EVALUATING THE IMPACT AND EFFICIENCY OF AGRICULTURAL INSURANCE IN NEPAL

Ishwor Shrestha ()
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Ishwor Shrestha: Agriculture and Forestry University, Rampur, Chitwan, Nepal

Food & Agribusiness Management (FABM), 2024, vol. 5, issue 2, 131-134

Abstract: Agriculture in Nepal is increasingly vulnerable to climatic hazards, making the adoption of agriculture insurance a crucial strategy for safeguarding farmers’ livelihoods. The government provides an 80% subsidy on insurance premiums to encourage farmers’ participation in insurance activities. Despite the formal initiation of agricultural insurance in 2013, crop insurance adoption remains low compared to livestock insurance due to complex procedures and the need for field monitoring to assess insured amounts in damaged crops. The Nepal Insurance Authority plays a pivotal role in expanding the reach of agriculture insurance by encouraging non-life insurance companies to establish branches in all districts, fostering greater farmer engagement. Agriculture insurance not only enhances food security but also supports the economic development of the country by bridging the gap between risk management and sustainable agribusiness practices. This review article underscores the significance of agriculture and livestock insurance, outlines the Agriculture Insurance Operation Framework, discusses the current status, adoption, and challenges associated with the development of agricultural insurance in Nepal.

Keywords: Agriculture; Insurance; Livestock; Nepal Insurance Authority (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:zib:zbfabm:v:5:y:2024:i:2:p:131-134

DOI: 10.26480/fabm.02.2024.131.134

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