Pakistan’s agricultural sector contributes 23.3% to Pakistan’s GDP. Being the largest sector yet still widely disregarded in terms of insurance, Cooperative Insurance, being the only cooperative sector society doing insurance business, took an initiative to introduce the concept of Crop Insurance.
Need for Crop Insurance
The time period from crop sowing to harvest is extremely crucial for the farmers. But the unforeseen climatic changes only add to their worries. The field of agriculture is always exposed to hazards of floods, droughts, rains, and hail storms. Most of the farmers in our country are small cultivators and their financial resources are less and inadequate. All unforeseen catastrophes bring disaster in their lives. Cooperative Insurance provides coverage to all farmers in these disasters.
Benefits and Coverage
The scheme shall cover the production loans provided by the Banks to the farmers. The cover provided under this policy is against unavoidable loss of crops or resulting directly from the following:
Disease and Insect attack