To make agriculture insurance widely available and accessible to farmers, the state-run Philippine Crop Insurance Corp. (PCIC) is eyeing to partner with private nonlife insurers to sell cheap coverage and shoulder risks.
“Insurance is one way to help farmers recover from … calamities. However, the sector is also faced with an insurance protection gap due to the scarcity of insurance products covering their crops and produce,” Insurance Commissioner Dennis Funa noted.
Draft rules released by the Insurance Commission (IC) showed the regulator’s plan to connect the PCIC with the private sector to pilot agriculture insurance this year.
The IC defined agriculture insurance under th…
Keep on reading: IC planning hybrid agri insurance to woo and protect farmers