Green Delta Ins supports marginal farmers

Innovative agri-insurance products

FE DESK | Published: September 05, 2020 21:04:39 | Updated: September 05, 2020 21:07:24

Green Delta Insurance Company (GDIC) has empowered marginalized farmers in different flood-prone districts with different schemes of agriculture insurance to mitigate challenges of farming both in crop and cattle segment, said a statement.
In association with local and multinational development agencies, the insurer is also working to improve financial capabilities of farmers and stabilizing production as well as credit worthiness through collateral-free loans while collaborating with commercial banks.
GDIC and BRAC Bank jointly offered protection mechanism to the cattle rearers against any eventual loss of their animals due to death or partial disability. As first of its kind, the insurer developed a comprehensive platform where data of insured cattle can be recorded, stored, monitored and also claim can be remotely initiated through the digital platform.
Officials informed that the company is now working to digitalize 'cattle health card' for ensuring better cattle health practices alongside of automation of claim.
In next phase of the project, the company will connect veterinary doctors through an electronic platform to provide veterinary services to the insured farms. In addition to availing veterinary services, the cattle farmers can also sell their cattle and dairy products, purchase input and apply for loans through the same electronic platform.
Under the Livestock Insurance, GDIC settled Tk 1.5 million among farmers in the first quarter of the year, while the agency insured asset worth of Tk 102.8 million covering 679 cattle under 172 farms.
Along with insuring livestock, GDIC also has completed a pilot program on index-based crop insurance, which was supervised by Financial Institutions Division of Ministry of Finance and Insurance Development Regulatory Authority (IDRA). Under index-based crop insurance, GDIC has secured 316 farmers of Tahirpur, Sunamganj area in collaboration with International humanitarian agency - Oxfam and local non-profit organization - Sancred Welfare Foundation. GDIC also ensured its active presence in haor areas through index-based crop insurance and settled claim of Tk. 150 thousand among haor farmers who were affected by the Cyclone Amphan, through state-owned mobile financial service - Nagad.
Besides Oxfam, GDIC has also collaborated with Syngenta Foundation to aid poverty-stricken marginalized farmers. Under this collaboration with Syngenta Foundation, GDIC settled claims among 6,031 potato farmers in 5 northern districts of the country. Syngenta Foundation for Sustainable Agriculture Bangladesh (SFSA) was the facilitator partner in this initiative. NGO GUK, ESDO, Agreegator Ejab Group and Farmers hubs of Syngenta Foundation were also involved voluntarily to ensure reach and sale of the insurance product to their farmer network.