Cambodian farmers to get crop protection insurance cover, thanks to Global Parametrics
Parametric and index-based disaster risk transfer company, Global Parametrics (GP), has announced its support for the AGRIBEE Crop Insurance Pilot to provide extreme weather protection cover for smallholder rice farmers in Cambodia.
GP is providing cover for the transaction from its Natural Disaster Fund (NDF). Through the partnership agreement between the NDF and Hannover Re, the NDF will cede 50% of the risk to Hannover Re.
If the pilot is successful, financial and technical assistance facilitator, AGRIBEE, who assists stakeholders in the agricultural value chain, seeks to scale the program to up to approximately 20,000 farmers in 2021.
