The Federation of Egyptian Insurance Companies (FEIC) has outlined key strategies to expand agricultural insurance coverage in Egypt, focusing on small farmers. These strategies were shared in a recent newsletter.
One major pillar is the development of insurance products tailored to agricultural risks and local production cycles. The FEIC also emphasizes the use of digital technology to streamline the design, distribution, and management of insurance policies. This includes quick and efficient damage assessments and compensation payouts.
The Federation highlights the need for financial support or joint financing mechanisms to help reduce the cost burden on farmers, ensuring their inclusion in the insurance system. Additionally, it stresses the importance of insurance awareness programs to educate farmers about the benefits of insurance for financial stability and continued production.
To improve the underwriting process and product design, the FEIC recommends creating databases and risk assessment models.
The Federation also points out that enhancing agricultural insurance is a national priority. It calls for coordinated efforts between government agencies, insurance companies, and the agricultural sector to achieve this goal.
Furthermore, the FEIC emphasizes that the sustainability of agricultural insurance systems relies not only on financial support but also on fostering a culture of risk management among farmers.
To advance agricultural insurance, the Federation has organized various seminars and workshops, including one on “Agricultural Insurance and Climate Change” under the African Reinsurance Company, as well as a training seminar with the Moroccan Central Reinsurance Company Academy.
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