#agricultural insurance

[farmerstrend]

Global Collaboration for Local Impact: How LM Re, Sprout, and Britam are Supporting Kenyan Coffee Growers Against Drought

Liberty Mutual Reinsurance (LM Re) has announced a partnership with Insurtech firm Sprout, Inc and Kenyan financial services company Britam to introduce a new parametric insurance product aimed at protecting Kenyan coffee growers from financial losses caused by drought. This new product, developed through collaboration at the Lloyd’s Lab Launchpad Pitch, is designed to provide swift payouts…

[probablyasocialecologist]

Agricultural production is worth protecting; food and fiber are too important to be subject to the increasingly cruel vagaries of the weather and global trade. But as it stands, the [Federal Crop Insurance Program] is maladapted to the challenges of our modern world, where places like Arizona are routinely smashing through high heat records and water in the West is becoming increasingly scarce. While home insurers like State Farm are pulling out of California and Florida due to the mounting costs of climate disasters, the FCIP is doing the opposite: insulating farmers from the true cost of doing business. The average return for home and auto policies is about 60 cents per dollar spent on premiums. Farmers receive an average of $2.22 for every dollar they put into crop insurance. As a result, between 2000 and 2016, farming businesses—mostly large ones—collectively pocketed $65 billion more in claim payments than they paid in premiums. They were paid to plant crops that never came to market.

[kshemageneralinsurance]

Kshema is India’s Digital Insurance Company For Agriculture & Food Sectors

Kshema is India’s digital Insurance company that caters predominantly to cultivators of the Agriculture & Food Sectors. Our mission is to enable resilience among cultivators across the country, from income shocks due to extreme climate events and other vagaries, with insurance.

I AGRI — our proprietary location-aware platform that assesses and prices risk adequately allows us to address pre-harvest risks at a farm level. Developed in partnership with leading global experts in Spatial data sciences, actuaries, financial engineers and remote sensing experts among others, the platform allows us the benefit of drawing evidence-based results to expand the scope of our services beyond traditional risk analyses.

• A D2C rural insurance company with emphasis on creating products for cultivators.

• Kshema would create insurance solutions, through geo-tagging for many location-specific pre-harvest risks faced by cultivators.

• We aim to incentivize sustainable cultivation practices contributing to a ‘Net Zero Emissions Planet’ and Sustainable development Goals in the future.

• A well-capitalized company led by promoters with a progressive vision and a growth mindset.

• Kshema is an equal opportunities provider. Whether it’s our employees, vendors or partners, we only consider their merit and the value they create.We are changing the world, one farmer at a time — if you are passionate about creating impact on a global scale — join our journey.

[sonalikrishnan]

Understanding the importance of crop Insurance | Kshema General Insurance

Farming in India is not just an occupation; it is a way of life for millions of small and marginal farmers. However, the unpredictable nature of agriculture—driven by erratic weather and market fluctuations — makes it one of the riskiest livelihoods. For a small farmer, a single failed crop can lead to catastrophic financial consequences, trapping them in a cycle of debt and poverty. 

This is where crop insurance becomes a game-changer. Despite its affordability, many farmers fail to understand the importance of crop insurance.

Why Farmers Avoid Crop Insurance 

Despite its numerous benefits, many farmers in India fail to understand the Importance of Crop Insurance and remain uninsured. The reasons include: 

Lack of Awareness: Many farmers are unaware of crop insurance schemes or how they work. 

Perceived Cost: Farmers assume that the insurance premiums are expensive, without realising how affordable they can be. 

Complex Processes: Farmers often feel intimidated by the documentation and procedures involved in insurance enrollment. 

These misconceptions prevent farmers from taking advantage of a safety net that can save them from financial ruin. 

Kshema Sukriti Crop Insurance: Affordable Protection 

At Kshema General Insurance, we understand the importance of crop insurance and the challenges faced by small and marginal farmers. Our Sukriti Crop Insurance policy is specifically designed to offer comprehensive protection at an affordable cost. 

Key Features of Kshema Sukriti: 

Affordable Premium: Starting at just Rs 499, it is one of the most affordable crop insurance options available to the farmers in more than 20 states and union territories in India.  

