Jakarta, Indonesia: On 8 June 2023, Forte, the leading insurance provider and the only agriculture insurance company in Cambodia, recently participated in the International Conference on Agriculture Insurance, Scalability, and Sustainability organized by the ASEAN Natural Disaster Research and Works Sharing (ANDREWS) Working Group and the ASEAN Insurance Council (AIC). The conference brought together experts in agriculture insurance from the ASEAN region to share their knowledge and experiences on the latest developments in agriculture insurance.
The world is facing many challenges, and climate change is one of the biggest. This is particularly true for farmers, who rely on the weather to grow their crops and raise their livestock. According to the J.B BODA, when the weather changes, it can cause chaos, complexity, ambiguity, and uncertainty, which can have a devastating impact on farmers' livelihoods. The recent 2 day conference held in Jakarta focused on the latest developments in agriculture insurance and its potential to safeguard farmers' crops and livelihoods from weather-related risks.
One of the key takeaways from the conference was the importance of Weather Index Crop Insurance in protecting farmers from the unpredictable effects of climate change. With the increase of extreme weather events, such as droughts and floods, farmers are facing more risks than ever before. Agriculture insurance can help mitigate these risks by providing financial protection against crop losses and other weather-related risks.
The conference also highlighted the importance of collaboration between insurance companies and farmers. By working together, insurance companies can better understand the needs and challenges facing farmers and develop tailored insurance products that meet their specific needs.
In addition to protecting farmers, agriculture insurance can also help ensure food security, both domestically and internationally. It provides financial support, ensuring that farmers can continue to produce food, feed their communities and export internationally.
At the recent conference, Mr Ny Lyhoung, Head of Forte Micro and Agriculture Insurance, had the opportunity to share Forte's expertise in providing Cambodian farmers with financial protection from climate risks. Compared to other ASEAN countries, Cambodian farmers heavily relies on the weather to do their farming. Forte's Weather Index Crop Insurance is an innovative approach to managing climate-related risks using a pre-defined weather index, such as excessive rainfall and/or drought. This approach has proven to be effective in providing financial protection to Cambodian farmers and can be a valuable solution for other insurance companies looking to expand their offerings.
The International Conference on Agriculture Insurance, Scalability, and Sustainability by (ANDREWS) was a valuable opportunity for Forte to learn from experts in the field and share its own experiences in providing agriculture insurance solutions to farmers. Forte's participation in this conference demonstrates our commitment to providing the best insurance solutions to farmers in Cambodia and its dedication to promoting sustainable agriculture practices in the region.