Insurance Authority considers regulating the agricultural insurance sector

: 1/22/2017

Al Khaleej Newspaper: 22/01/2017

Insurance Authority’s reports, which were prepared during the past years, revealed that the agricultural sector in the State did not record any insurance policy against risks that may occur in such sector, such as natural disasters for agricultural crops, or the death of livestock. Al Khaleej Newspaper verified that the insurance records in the State for the years 2013, 2014, 2015 and 2016 are free of insurance policies on the agricultural sector, while there were 17 insurance policies during the years 2011 and 2012.

In its statements given to Al Khaleej Newspaper, The Insurance Authority stated that it plans to organizationally consider this type of insurance in the State during this year. It added that the level of insurance in the UAE agricultural sector is low, since the State is not an agricultural one based on the comprehensive sense of the word. Insurance policies on agricultural crops produced by the farmers are purchased to protect themselves and their crops against loss and damage caused by natural disasters.

Insurance Authority explained that there are cases of livestock insurance, as part of the agricultural insurance , covering animals in case of death and other cases due to episodic events, and be compensated based on the market value of livestock of various kinds.

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