LONDON Farmers can now for the first time insure their produce against price volatility as easily as insuring their homes, with a global platform based on hundreds of niche commodity indexes, underwritten by a Lloyd’s of London syndicate.
LONDON Farmers can now for the first time insure their produce against price volatility as easily as insuring their homes, with a global platform based on hundreds of niche commodity indexes, underwritten by a Lloyd’s of London syndicate.
Crop insurance has existed since the 1930s in the United States but is heavily subsidized by the government to provide protection against damage to produce and price risks. There have also been government-backed schemes in Canada and India.
Supplying insurance without such state-backing has proved challenging, however, even as price risk continues to rise due to a variety of factors including commodity market liberalization and climate change.
See full article at Business World Online