Agribank Insurance pays rice crop insurance to An Giang farmers

The rice crop damage insurance product is designed to cover 4 main groups: Storms and tropical depressions, heavy rains, floods, landslides; drought and saltwater intrusion; hail, frost; earthquakes, tsunamis. In particular, participants can flexibly choose 1 or more risk groups, suitable for local farming conditions. The product aims to protect farmers' input costs in each crop season, including seed costs, fertilizers, labor and other costs. The insurance period is 1 year, applicable to all crops in the year, from sowing to harvesting.

Agribank Insurance representative said that in May 2025, the unit coordinated with GIZ to pilot rice crop damage insurance at 11 agricultural cooperatives in the area, with 11 households participating, with an area of 17.53 hectares, total insurance premium of more than 10.5 million VND. During the heavy rains on August 21-22, 5/11 households suffered damage. By October 27, after assessing the damage, Agribank Insurance had paid compensation of 61,865 million VND to help people restore production and stabilize finances during the crop season.

In addition, at the insurance benefit payment ceremony, Agribank Insurance also awarded Credit Security insurance benefits to the families of 4 participating customers, with a total amount of nearly 340 million VND.

Speaking at the payment ceremony, Director of Phu An Hung Agricultural Cooperative, Huynh Van Dieu, said that in the last crop season, prolonged heavy rains caused many rice fields to be flooded and severely damaged. Thanks to the rice crop damage insurance policy, 5 households in the commune were paid nearly 62 million VND, helping them to promptly reproduce and prepare for the new crop. “This is very practical support, helping farmers feel more secure in their work and production. In reality, we see that agricultural insurance is really necessary - helping people to be confident in the face of natural disaster risks, banks to feel secure in lending and rice growers to have a financial support to expand production scale” - Mr. Dieu shared.

On behalf of the local government, Chairman of An Phu People's Committee, Nguyen Xuan Tien, emphasized that participating in agricultural insurance, especially rice crop damage insurance, is a long-term solution to help farmers proactively respond to risks, stabilize production, contribute to ensuring food security and developing green, sustainable agriculture. In the coming time, the commune government will coordinate with Agribank An Giang branch and Agribank Insurance to promote propaganda and guide people to participate in insurance; organize training in hamlets, cooperatives, and loan groups. At the same time, integrate agricultural insurance content into agricultural extension programs and local socio -economic development plans, considering this as part of the new rural social security policy. B. Ngoc

Source: https://daibieunhandan.vn/bao-hiem-agribank-chi-tra-bao-hiem-cay-lua-cho-nong-dan-an-giang-10393675.html