Sri Lanka to provide agri-insurance with NITF
ECONOMYNEXT – Sri Lanka’s state-run National Insurance Trust Fund will prepare a plan to insure key agricultural crops up to 40,000 rupees an acre against natural disasters.
The cabinet of ministers had approved the proposal by agriculture minister Duminda Dissanayake.
Paddy, maize, soya, large onions, potato and chillies will be covered under the scheme.
The NITF already provides cover for natural disasters, with most of the risk re-insured abroad. Last year a delay in approving the premium led to an extra loss for NITF. (Colombo/Sept27/2017)