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Brazil rural insurance subsidy program gets approval

Bnamericas Published: Tuesday, November 20, 2018
Brazil rural insurance subsidy program gets approval

The Brazilian government's 2019-2021 rural insurance subsidies program has been approved.

In a release, the agriculture ministry said it can provide subsidies for around 100,000 insurance policies next year.

The ministry also said that the average subsidy will pay around 35% of the cost of the insurance premium.

The renewed program includes several changes, including increasing the minimum coverage level for expected harvests to 65% from 60% for all the multi-risk policies that are sold to farmers.

Brazil is a major agriculture powerhouse but rural insurance penetration is still low with lots of space to grow for insurance and reinsurance companies.

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