Kathmandu, April 12: The government has paid Rs 1.60 billion as subsidies on insurance premiums for crops and livestock.
According to the Ministry of Agriculture and Livestock Development, Rs 1.43 billion was disbursed for livestock and poultry insurance, while Rs 170 million was allocated for crop insurance in the last fiscal year.
A total of 168,345 insurance policies were issued, including 166,711 for livestock and fisheries, and 1,634 for crops, said Information Officer Mahananda Joshi.
Payments to farmers are made after the policies are verified by the Nepal Insurance Authority.
In the current fiscal year 2082/83 BS, around Rs 900,000 has been paid in insurance subsidies as of mid-January (Poush-end), with several policies still in the verification process, Joshi added.
Insurance companies are required to apply for subsidies within 30 days of issuing policies, along with recommendations from provincial agriculture, fisheries, and livestock offices.
To reduce risks for farmers and protect their investments, the government provides up to 80 percent subsidy on insurance premiums for coverage up to Rs 5 million, and up to 65 percent subsidy for higher coverage amounts.
The insurance program includes crops, fish, and livestock to encourage investment and ensure protection in the agriculture sector, including private and cooperative participation. #nepal #insurance
