AGRICULTURAL INSURANCE PRACTICES AND EXPERIENCE IN NEPAL (CROP AND LIVESTOCK)

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1 AGRICULTURAL INSURANCE PRACTICES AND EXPERIENCE IN NEPAL (CROP AND LIVESTOCK) - Dip Prakash Panday Chief Executive Officer, Shikhar Insurance Company Ltd. 1

2 Development of Agri Insurance in Nepal > Non-insurance organization used to provide insurance service occasionally for Livestock and Crop in limited areas up to > Insurance Companies compulsorily started this insurance from 2013 January after the introduction of Crop and Livestock/Poultry Insurance Directive 2013

3 Development of Agri Insurance in Nepal > Each Insurance Company is required to establish at least one agri-insurance branch in a rural part of the country. > Allocation of districts to Insurance Companies for Agri-Insurance. 3 to 5 districts to each company 73 out of 75 districts allocated 2 districts not allocated (Kathmandu and Bhaktapur)

4 Overview > Livestock Insurance -Max. Sum Insured, age band, premium rate fixed - Policy Conditions, Claim Procedure specified > Claim Payment for Livestock (of Sum Insured) - Death 90% - Permanent Total Disablement 50% Permanent Total Disablement is the situation in which insured cattle results in permanent and total incapacity to the function for which it is domesticated for.

5 Overview > Types of cattle specified - Cow, Yak, Buffalo - Goat, Sheep, Pig > Cover of Livestock Insurance - Fire, Lightning, Earthquake, Accident - Flood, Inundation, Drought, Landslide - Storm, Hailstorm, Frost, Snowfall - Disease, Illness

6 >Exclusions of Livestock Insurance Missing, Theft Identification Tag not found Not informed immediately on missing of Identification Tag Accident beyond 5 km from Shed Livestock being used for purpose other than specified War and war like risks Overview Nuclear arms, waste Radioactivity

7 Overview Crop Insurance > Basis of Sum Insured Input Cost Minimum land requirement for insurance Hilly area : 2,738 sq.ft. = sqm = ½ Ropani Plain area : 3,559 sq.ft = sqm = 1 Kattha > Types of crop specified - Vegetables, Fruits, Paddy - Other crops with prior approval of regulator

8 Overview > Crop Insurance Covers - Fire, Lightning - Earthquake - Flood, Inundation, Drought, Landslide - Storm, Hailstorm, Frost, Snowfall - Accidental external means - Damage by Disease/Illness or Insects

9 Overview > Exclusions of Crop Insurance - Damage by carelessness - Destruction by Government Authority - Theft - Sale of Land - War and war like risks - Nuclear arms, waste Radioactivity

10 Overview > Premium rate - 5% for Livestock and Crop > Tax (VAT) 13% applicable in Premium up to 2015 July 16 > Subsidy in premium by GoN - F.Y Nil - F.Y % - F.Y % (contd. in FY )

11 >Agri Insurance volume has increased following the increase in subsidy to 75% in > Tax (VAT) has been waived in Agri Insurance premium from FY with continuation of subsidy as 75%. Overview > Budget allocated by Nepal Government for Subsidy - F.Y ( ) : Nil - F.Y ( ) : 130 Million - F.Y ( ) : 60 Million + 50 Million - F.Y ( ) : 120 Million

12 Experience > Negligible policies issued in FY Agri Insurance was new - Premium rates were high (without subsidy) - Period was 6 months > No Reinsurance Support - Started with Co-insurance

13 Experience > FY (Livestock, Poultry, Fish, Crop) - Insured Amount - Rs. 625,404,614 - Premium - Rs. 30,131,969 - Loss - Rs. 12,989,428 ( % ) > FY (Livestock, Poultry, Fish, Crop) - Insured Amount Rs. 3,173,837,895 - Premium - Rs. 141,807,105 - Claim - Rs. 62,456,293 ( % )

14 Experience FY > Total Premium (Rs.) Company Wise 1. Nepal Ins. 8,148, % 2. The Oriental Ins. 699, % 3. National Ins. 362, % 4. Himalayan Gen. Ins. 3,898, % 5. Premiere Ins. 2,857, % 6. Neco Ins. 1,906, % 7. Sagarmatha 7,110, % 8. Alliance (Prabhu) Ins. 3,104, %

15 Experience FY > Total Premium (Rs.) Company Wise Shikhar Ins. 18,917, % 10. Lumbini Ins. 8,831, % 11. Prudential Ins. 3,048, % 12. NLG Ins. 58,918, % 13. Siddhartha Ins. 15,718, % 14. United Ins. 4,893, % 15. Everest Ins. 3,214, % 16. Ratriya Beema Co. 176, %

16 Constraints Faced Livestocks No Reinsurance Support Lack of Technical Manpower Valuation of Livestock Poor Treatment Facility Cover for Disablement Cattle Feeds Geographical Hindrances Moral Hazard

17 Constraints Faced Crop No Reinsurance Support Lack of Technical Manpower Valuation of Input Cost of Farming Favor for the cover on Sales Figure Poor Treatment Facility Fertilizer / Manure Input Cost available for limited crops Fragmented Farming

18 Constraints Faced Common Public Awareness Difficulty in access Financial condition of farmer (Premium as burden) Number of Livestock and Crop Service Centre are quite less. High Management Expenses

19 Way Ahead > Increase of country reach by: - Insurance Companies - Government Offices > Presence of Technical Manpower > Volume Discount / No Claim Discount > Similarity in Identification > Proper Reinsurance Support > Weather Based Coverage

20 Way Ahead > Government Support on Infrastructure Development (Technical Support, Weather Data etc.) > Use of Microchips > Incentive for Technicians > Strengthening Distribution Channel (through Cooperative, Micro Finance etc.) and share in premium and loss.

21 Thank you!

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