AGRICULTURE REINSURANCE SERVICE

Agriculture : Agriculture worldwide is highly susceptible to risks like droughts and floods. It is necessary to protect the farmers from natural calamities and ensure their credit eligibility for the next season .The idea is that should loss occur, regardless of the source of finance, the farmer will be reimbursed as soon as possible

Crop insurance is purchased by agricultural producers to protect against either the loss of their crops due to natural disasters, such as hail, drought, and floods, or the loss of revenue due to declines in the prices of agricultural commodities.

Objective :

• It aims at supporting sustainable production in agriculture sector.Providing financial support to farmers suffering crop loss/damage arising out of unforeseen events
• Stabilizing the income of farmers to ensure their continuance in farming
• Encouraging farmers to adopt innovative and modern agricultural practices
• Ensuring flow of credit to the agriculture sector, which will contribute to food security, crop diversification and enhancing growth and competitiveness of agriculture sector besides protecting farmers from production risks.

The Livestock Insurance
Livestock Sector is an important sector of national, especially rural economy. Cattle are considered one of the most valued possessions of the rural community. Marginal, small and medium farmers earn considerable portion of their income from cattle rearing. The supplemental income derived from rearing of livestock is a great source of support to the farmers facing uncertainties of crop production, apart from providing sustenance to poor and landless farmers . Since the livelihood of farmers depend so much on them, it becomes important to get cattle insurance for comprehensive coverage against cattle loss . The Livestock Insurance has been formulated with the twin objective of providing protection mechanism to the farmers and cattle rearers against any eventual loss of their animals due to death . In addition to cattle, livestock insurance covers domestic sheep, swine, goats, horses, mules, donkeys, alpacas, and llamas.

Besides death or disability caused by fire, road accidents, drowning, electrocution, snake bites or poisoning, cattle insurance offers coverage for other issues as well. They include:

• Death due to natural calamities like storms and earthquakes
• Death due to disease, infection or calving during surgical operations
• Permanent disability, for milch cows this refers to incapacity to conceive and yield milk. For bulls, this refers to incapacity to breed