Government Support to Agricultural Insurance: Challenges and by Olivier Mahul

By Olivier Mahul

Governments in constructing international locations were more and more thinking about the help of business agricultural coverage courses lately. of their try to layout and enforce agricultural coverage, many governments in constructing international locations have sought technical the aid of the overseas group and especially from the area financial institution. international financial institution is without doubt one of the few foreign monetary businesses having an absolutely devoted assurance crew with agricultural coverage specialists, and the rural coverage staff presently offers technical suggestions in approximately 20 international locations. one of many recurrent requests from the governments is ready the foreign event with agricultural coverage, not just in constructed nations the place at times agricultural coverage has been provided for greater than a century, but in addition in center- and low-income international locations. they're relatively drawn to the adventure of public aid to agricultural coverage, together with technical, operational, monetary and institutional facets. The publication goals to notify and replace the private and non-private determination makers interested by the promoting of agricultural assurance in regards to the fresh advancements in agricultural assurance, with a selected specialise in center- and low-income international locations. It presents the choice maker with a framework for the improvement of agricultural coverage in line with an analytical overview of the explanation of public intervention in agricultural coverage and a close comparative research of agricultural coverage courses with and with out public help. This research relies on a survey performed by way of the realm financial institution s agricultural assurance crew in 2008 in sixty five constructed and constructing nations. It bargains policymakers a evaluation of public aid in agricultural assurance in mild of overseas adventure and makes strategies for the advance of sustainable, reasonable and budget friendly agricultural coverage courses.

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Additional resources for Government Support to Agricultural Insurance: Challenges and Options for Developing Countries

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Governments perceive agricultural insurance as supplementing these traditional means by addressing production risks. With very few exceptions (such as agricultural revenue insurance products available in the United States), agricultural insurance does not cover price volatility. Overall, government-sponsored MPCI programs have been disappointing. Limited insurance penetration despite high premium subsidies; Introduction 23 consistent underestimation of the catastrophic risks involved in agriculture; poor financial performance, with claims and administrative costs exceeding premiums; inappropriate pricing; uncontrolled moral hazard; and adverse selection are among the key endemic problems underlying agricultural insurance programs worldwide, in both developed and developing countries.

The comparative analysis is based on a survey conducted by the World Bank’s agricultural insurance team in 2008. Drawing on the survey results, the book identifies some key roles governments can play to support the development of sustainable, affordable, and cost-effective agricultural insurance programs. The book does not provide decision makers with a prescriptive model for government-supported agricultural insurance, nor does it prescribe the specific support and intervention roles that government should adopt in order to promote the development of commercially sustainable agricultural insurance in their countries.

Under index-based insurance, the indemnity payout is based on a verifiable and transparent index (such as the level of rainfall, the aggregate crop yield in a given area, or aggregate livestock mortality). The donor community and international development agencies have helped low- and middleincome countries develop such products to complement traditional indemnity-based products. 3; see also appendix A). The majority of high-income countries (58 percent) have well-established agricultural insurance markets.

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