Cattle ranchers in New Mexico are up in arms over a new federal insurance policy that they purchased under the belief that it would provide them with drought protection, but that isn’t helping them because satellites are reporting that there is still too much “greenness” in the state. The primary problem is that there isn’t any grass for the livestock to consume. In fact, this year the conditions are so devastating that cattle ranchers have been selling their animals in record numbers because they can’t afford to purchase their feed.…
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Reinsurer takes on microinsurance project to provide drought insurance for Ethiopian farmers
Swiss Re, a global reinsure with a focus on risk transfer and asset management, is set to provide five years worth of reinsurance to a new microinsurance project in Ethiopia. The project was developed by the United Nations World Food Program, a branch of the U.N. that confronts worldwide hunger issues, and Oxfam America, an organization concerned with climate change adaptation, food security and aid reform. This project aims to provide Ethiopian farmers with drought insurance for their crops. Swiss Re will be funneling more than $1 million toward the…
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