Green Delta initiates index-based crop insurance in Haor areas

Green Delta Insurance Company Limited and its distribution channel partner OXFAM Bangladesh and local associate Sancred Welfare Foundation (SWF) have insured 316 farmers of Tahirpur, Sunamganj area under Index-Based Crop Insurance recently as a pilot basis.

To mitigate the risks of the farmers of the Haor area arising from excessive rainfall and river flood, Green Delta will provide this insurance service to the farmers till May 22 while converting the crop losses into fatal financial risks for them. In case of crop damage under this insurance, the insured farmers can get the insurance claim depending on the extent of excess rainfall and the height and stability of the floodwater causing by river flood.

In the case of river flood, if the water level if above 6.8 meters and in case of excess rainfall if it rains 125 millimeters in 3 consecutive days the insured farmers will receive maximum BDT 12,000 depending on total loss and duration of the flood. In August last year, Green Delta Insurance Company, with the support of Oxfam and SKS Foundation, provided index-based crop insurance to 650 farmers in Fulchhari and Saghata areas of Gaibandha.

"Farmers are living in extreme misery due to the epidemic caused by the coronavirus infection and they will face more financial difficulties if the floods destroy their crops. By reducing the risk of flood damage caused by index-based crop insurance, Green Delta hopes that helpless farmers in the Haor area will have a shining laugh in the coming days," said a statement.