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Catalyzing crop Insurance as a tool to tackle the global food crisis: best practices from Bangladesh

Faria Tasnim BRAC

The world is facing a global food crisis, and it is expected to worsen in the next 25 years given that climate change is exacerbating extreme weather and other climate related risks. Our biggest strength in facing this crisis is empowering the people who are most exposed to it– smallholder farmers. Smallholder farmers make up 84% of farmers globally and produce one third of our food and equipped with the right tools, knowledge, and platforms, are some of the world’s most innovative, entrepreneurial, and resilient people.

Crop insurance has emerged as a key climate adaptation tool for smallholder farmers across the world. In 2021, BRAC started offering crop insurance to farmers in Bangladesh In response to increased unseasonal rainfall, intensifying cold waves and excessive heat. Since then, BRAC has insured 80,000 farmers by educating farmers on insurance, then proceeding to the activation stage in which farmers pay the premium and receive documents, followed by providing 1-1 technical support during cropping season, supporting insured farmers to sell produce at the market price, and finally, ensuring farmers receive their insured amount if the yield hits any of the trigger clause.

BRAC’s crop insurance project is a significant step towards improving the resilience of farmers in Bangladesh. By offering a choice of both ‘weather index insurance’ and ‘area yield index insurance’ to farmers, the program is able to provide comprehensive coverage against a wide range of risks and is accessible and affordable for small and marginal farmers. As the program matures and expands, it has the potential to significantly reduce the financial risks associated with crop failure and to improve the livelihoods of farmers across Bangladesh. BRAC, will share the journey on scaling up crop insurance, various insurance products, stories from shareholder farmers, challenges and gaps, and a vision for what is next in Bangladesh.

Track

Deploying Climate Capital

Format

Brief and Bold (1 Speaker, keynote style)

Speakers

  • NameBelayet Hossan
  • TitleProgram Head, Microfinance Program
  • OrganizationBRAC

Description

The world is facing a global food crisis, and it is expected to worsen in the next 25 years given that climate change is exacerbating extreme weather and other climate related risks. Our biggest strength in facing this crisis is empowering the people who are most exposed to it– smallholder farmers. Smallholder farmers make up 84% of farmers globally and produce one third of our food and equipped with the right tools, knowledge, and platforms, are some of the world’s most innovative, entrepreneurial, and resilient people.

Crop insurance has emerged as a key climate adaptation tool for smallholder farmers across the world. In 2021, BRAC started offering crop insurance to farmers in Bangladesh In response to increased unseasonal rainfall, intensifying cold waves and excessive heat. Since then, BRAC has insured 80,000 farmers by educating farmers on insurance, then proceeding to the activation stage in which farmers pay the premium and receive documents, followed by providing 1-1 technical support during cropping season, supporting insured farmers to sell produce at the market price, and finally, ensuring farmers receive their insured amount if the yield hits any of the trigger clause.

BRAC’s crop insurance project is a significant step towards improving the resilience of farmers in Bangladesh. By offering a choice of both ‘weather index insurance’ and ‘area yield index insurance’ to farmers, the program is able to provide comprehensive coverage against a wide range of risks and is accessible and affordable for small and marginal farmers. As the program matures and expands, it has the potential to significantly reduce the financial risks associated with crop failure and to improve the livelihoods of farmers across Bangladesh. BRAC, will share the journey on scaling up crop insurance, various insurance products, stories from shareholder farmers, challenges and gaps, and a vision for what is next in Bangladesh.

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