New farm insurance to boost production

The first-ever Agricultural Insurance Policy in Oman was launched under the auspices of Dr Fuad bin Jaafar al Sajwani, Minister of Agriculture and Fisheries on Monday.

An honorary signature was made by the minister on an insurance document in this regard at an event organised by Capital Market Authority (CMA).

“In the beginning, the policy will mainly cover agriculture crops — production loss and market prices,” said Abdullah bin Salim al Executive President of CMA.

Talking to mediapersons on the sidelines of the event, Al Salmi said that the underwriting mechanism of the policy was finalised after several meetings with representatives from different sectors of the economy.

“The policy will be available to Omani farmers from tomorrow (Tuesday)”, he told the Observer.

Like many other developing countries, Al Salmi said, farmers in the Sultanate too need insurance to cover the risks posed by natural calamities like floods, drought, threat Salmi, from fire, locust plant diseases.

“Majority of the farm holdings in Oman are small. Many of them are not commercially developed and managed. This is one of the problems in providing insurance cover,” he said.

The event was organised in cooperation with Omani Reinsurance Company (OmanRe), in the presence of a number of distinguished guests and representatives from insurance companies and farming community. attacks and other