News Middle East11 Jun 2020

Egypt:Insurance federation acts to promote agricultural insurance

11 Jun 2020

The lack of data on crops, pests and related agricultural matters, is one challenge facing the agricultural insurance segment, according to the Insurance Federation of Egypt (IFE) which is working to develop this class of insurance.

In a bulletin, the IFE cited other challenges in the segment that include:

  • the lack of coordination between stakeholders such as the Ministry of Agriculture, insurance companies and the Agricultural Development Bank;

  • the lack of proper storage facilities, such as refrigerators. This shortage contributes to losses from harvests;

  • the lack of an accurate inventory of agricultural lands in Egypt;

  • the lack of awareness among farmers about agricultural insurance and the belief among some farmers that insurance is taboo.

The IFE's Agricultural Insurance Committee has been established. It is deliberating designing new agricultural insurance products that take into account the needs of farmers, and setting up mechanisms for distributing these products, reported Al Mal.

This is in addition to a financial inclusion strategy targeted at small farmers who lack access to financial services. The strategy covers the provision of microinsurance that aims to improve the lives of farmers through life insurance, savings and health insurance plans and more.

 

 

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