Egypt is set to launch its first specialised agriculture insurance policy, said head of the country’s Insurance Federation Alaa Al-Zoheiry on Saturday.
“Egypt is signing cooperation protocols with a number of countries that have achieved a significant progress in agriculture insurance to protect agricultural resources from pests, natural disasters, and climate change,” Al-Zoheiry said.
Boosting agricultural insurance is important as climate extremes become more frequent on a warming planet, according to a 2017 study by a Costa Rica-based Tropical Agricultural Research and Higher Education Center (CATIE).
The policy is expected to cover farmers against a drop in yields, plant damage and plant death caused by storms, droughts or heavy rains, as well as indirect risks.
Egypt had recently signed cooperation protocol with Tunisia to benefit from its experience in the agriculture insurance sector, he added.
“The Indian agriculture insurance market size has recorded around $5 billion, and is expected to rise to $9 billion,” Al-Zoheiry said.