Search

Search form

Logo of Phnom Penh Post newspaper Phnom Penh Post - Agriculture players discuss insurance

Agriculture players discuss insurance

A rice farmer works on his field in 2015 in Kampong Speu.
A rice farmer works on his field in 2015 in Kampong Speu. Victoria Mørck Madsen

Agriculture players discuss insurance

Officials in the agriculture sector yesterday called on relevant stakeholders to scale up initiatives for crop insurance schemes to help Cambodian farmers mitigate the risks of having their fields destroyed by flooding and drought.

Speaking at a workshop organised by German development agency GIZ, Mom Thany, undersecretary of state of Ministry of Agriculture, Forestry and Fisheries, said enlarging the availability of crop insurance would help secure the livelihoods of small-scale farmers.

“The agricultural sector is most vulnerable to climate change,” she said. “Crop insurance protects farmer’s investments and ensures that even when a harvest fails, farmers have sufficient financial resources to reinvest and cover basic household needs like food and health care.”

Typical crop insurance initiatives that have been piloted in the Kingdom involve rice farmers paying into a scheme at the beginning of the growing season, with payments based on the size of the farm, type of paddy grown and technical tools used. In return, farmers get an insurance payout if their crop is assessed to be damaged by flood or drought.

The Cambodia Center for Study and Development in Agriculture first launched a crop insurance program in 2014, while Forte Insurance started offering services to farmers in 2015.

According to Forte’s figures, the company has so far sold crop insurance policies to 150 farmers and paid out nearly $6,000 worth of premiums.

Sam Vitou, executive director of Cedac, said that the organisation has sold crop insurance policies to 155 farmers in a pilot project that is limited to the provinces of Kampong Speu, Takeo, and Kampong Chhnang.

While he claims that the project has shown how valuable crop insurance is, he hopes the organisation can partner with stakeholders to expand the scheme.

“Right now institutions are separately developing their own programmes while what we need is to have all relevant stakeholders work together to promote the benefits of crop insurance schemes,” he said.

Chea Yoeun, a rice farmer from Battambang province, said that this year he purchased crop insurance to cover one hectare of his eight hectare farm at a cost of $25.

“If this amount of money can make sure that we are repaid when there are damages to our fields, I think more farmers would be willing to pay for insurance,” he said.

RECOMMENDED STORIES

  • Breaking: PM says prominent human rights NGO ‘must close’

    Prime Minister Hun Sen has instructed the Interior Ministry to investigate the Cambodian Center for Human Rights (CCHR) and potentially close it “because they follow foreigners”, appearing to link the rights group to the opposition Cambodia National Rescue Party's purported “revolution”. The CNRP - the

  • Rainsy and Sokha ‘would already be dead’: PM

    Prime Minister Hun Sen on Sunday appeared to suggest he would have assassinated opposition leaders Sam Rainsy and Kem Sokha had he known they were promising to “organise a new government” in the aftermath of the disputed 2013 national elections. In a clip from his speech

  • Massive ceremony at Angkor Wat will show ‘Cambodia not in anarchy’: PM

    Government officials, thousands of monks and Prime Minister Hun Sen himself will hold a massive prayer ceremony at Angkor Wat in early December to highlight the Kingdom’s continuing “peace, independence and political stability”, a spectacle observers said was designed to disguise the deterioration of

  • PM tells workers CNRP is to blame for any sanctions

    In a speech to workers yesterday, Prime Minister Hun Sen pinned the blame for any damage inflicted on Cambodia’s garment industry by potential economic sanctions squarely on the opposition party. “You must remember clearly that if the purchase orders are reduced, it is all