Agricultural insurance is a valuable financial instrument for smallholder farmers. It increases their resilience by avoiding or limiting potentially devastating financial losses. This prevents them from falling into poverty. Insurance also eases access to finance and increases smallholders’ productivity. They can confidently invest in their farms and adopt new technologies. This enables economic prosperity and eventual graduation from poverty.
Agricultural production has made impressive progress in Mauritius over the last few years. The improvements have played a key role in fueling economic growth. However, climate change and related erratic weather events threaten farmers’ livelihoods, as do pests and diseases. Agriculture insurance can be an antidote to these risks. It reduces the risks of lending to the farm sector. Hence enabling repayment of loans and stimulates the growth of the agriculture sector, which can unlock job creation potential.
How does insurance work?
An Insurance policy is a legal contract that binds both policyholder and the insurance company towards each other. It has all the details of the conditions or circumstances under which either the insured individual or policy nominee receives benefits from the insurer.
It is a method by which you can protect yourself and your loved ones from facing a financial crisis.
In case of any eventuality, the insured or nominee can file a claim with the insurer. Based on the evaluation criteria for claims, the insurer reviews the claim application and settles the claim.
Tips while buying insurance
- assess your financial situation
- Be aware of how much coverage you need
- Be truthful on the application
importance of agricultural insurance
- Stability in Income
- Provides Awareness: provide awareness campaigns to help farmers understand the effect of natural calamities and also protect their farms.
- provides financial support and reduces uncertainties that individuals and businesses face at every step of their lifecycles.
- a significant impact on the overall economy by mobilizing domestic savings.
This is why we offer insurance services in order not to let the farmers’ yield and income fall. We understand agriculture and can provide cover and advice for the things affecting you. We work closely with many of the leading agricultural insurance providers and professionals to offer a range of innovative and market-leading solutions.
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