Crop Reinsurance: Providing Comprehensive Coverage to Farmers Using Machine Learning and AI-based Tools
Agriculture is a primary source of occupation and employment in many developing countries. F arming activities are still dependent on traditional labor and i rrigation resources in these countries . In such a scenario, offering farmers and cultivators a protection plan and means of subsistence becomes important. Crop reinsurance acts as a viable option in these situations as it provides comprehensive coverage, not just to farmers but also to the insurance companies dealing in this field. Growing need for crop reinsurance in developing countries One major problem faced by the agriculture sector is that it is overdependent on natural phenomena such as rainfall, ambient temperature, sunlight, and others . This makes farming activities vulnerable to a lot of disasters and catastrophes like floods, landslides, and droughts. Hence, many insurance companies that generally cover all other types of accidents in other sectors and industries are hesitant to launch schemes for farmers and