Bangladesh : Agriculture Insurance Situation Analysis

Agriculture is key in Bangladesh but highly exposed to risks.The Government provides significant support to agriculture, but currently provides limited support to the development of agriculture insurance.While the Government and external donors spe...

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Main Author: World Bank Group
Format: Report
Language:English
Published: World Bank, Washington, DC 2018
Subjects:
Online Access:http://documents.worldbank.org/curated/en/283721544525997951/Bangladesh-Agriculture-Insurance-Situation-Analysis
http://hdl.handle.net/10986/31046
id okr-10986-31046
recordtype oai_dc
spelling okr-10986-310462021-05-25T09:20:48Z Bangladesh : Agriculture Insurance Situation Analysis World Bank Group AGRICULTURAL PRODUCTIVITY RISKS NATURAL DISASTERS DISASTER RISK AGRICULTURAL INSURANCE FLOOD RISK CEREAL FARMERS LIVESTOCK FISHERIES CLIMATE CHANGE DISASTER RISK MANAGEMENT AGRICULTURAL FINANCE INSURANCE MARKET AQUACULTURE SUBSIDIES HUMANITARIAN ASSISTANCE Agriculture is key in Bangladesh but highly exposed to risks.The Government provides significant support to agriculture, but currently provides limited support to the development of agriculture insurance.While the Government and external donors spend large amounts of money in the aftermath of disasters – average annual costs of disasters are USD 300 million - the funding gap is still high and can reach more than USD 1.5 billion in bad years.In spite of Government’s efforts, credit to agriculture is still constrained and represents 3 percent of total lending.If agriculture insurance programs were to be developed in Bangladesh, the overall legal, regulatory and supervisory insurance environment would require strengthening.Based on this preliminary assessment and discussions with key stakeholders, the WBG will prepare a technical report and policy briefing for Bangladesh Ministry of Finance’s Bank and Financial Institutions Division (BFID) on four potential types of agricultural insurance programs which have been identified through this situational analysis as priority solutions for further investigation. The four priority areas identified for further investigation are: (1) Livestock insurance for commercial dairy farmers and poultry farmers; (2) Insurance cover for shrimp producers and artisanal fishermen; (3) Crop insurance linked to credit for small and marginal cereal farmers; and (4) Fully subsidized flood-index insurance for the most vulnerable rural households. The diagnostic reports will also analyze potential institutional frameworks that could be considered for agricultural insurance in Bangladesh, paying specific attention to the potential roles for the Government and insurers. 2018-12-19T22:26:15Z 2018-12-19T22:26:15Z 2018 Report http://documents.worldbank.org/curated/en/283721544525997951/Bangladesh-Agriculture-Insurance-Situation-Analysis http://hdl.handle.net/10986/31046 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work :: Other Agriculture Study Economic & Sector Work South Asia Bangladesh
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
topic AGRICULTURAL PRODUCTIVITY
RISKS
NATURAL DISASTERS
DISASTER RISK
AGRICULTURAL INSURANCE
FLOOD RISK
CEREAL FARMERS
LIVESTOCK
FISHERIES
CLIMATE CHANGE
DISASTER RISK MANAGEMENT
AGRICULTURAL FINANCE
INSURANCE MARKET
AQUACULTURE
SUBSIDIES
HUMANITARIAN ASSISTANCE
spellingShingle AGRICULTURAL PRODUCTIVITY
RISKS
NATURAL DISASTERS
DISASTER RISK
AGRICULTURAL INSURANCE
FLOOD RISK
CEREAL FARMERS
LIVESTOCK
FISHERIES
CLIMATE CHANGE
DISASTER RISK MANAGEMENT
AGRICULTURAL FINANCE
INSURANCE MARKET
AQUACULTURE
SUBSIDIES
HUMANITARIAN ASSISTANCE
World Bank Group
Bangladesh : Agriculture Insurance Situation Analysis
geographic_facet South Asia
Bangladesh
description Agriculture is key in Bangladesh but highly exposed to risks.The Government provides significant support to agriculture, but currently provides limited support to the development of agriculture insurance.While the Government and external donors spend large amounts of money in the aftermath of disasters – average annual costs of disasters are USD 300 million - the funding gap is still high and can reach more than USD 1.5 billion in bad years.In spite of Government’s efforts, credit to agriculture is still constrained and represents 3 percent of total lending.If agriculture insurance programs were to be developed in Bangladesh, the overall legal, regulatory and supervisory insurance environment would require strengthening.Based on this preliminary assessment and discussions with key stakeholders, the WBG will prepare a technical report and policy briefing for Bangladesh Ministry of Finance’s Bank and Financial Institutions Division (BFID) on four potential types of agricultural insurance programs which have been identified through this situational analysis as priority solutions for further investigation. The four priority areas identified for further investigation are: (1) Livestock insurance for commercial dairy farmers and poultry farmers; (2) Insurance cover for shrimp producers and artisanal fishermen; (3) Crop insurance linked to credit for small and marginal cereal farmers; and (4) Fully subsidized flood-index insurance for the most vulnerable rural households. The diagnostic reports will also analyze potential institutional frameworks that could be considered for agricultural insurance in Bangladesh, paying specific attention to the potential roles for the Government and insurers.
format Report
author World Bank Group
author_facet World Bank Group
author_sort World Bank Group
title Bangladesh : Agriculture Insurance Situation Analysis
title_short Bangladesh : Agriculture Insurance Situation Analysis
title_full Bangladesh : Agriculture Insurance Situation Analysis
title_fullStr Bangladesh : Agriculture Insurance Situation Analysis
title_full_unstemmed Bangladesh : Agriculture Insurance Situation Analysis
title_sort bangladesh : agriculture insurance situation analysis
publisher World Bank, Washington, DC
publishDate 2018
url http://documents.worldbank.org/curated/en/283721544525997951/Bangladesh-Agriculture-Insurance-Situation-Analysis
http://hdl.handle.net/10986/31046
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