Allied Insurance Company of the Maldives Private Limited has introduced a new insurance scheme, "Crop Thakaful," aimed at reimbursing farmers for crop damage caused by natural disasters.
Speaking about the initiative, Minister of Agriculture and Animal Welfare Dr. Aishath Rameela highlighted its significance in safeguarding farmers from financial losses. The scheme offers financial support for production costs in the event of crop damage or loss due to natural disasters, including heavy rainfall, floods, and wind storms. Dr. Rameela emphasised that "Crop Thakaful" would not only protect farmers but also encourage increased agricultural investments. The Ministry of Agriculture and Animal Welfare has announced plans to conduct awareness programs to educate farmers on the details of the scheme.
The "Crop Thakaful" scheme will cover farms growing crops such as papaya, brinjal, pumpkin, watermelon, cucumber, banana, and melon. Allied Insurance stated that damage claims must be reported within 24 hours, with reimbursements provided after a thorough inspection of the losses.