, 2011, the insurance market reported a growth of 9.6% compared with 2010.

According to the National Commission for Banking and Insurance (CNBS), growth in premiums was $28.7 million.

"According to the insurance industry, the only decrease, of 4%, was in the general insurance section which includes vehicle and fire policies, ..." reported the Laprensa.hn

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