Agri insurance helping farmers continue to bank on farming to make a living
It was introduces in September 2018 udner the "Surokkha" project taken up by Syngenta Foundation
At least 19 crop insurance products commercially helping farmers to protect their crops from natural calamities
Surokkha project aims to promote risk mitigation measures for climate change adaptation
The insurance programme is now running in 64 upazilas of 16 districts
Insured farmers get weather forecasting, early warning, and agro-advisory services over the phone every week
Crop insurance products are developed based on the weather index to address the risk of plant diseases
Farmers do not need to file a claim when it comes to insurance settlement, the process getsa done automatically
They can claim compensation from their insurers when certain climatic tipping points are reached
For example, they can claim compensation if the temperature stays below 10 degree Celsius for 72 hours in a row and the percentage of humidity is more than 85%.
Many get insured only to get agriculture-related services over the phone which is benefiting them greatly in crop production
In four years, the number of farmers enrolled through Sadharan Bima Corporation and Green Delta Insurance Company Limited has reached 2,14,836 from a mere 1,526 in FY19
Meanwhile, around 40,000 farmers received compensations amounting to Tk20 lakh against their claims
Companies like Brac, Syngenta Bangladesh Limited, Gram Unnayan Karma, GBK Enterprise etc support the insurance companies as distribution and strategic partners because they do not have adequate manpower at the field level
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