‘Crop insurance is a must for farmers’

It is high time the farmers got agriculture insurance to prevent the risk of crop loss, speakers observed at a discussion in the city on Monday.

Both government and non-government entities must work together to provide this benefit to farmers, they said at a round table styled ‘Prospect of Agriculture Insurance: Bangladesh Context”. 

The event was organised by Bangladesh Insurance Association (BIA) and Helvetas, an independent Swiss development organization, at Dhaka Club.

“Crop insurance is a must for farmers, especially in Haor areas,” said the chief guest Md Shafiqur Rahaman Patwari, chairman of Insurance Development and Regulatory Authority.

Some representatives of farmers from flood-affected Gaibandha shared their experience of losing crops due to natural disasters and sought insurance to recover their lossrd.

Chief executive officer of Green Delta Insurance Farzana Chowdhury said farmers are disinclined to pay premiums and they should be made aware of its importance.

“When any disaster strikes, farmers feel the risk of losing crops and become interested in paying premium. However, when things are fine and crop production is good, they are not interested in paying premium,” she added.

Wasiful Hoq, deputy general manager of Sadharan Bima Corporation, thinks government support is necessary for the growth of the insurance sector. 

“If the government subsidizes insurance premium, both the farmers and the insurance companies will be benefitted,” she suggested.

The round table discussion was chaired by BIA President Sheikh Kabir Hossain who acknowledged the presence of farmers, representatives from insurance companies, agriculture ministry and other development organizations.