New Insurances for the Agricultural Sector

During the first quarter of this year, the National Insurance Institute will begin to offer two new policy modalities aimed at the aquaculture and poultry sectors.

Monday, January 14, 2019

The Executive President of the National Insurance Institute (INS), Elian Villegas Valverde, explained last January 9 that the Poultry Insurance will cover hens for breeding, broiler and laying hens for consumption, while the Aquaculture Insurance, will focus on shrimp, fish and snapper spot.

See "Frozen Shrimp Exports up 53%" reviews that "... According to a report released by the INS and the Government, it covers poultry in the event of death or slaughter by natural risks or asphyxiation, as well as the risks of transport and death and compulsory slaughter."

You may be interested in "Outlook for the Insurance Markets"

The article explains that ".... For the aquaculture sector, coverage includes extreme temperatures, high and low rainfall, uncontrollable pests and diseases, volcanic eruption, flooding and earthquake or quake."

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More on this topic

Guatemala: Little Demand for Agricultural Insurance

October 2014

Between January and September crop insurance generated premiums of $1.9 million, well below the performance of other policies, such as life, which increased by 10% compared to the same period in 2013.

According to the Guatemalan Association of Insurance Institutions (Agis), "... lack of awareness among the population to ensure their crops is one of the reasons why agricultural insurance has shown only modest growth."

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.

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 "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.