Agro, a potential sector for insurance
The National Administrative Department of Statistics, DANE, revealed on Tuesday the behavior of the GDP for the second quarter of the year, which was 0.3%. Several experts, such as the former Minister of Finance, José Manuel Restrepo, described the results as the beginning of the slowdown in the economy, a phenomenon that had been anticipated since the recovery from the pandemic began.
With a 1.4% drop between the second quarter of 2022 and the current one, the agriculture, livestock, hunting, forestry and fishing sector was one of the data that surprised analysts the most. In this regard, and as discussed in the 2023 International Insurance Convention, Colombian farmers often unknowingly have insurance that covers them in the event of crop losses or major events.
It is common that when an agricultural credit is managed and approved, it is accompanied by insurance of the same type. According to Paola Torres, director of the Chamber of Agricultural Insurance of Fasecolda, “the Banco Agrario usually provides this type of insurance with the credits it grants, but people do not know it.” For this year, according to figures from the Society of Farmers of Colombia, SAC, subsidies for agricultural loans exceed $138,000 million and for agricultural insurance $95,000 million.
Under this logic, the president of Fasecolda, Gustavo Morales Cobo, expects insurance to be sponsors of the recovery of Colombian agriculture in the coming quarters, not only through agricultural insurance, but also parametric insurance, a new figure that became viable in the National Development Plan. Likewise, farmers are urged to find out from the financial entities with which they have credit if they are beneficiaries of any insurance.
2023-08-18 00:49:14
#Agro #potential #sector #insurance #Fasecolda
