Farming terraces in Tarma in the Andean highlands.
Photo: © Can Stock Photo / jkraft5

30.10.2018

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Representatives of the ministries of agriculture, insurance companies and academia from across Latin America came together in mid-October for an international meeting "On the right track for risk management in the agriculture and livestock sector" to talk about best practices regarding agricultural insurances.

Agricultural insurances are becoming increasingly important at the international political level:

  •  In 38 out of 165 countries, they form part of the Nationally Determined Contributions (NDC) in adaptation to climate change, following the United Nations Framework Convention on Climate Change (UNFCCC).
  • They contribute to the fulfilment of three of the 17 Sustainable Development Goals, namely, the ending of poverty, zero hunger and adaptation to climate change, and the achievement of the targets of the Sendai Framework for Disaster Risk Reduction 2015-2030.
  • Initiatives such as "InsuResilience" and the "Global Partnership for Climate and Disaster Risk Finance and Insurance Solutions" aim to insure millions of people against climate risks.

In Latin America and the Caribbean, agricultural insurances play an important role in the development of the agricultural sector. Agricultural insurances are a financial instrument that allows the sustainability of farmers' work by transferring the risk of losses to specialised insurers, stabilising incomes in the face of production losses and ensuring business continuity.

Insured farms on the increase in Latin America

In general, the number of farmers in Latin America that have access to insurance schemes is increasing, and the losses caused by growing climatic variability are decreasing.

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