A high-level economic reforms committee formed by the Nepalese government has suggested that the insurance premium should be determined by the market in a competitive manner.
The UNDP with the General Insurance Association of Indonesia (AAUI) has launched the Agricultural Insurance Roadmap 2025-2030 to improve risk financing and inclusiveness for smallholder farmers.
These are the updates on insurance regulation across China this week.
On March 3, the National Financial Regulatory Administration (NFRA) announced China's agricultural insurance premium income reached approximately CNY150bn ($20.64bn) in 2024, providing over CNY5tn in risk protection. This makes China the world's largest agricultural insurance market by premium size.
The central authorities have issued a notice advising that they would reduce subsidy rates relating to agricultural insurance premiums in major grain-producing counties.
The risk transfer solution, backed by the Natural Disaster Fund (NDF) and in partnership with Bao Minh Insurance Corporation, provides timely relief to coffee growers affected by drought.
The Philippine Crop Insurance Corp. (PCIC) has partnered with G-Xchange to allow farmers to receive indemnity payouts directly through GCash.
Pakistan's fertiliser company Fauji Fertilizer Company (FFC) and Adamjee Insurance Company have reached an understanding about launching a comprehensive crop protection insurance initiative.
Regulatory oversight in agricultural insurance is intensifying. End of last year, the National Financial Regulatory Administration, Ministry of Finance, Ministry of Agriculture and Rural Affairs, and National Forestry and Grassland Administration jointly issued the 'Ten Guidelines for Promoting Precision in Agricultural Insurance Underwriting and Claims' (referred to as the guidelines). This policy emphasized standardizing the agricultural insurance market. Soon after, local regulators began responding.