Nepal Insurance Authority Revises Key Agricultural Insurance Policies

Kathmandu – The Nepal Insurance Authority has announced the revision and amendment of four significant agricultural insurance policies, covering coffee farming, bee farming, sugarcane farming, and vegetable farming. These revisions aim to align the policies with current needs and make them more effective for the stakeholders.

Under the revised framework, the insurance policies provide comprehensive coverage for various risks, including fire, wind damage, water damage, weather-related destruction, land damage, and losses caused by diseases or pests. Notably, in the case of bee farming, the insurance now explicitly includes coverage for damage to bee houses caused during the transfer of bees. However, the authority has clarified that this provision applies exclusively to bees kept for commercial transfer purposes.

The updated policies also specify the terms and payment processes for obtaining coverage. The insurance will become effective only after the insured pays the premium. In the event of an accident, the policies offer accident insurance coverage of up to NPR 200,000. The annual premium for this coverage has been set at NPR 200, with no subsidy provided.

The Nepal Insurance Authority has directed all insurance providers to implement these updated policies without delay. It is anticipated that these amendments will offer enhanced protection and support to farmers and ranchers, promoting resilience and sustainability in the agricultural sector.