Agriculture Insurance: A priority in Asia
Agricultural Risks not only affect famers , they also affect the whole value chain
(i.e Input supplier, Distributor,Farmer,Trader, Processor,consumer).
From a corporate social responsibility perspective, Grandiose hopes to improves the quality of life for local communities in emerging economies by making appropriate insurance solutions available such as weather index-based insurance to farms – this allows them to attract the necessary funding and investments.
Agriculture Sector in Myanmar constitute 40% of the GDP and feed approximately2/3 of population on estimated 16million acres of land
Food Security a crucial issue- Government “need to feed” their population
For Cat Losses affecting more than 250,000 people: 10 year asia agriculture production losses in emerging economies estimate : ‘USD48bn (2003-2013*)
Governments’ support for agri insurance market development- risk transfer tool preferred by government, as opposed to funding losses with cash handouts.
Agriculture insurance demand set to increase.
China: USD 0.11Bn (2006)-> USD 6.3Bn premium (2016)
India: USD 0.5Bn(2015)-> USD 3.3bn in premium (2016)
Rice scheme in Thailand, Indonesia,etc