Farmers Opinions Sought for Agricultural Insurance Policy

Agricultural Policy Team is preparing to hold an introductory  workshops to explain the contents of vegetables and  protective structures  policy and the  proposed underwriting mechanisms in order to officially launch agricultural insurance products.

A number of workshops will be held in the Governorates of the Sultanate next week commencing in Sohar. The moves comes after review of the initial draft policy at the CMA premises on 30 August 2017 by representatives of the concerned entities. The meeting was attended by  HE Abdullah Salim Al Salmi, Executive President of the Capital Market Authority, HE Ahmed Naser Al Bakry Undersecretary for the Ministry of Agriculture and HE  Saeed Saleh Al Kiyoumi, Chairman of Oman Chamber of Commerce and Industry.

The meetings aim to educate the farmers, individuals or institutions, on the concept and philosophy of agricultural insurance and to emphasize the provision of insurance coverage of the risks the agricultural and animal projects are exposed to. The meetings will include seeking the opinions of farmers about the insurance policy for agricultural products prior to commencing marketing and implementation of the agricultural insurance policy.

The recent meeting of the concerned entities held at CMA premises has praised the efforts made by the Team which studies the initiative, its economic feasibility and the outcome  of the Committee’s work such as preparing the initial draft of the policy.  The meeting emphasized the importance of acquainting the stakeholders with the policy and seek their opinions. They also agreed to activate the agricultural insurance policies in  phases to evaluate the experience and address the challenges. The first phase will focus on insurance of vegetables and  protective structures and will be expanded to include fruits and other crops. The second phase includes the insurance of cattle and poultry and the third phase will cover beehives and palm trees.

The aims of the move is to provide insurance coverage to reduce the risks the farmers and exposed to for more progress and stability for the agricultural and animal sector to enhance its contribution to the GDP as well as food security and self- sufficiency.