Wide Coverage: Mitigates loss of crops due to natural disasters and animal attacks (elephants, wild boars, monkeys, and rabbits).  

Easy Enrollment: Hassle-free, mobile app-based processes to make crop insurance accessible to all farmers.   

Timely Compensation: Quick claim settlements to help farmers recover and restart their operations.  

Customisation: Choice of 2 perils among a list of 8 predefined perils so that the farmers pay for only what they perceive as a danger to their crops.  

By enrolling in Kshema Sukriti, farmers can avoid the crippling financial burden of crop failures and secure their livelihoods. 

Read More: https://kshema.co/understanding-the-importance-of-crop-insurance/

[tractorforeveryone]

Explore the essential details about tractor insurance. Learn about the different types of coverage, from comprehensive to third-party, and what benefits each policy offers to protect your tractor from unexpected damages.

[rugrofficial]

Which Fintech Companies Are Most Successful in Rural India?

In the past few years, the field of fintech has risen as a revolutionary force in rural India, catering to the unique financial demands of farmers and rural communities. With an emphasis on increasing financial inclusion, some fintech startups have successfully built agricultural-specific products. This article examines some of the most successful fintech companies working in rural India, focusing on their contributions to agricultural loans in rural, crop insurance, and overall rural development.

1. Rugr: Empowering Farmers with Tailored Financial Solutions

Rugr stands out as a prominent player in the rural fintech landscape, providing essential agricultural loans in rural areas. By leveraging mobile banking in rural Bharat, Rugr simplifies the loan application process, enabling farmers to access funds directly from their smartphones. This convenience is crucial for farmers who often face challenges related to distance and accessibility to traditional banking services.

Rugr also provides crop insurance online in rural areas, allowing farmers to protect their investments from unforeseen risks like as natural disasters. This holistic strategy not only helps farmers manage their financial risks, but it also promotes sustainable farming practices. Rugr's loan and insurance services enable farmers to make informed decisions that boost production and economic stability.

2. Jai Kisan: Bridging the Credit Gap

Jai Kisan, a fintech firm based in Mumbai, was founded in 2017 with the goal of bringing financial inclusion to rural populations. The platform provides digital financial services especially to farmers and small enterprises involved in agriculture. Jai Kisan provides agricultural loans for income-generating activities, ensuring that farmers have access to the capital they require for growth. 

Jai Kisan has established a solid ecosystem that helps over 150,000 rural clients through collaboration with over 700 organized and unorganized institutions. In May 2021, the firm raised $30 million in Series A funding, establishing its status as a major player in rural fintech.

3. Hesa: Transforming Rural Commerce

Hesa is a cutting-edge agri-fintech firm that uses both digital and physical ways to empower farmers. The website connects farmers to merchants and enterprises, increasing their earning potential by up to 20%. Hesa provides access to financial services, market linkages, and e-commerce solutions tailored for rural communities.

By leveraging a vast network of village-level entrepreneurs known as Hesaathis, Hesa facilitates transactions and helps farmers digitally trade their produce. This model not only improves financial access but also enhances market transparency and efficiency, driving economic growth in rural areas.

4. BankSathi: Facilitating Financial Literacy

BankSathi is a social commerce fintech platform that aims to increase financial literacy among rural populations. BankSathi enables people to make informed financial decisions by making banking services and educational resources easily accessible. Farmers can apply for Kisan Credit Cards (KCC) through the platform's app, which streamlines the loan application procedure.

BankSathi simplifies the KCC application process and provides support through business correspondents, allowing even non-technical users to access official banking services. This focus on education and accessibility is crucial for promoting financial inclusion in underserved areas.

5. Aggois: Affordable Financing for Farmers

Aggois is another agri-fintech startup dedicated to providing affordable financing solutions for farmers throughout India. The platform offers hassle-free loans with transparent terms designed specifically for agricultural needs. Aggois assures that even persons with no formal credit history can obtain funding by using technology to assess creditworthiness based on alternative data sources.

The company's commitment to transparency and affordability makes it an appealing choice for farmers looking for dependable financial support.

