An alliance between the National Insurance Institute (INS), the Ministry of Agriculture and Livestock (MAG), and the Livestock Corporation (CORFOGA), has enabled farmers throughout Costa Rica to be trained for better managing risks on their farms, as well as learn more about agricultural insurance.
During the training, they are explained how to manage the risk between their productive systems, how livestock insurance works and its protection for beef cattle, milk, pigs, and buffaloes; Also, they will be given recommendations to promote good risk management on the farms.
“For CORFOGA these workshops are very important because they allow the farmer to learn more about the importance of prevention, and the options they have to ensure their animals,” said Luis Diego Obando, executive director of CORFOGA.
Currently, about 1,400 cattles are insured by the INS; these livestock policies function as a financial inclusion and risk transfer tool. In the event of unfavorable weather conditions for animal production, the insurance is activated and the loss is compensated.
Recently, the subscription of new livestock policy benefits national producers affiliated with the Walmart chain and made it possible to insure 1,200 cattle. These insurances are of a group type and include coverage in case of accidental death or theft. Additionally, and if desired, you can opt for additional coverage such as death during transport and slaughter (illegal slaughter), death from illness, and reproductive disability. Also, in the coming days, it is expected to finalize the first international livestock policy with Walmart Nicaragua, for the insurance of 1,500 animals from producers in that country.