By Olivier Mahul
Governments in constructing nations were more and more occupied with the help of industrial agricultural coverage courses in recent times. of their try to layout and enforce agricultural coverage, many governments in constructing international locations have sought technical the aid of the foreign neighborhood and especially from the realm financial institution. global financial institution is one of the few foreign monetary organisations having a completely devoted coverage group with agricultural coverage specialists, and the rural assurance staff at the moment offers technical counsel in approximately 20 nations. one of many recurrent requests from the governments is ready the foreign event with agricultural coverage, not just in constructed nations the place now and again agricultural assurance has been provided for greater than a century, but in addition in center- and low-income international locations. they're relatively drawn to the event of public aid to agricultural assurance, together with technical, operational, monetary and institutional elements. The publication goals to notify and replace the private and non-private selection makers fascinated with the advertising of agricultural coverage concerning the fresh advancements in agricultural coverage, with a selected specialise in heart- and low-income nations. It offers the choice maker with a framework for the improvement of agricultural coverage in accordance with an analytical evaluate of the reason of public intervention in agricultural coverage and an in depth comparative research of agricultural coverage courses with and with no public help. This research relies on a survey carried out via the realm financial institution s agricultural coverage group in 2008 in sixty five built and constructing nations. It bargains policymakers a evaluate of public aid in agricultural coverage in mild of foreign event and makes concepts for the improvement of sustainable, cheap and competitively priced agricultural coverage courses.
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Extra info for Government Support to Agricultural Insurance: Challenges and Options for Developing Countries
It is particularly exposed to adverse natural events, such as droughts or floods, and the economic costs of major disasters may even increase further in the future because of climate change. Farmers and herders have developed risk management strategies to cope with these adverse events, sometimes with the assistance of the governments. Agricultural insurance is one of the financial tools that agricultural producers can potentially use. This chapter discusses how agricultural insurance can complement and enhance agricultural risk management activities and reviews the availability of agricultural insurance worldwide.
Although these peak risks are high, they are still reasonable compared with catastrophe risk exposure for earthquakes and hurricanes in property insurance, where extreme events can generate losses that exceed expected losses by factors of 50 or more (Cummins and Mahul 2009). Public intervention is justified to insure against such losses because no private reinsurer or pool of reinsurers has the capacity to cover such a 32 Government Support to Agricultural Insurance: Challenges and Options for Developing Countries large liability when the risks, even though small, may be difficult to diversify.
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.