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BASF and Swiss Re Corporate Solutions launch farm insurance in Brazil
Jul. 16, 2014
After a pilot project, BASF and Swiss Re Corporate Solutions officially launched a farm insurance that could be acquired by the Brazilian farmer directly from the companies dealerships or agricultural cooperative unions. The insurance covers wheat, soybeans, sugarcane, corn, coffee, apple, rice, tomato, and grape.
Fernando Lobo, manager at the Structured Operations Department at the Crop Protection Unit of BASF in Brazil, said that the agricultural sector in the country is vital not only to maintain the food security of Brazilians, but also part of the world's population. He highlighted the contribution of agriculture in the national economy,which accounts for 22% of the Gross Domestic Product, and employs 30% of the workforce and contributes for the trade balance in the last 13 years.
He also emphasizes that this initiative will meet “the necessities of stability and safety” of agriculture in front of risk elements that would compromise production. Those elements includes climate, plagues, or diseases. Therefore, Lobo sustains that "the farm insurance has the fundamental role that would allow the growth of small and mid-sized farmers".
“Farm insurance is one more service of BASF's portfolio to attend the growing demand of the farm business, offering complete solutions to develop the sector”, says Lobo.
José Cullen, Director of Farm Insurance at Swiss Re Corporate Solutions, said that “through this partnership, it will be possible to bring more tranquility and technology to Brazilian growers.Farm insurance fullfills one of the main needs of the Brazilian farm business, which is to allow the farmer to conduct business in a secure way”.
Since its launch as a pilot project in May 2012, the insurance serves 900 farmers spread on 110 hectares, insured mostly in southern Brazil.
Source: BASF News Release
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