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Agricultural Insurance in Asia and the Pacific Region

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Agricultural Insurance in Asia and the Pacific Region viii RAP PUBLICATION 2011/12 Agricultural insurance in Asia and the Pacific region Food and Agriculture Organization of the United Nations Regional Office for Asia and the Pacific Bangkok, 2011 i The designations employed and the presentation of material in this information product do not imply the expression of any opinion whatsoever on the part of the Food and Agriculture Organization of the United Nations (FAO) concerning the legal or development status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. The mention of specific companies or products of manufacturers, whether or not these have been patented, does not imply that these have been endorsed or recommended by FAO in preference to others of a similar nature that are not mentioned. The views expressed in this information product are those of the author(s) and do not necessarily reflect the views of FAO. All rights reserved. FAO encourages reproduction and dissemination of material in this information product. Non-commercial uses will be authorized free of charge, upon request. Reproduction for resale or other commercial purposes, including educational purposes, may incur fees. Applications for permission to reproduce or disseminate FAO copyright materials, and all other queries concerning rights and licences, should be addressed by e-mail to [email protected] or to the Chief, Publishing Policy and Support Branch, Office of Knowledge Exchange, Research and Extension, FAO, Viale delle Terme di Caracalla, 00153 Rome, Italy. © FAO 2011 ISBN 978-92-5-106929-5 For copies write to: Rosa S. Rolle FAO Regional Office for Asia and the Pacific Maliwan Mansion, 39 Phra Atit Road Bangkok 10200 THAILAND Tel: (+66) 2 697 4194 Fax: (+66) 2 697 4445 E-mail: [email protected] ii Foreword Asia and the Pacific region has one of the highest exposures of any region in the world to natural hazards including typhoons, floods, landslides, droughts, earthquakes, volcanic eruptions and tsunamis. Weather-related risks, particularly hurricanes, flooding and drought, are a frequent occurrence and affect crop yields, livelihoods and assets, and the personal safety of vulnerable groups across the region. The frequency with which these disasters occur often taxes the ability of such groups to rebound quickly, increasing their risk of hunger and malnutrition. Low-cost agricultural insurance schemes are increasingly viewed as mechanisms for providing social protection to the increasing numbers of people affected by such risks and in helping to lessen the impacts they suffer owing to such shocks. Agricultural insurance systems in the region range from major public sector programmes of India and the Philippines through to public-private partnerships in China and the Republic of Korea and finally to purely private markets encountered in Australia and New Zealand and non-formal private mutual and community-based crop and livestock initiatives in Bangladesh, India and Nepal. This publication is based largely on the outcome of a study commissioned by FAO to provide a comprehensive up-to-date review and assessment of different models of agricultural insurance provision in Asia and the Pacific region, together with guidelines and recommendations to policy-makers seeking to introduce agricultural insurance programmes. Information presented in the publication is based on data collected through field visits of the author to four countries in the region – China, India, Indonesia and Thailand – and draws on the experience of the insurance programmes in other countries of the region. The information is presented in a comprehensive but easy-to-read format that allows direct comparisons to be made between countries. The document also provides valuable insights into the sustainable implementation of insurance programmes. This publication provides the basis of FAO’s future work on capacity building on the subject of agricultural insurance in the region. It is hoped that the information presented in this publication provides a useful basis for countries in developing their policies and programmes on the subject. Hiroyuki Konuma Assistant Director-General and FAO Regional Representative for Asia and the Pacific iii iv Acknowledgements This report was authored by Charles Stutley, an agricultural economist who has worked for more than 20 years in the assessment of risk in agriculture and in the design and implementation of agricultural insurance and reinsurance solutions in a wide range of developed and developing countries. He currently works as a consultant for various international development organizations including FAO, GTZ and the World Bank in Africa, Asia and Latin America. The author is grateful for the assistance given by FAO and APRACA in Bangkok in arranging the survey visits to Thailand, China, Indonesia and India. Similar thanks are extended to all the individuals and insurance companies and government ministries and other organizations met during the conduct of the survey visits. Finally, thanks are due to those persons in the insurance and reinsurance market who contributed useful information on agricultural insurance in other countries. v This publication is dedicated to the memory of Ake Olofsson Rural Infrastructure and Agro-Industries Division (AGS) FAO Headquarters who contributed greatly to the preparation of this publication vi Contents Page Foreword ........................................................................................................................................................ iii Acknowledgements ................................................................................................................................... v Abbreviations and acronyms ................................................................................................................. ix Executive summary.................................................................................................................................... 1 Chapter 1 Introduction ...................................................................................................................... 9 Importance of agriculture in Asia and the Pacific region and exposure to climatic hazards ............................................................................................................................. 9 Growth of public and private agricultural insurance in the region ........................... 10 FAO’s role in promoting agricultural insurance in the region ..................................... 11 Objectives and methodology of this overview of agricultural insurance ............... 12 Report outline ................................................................................................................................ 13 Chapter 2 Risk management and the role of agricultural insurance ......................... 15 Risk management in agriculture ............................................................................................. 15 Role and scope of agricultural insurance ............................................................................ 19 Limitations of agricultural insurance ..................................................................................... 21 Chapter 3 Agricultural insurance provision in Asia and the Pacific region ............ 23 Trends in global agricultural insurance ................................................................................ 23 Agricultural insurance provision in Asia and the Pacific region ................................. 24 Types of market (private, public, public-private partnerships) .................................... 26 Size of agricultural insurance markets and trends ........................................................... 33 Agricultural insurance provision in Asia and the Pacific region by country .......... 36 Livestock, poultry and aquaculture insurance in Asia and the Pacific region ....... 47 Agricultural reinsurance in Asia and the Pacific region ................................................. 53 Scale and penetration of agricultural insurance in Asia and the Pacific region ... 55 Performance of agricultural crop and livestock insurance ........................................... 59 Chapter 4 Public sector support for agricultural insurance in Asia and the Pacific region .................................................................................................................... 65 Rationale for public-sector support to agricultural insurance .................................... 65 Types of government support to agricultural insurance in Asia and the Pacific region ................................................................................................................................................ 66 vii CONTENTS (continued) Page Cost of government premium subsidy support to agricultural insurance ............. 70 Trends in government support to agricultural insurance ............................................. 74 Issues and challenges for government support to agricultural insurance ............. 77 Chapter 5 Small farmer agricultural insurance initiatives in Asia and the Pacific Islands ................................................................................................................... 79 Case-studies in small farmer private mutual and self-help insurance...................... 79 Chapter 6 Options and recommendations for government support to agricultural insurance in Asia and the Pacific region
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