Farmers prefer to fork out more for insurance that covers more risks rather than pay less for cheaper products.
This was one of the key findings in the “Climate Disaster Risk Financing and Insurance” report released by the Pacific Insurance and Climate Adaptation Programme Data for the report was gathered from interviews conducted with 320 farmers across all farming groups that included women and farm labourers.
All those who were interviewed said that they would be more interested in expensive products that covered more risks versus cheaper products that covered fewer risks.
Three out of five of the groups, or 60 per cent of those interviewed said that they preferred bundled insurance products that also protected life and health Two out of five farmers or 40 per cent said they would rather purchase a risk financing product on their own than with assistance from their farmer association.
“The majority of the group responses showed that no financial product provider or product has a good reputation or high level of trust in their community.
“Keeping this in mind, the group responses mentioned the Bank South Pacific (BSP) Bank, Bank of Baroda as accessible financial institutions.”
