The government plans to introduce crop insurance for farmers to recover the losses from natural disaster or unfavourable weather conditions.
Loss of crops due to natural calamities is quite frequent in Bangladesh. In order to save the farmers from the financial loss caused by these, the government will introduce a pilot project for ‘crop insurance’, said Finance Minister AHM Mustafa Kamal in his budget proposal on Thursday.The government is also planning to introduce livestock insurance, small insurance for poor women and health insurance for government employees and common people.
In addition, insurance of properties generated from large projects will be covered by the local insurance companies. Measures will also be taken to arrange group insurance with more than one company, if necessary.
Insurance for ‘loss of profit’ will also be introduced along with ‘Accident insurance’ for factory workers.
Digitisation of the insurance sector and its high rate of penetration have been planned. “Use of life insurance is not prevalent in the country; popularisation of life insurance may contribute to our economy to a great extent,” said the minister.