Conclusion

The achievement of these new fintech companies demonstrates how technology has the ability to alter rural finance in India. These companies are leading the path for greater financial inclusion and economic empowerment by tackling the unique difficulties that farmers experience, such as limited access to finance, a lack of financial awareness, and inadequate insurance alternatives.

Rugr stands out for its complete strategy for agricultural loans and crop insurance, while other firms like as Jai Kisan, Hesa, BankSathi, and Aggois make major contributions to closing the credit gap and increasing market access for rural areas. As these fintech solutions mature and spread, they will play an important role in promoting sustainable farming practices and driving growth in India's rural economy.

To summarize, the combination between technology and agriculture through these successful fintech startups is not only transforming access to financial services, but also increasing farmer resilience in rural India. With continued improvements in mobile banking and digital finance, the future appears bright for both the agricultural sector and rural populations in general.

[dhirajmarketresearch]

[indoorverticalfarmingnews]

Digital Agricultural Services Launches Crop Insurance Solution in Australia

Key Takeaways: New Crop Insurance Solution: DAS introduces a crop insurance solution aimed at improving accuracy and reducing risks for insurers and farmers in Australia. Technology Integration: The solution uses machine learning, automapping, and geospatial data to reduce premium leakage, prevent policy errors, and minimize fraud. Industry Challenges: Addresses the crop protection gap, where…

[townpostin]

Divisional Cooperative Maha Sammelan in Jamshedpur Boosts Farmer Support

Agriculture Minister distributes assets worth ₹4.85 crore to beneficiaries Jamshedpur’s Divisional Level Cooperative Maha Sammelan highlighted government initiatives to empower farmers and cooperative societies. JAMSHEDPUR – The Divisional Level Cooperative Maha Sammelan was conducted at the Ravindra Bhawan auditorium in Sakchi, with Agriculture Minister Deepika Pandey Singh serving as the…

[jobsnotices]

Sagarmatha Insurance Company (SALICO) Vacancy 2081 for Various Positions

Sagarmatha Insurance Company (SALICO) Vacancy 2081 for Various Positions. Interested and qualified candidates can apply by 7th August 2024. CAREER OPPORTUNITY  Sagarmatha Insurance Company (SALICO) Vacancy 2081 for Various Positions Sagarmatha Insurance Company Ltd and Lumbini General Insurance Company Ltd have merged and we have laid the foundation to build a uniquely positioned strong entity to…

[projectchampionz]

Evaluating Crop Farming Practices and Agri-Education to Enhance the Quality and Relevance of Agricultural Education and Training Programs

Evaluating Crop Farming Practices and Agri-Education to Enhance the Quality and Relevance of Agricultural Education and Training Programs Abstract: This research project aims to assess the current state of crop farming practices and agricultural education programs to identify opportunities for improving the quality and relevance of agricultural education and training. The study will employ a…

[sonalikrishnan]

What does crop insurance coverage include?

Crop Insurance Coverage is specifically designed to safeguard farmers against potential losses from various natural and man-made risks. It ensures that farmers have a financial safety net when their crops fail or their yield is reduced. Crop insurance is critical for maintaining agricultural sustainability and protecting farmers’ livelihoods. 

The main objective of crop insurance is to provide financial support to farmers in the event of unforeseen crop damage. It also encourages them to adopt modern farming techniques and risk mitigation measures without worrying about financial losses. 

Read More: https://kshema.co/what-does-crop-insurance-coverage-include/

[tractorforeveryone]

Choosing the best tractor insurance is essential to safeguard your farming equipment. Compare the top tractor insurance providers, their policies, and coverage options to ensure your tractor is fully protected.

[dikoderbeatz]

Protesters Rally Against SSNIT Hotel Sale, Ablakwa Leads Petition to Presidency

In a bold display of dissent, concerned citizens gathered in Accra yesterday to protest the controversial sale of a 60% stake in six hotels owned by the Social Security and National Insurance Trust (SSNIT). Organized under the banner of ‘Hands Off Our Hotels’, the demonstration saw a coalition of activists, workers, and political figures voicing their opposition to what they perceive as an abuse…