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.

MOST VIEWED

  • ‘Kingdom one of safest to visit in Covid-19 era’

    The Ministry of Tourism on January 12 proclaimed Cambodia as one of the safest countries to visit in light of the Kingdom having been ranked number one in the world by the Senegalese Economic Prospective Bureau for its success in handling the Covid-19 pandemic. In rankings

  • Kingdom accepts Chinese vaccine, PM first to get jab

    Prime Minister Hun Sen said China would offer Cambodia an immediate donation of one million doses of the Covid-19 vaccine produced by the Sinopharm company. In an audio message addressing the public on the night of January 15, he said Cambodia has accepted the offer and

  • Reeling in Cambodia’s real estate sector

    A new norm sets the scene but risks continue to play out in the background A cold wind sweeps through the streets of Boeung Trabek on an early January morning as buyers and traders engage in commerce under bright blue skies. From a distance, the

  • Hun Sen: Lakes filled in for national developments

    Prime Minister Hun Sen has announced continued operations to fill some lakes in Phnom Penh to create land for developments, though he is against the unrelated practice of damming rivers or blocking waterways. Speaking at the inauguration of the Ministry of Public Works and Transport

  • PM asks India for vaccine help

    Prime Minister Hun Sen is seeking assistance from India for the provision of Covid-19 vaccines as the country has produced its own vaccine which is scheduled to be rolled out to more than 300 million Indians this year. The request was made during his meeting with

  • Local media loses a giant, and The Post a great friend

    Cheang Sokha, a gifted and streetwise reporter who rose to the highest ranks of Cambodian media and was beloved for his sharp intelligence, world-class humour and endless generosity, died on Friday in his hometown of Phnom Penh. He was 42. His wife, Sok Sophorn, said he