Over 96,000 farmers qualify for 20% crop insurance payout

More than 96,000 loanee farmers having crop insurance are entitled to receive 20 per cent of compensation if crops are damaged due to flooding, deputy general manager U Kyaw Myo Swe of Myanma Insurance’s Life Insurance Department.
Farmers need to buy the crop insurance policy (two per cent) on agricultural loans starting from 1 June 2024. Over 96,000 farmers have been insured, and there is an insurance premium worth K1.365 billion for over 450,000 acres.
“Crop insurance has been covered across the country, excluding some three states. The policy period is from 1 July to the end of October. We can see whether this insurance policy will benefit the farmers or not. Earlier, crop insurance was based on the weather index. Now, the coverage includes flood damage. Unprecedented flooding happened in Myitkyina, and farmers there did not take an interest in insurance policy. We are raising awareness of the crop insurance policy so that farmers can cover some losses,” U Kyaw Myo Swe said.
At present, 20 per cent of the payout will be distributed to the crop insurance policy covering rainfall less than minimum precipitation in upper Myanmar regions and torrential rainfall greater than the set maximum level in lower Myanmar regions.
The policy period is from 1 July to 31 October in the first term and from 1 September to 31 October in the second term. — ASH/EM

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