CEBU, Philippines - The Philippine Crop Insurance Corp. (PCIC) insured over 250,000 farmers in Central Visayas in 2015, posting P333.5 million in premiums.
Data furnished by PCIC-Region 7 yesterday showed that it insured a total of 257,414 farmers last year, the highest among the regions across the country.
Crops and assets insured as of end-2015 amounted to P7.1 billion, covering 253,381 hectares of land.
As of end-November last year, PCIC-7 paid out insurance claims worth P54.7 million to a total of 7,282 farmers for losses caused by natural calamities and other perils.
The claims paid out by the state-run agricultural insurer include all its insurance lines: rice, corn, high-value crops, livestock, non-crop agricultural assets and term insurance package.
The government subsidizes premium contributions of farmers insured by PCIC. It also offers farmers free coverage in its Registry System for Basic Sectors in Agriculture and the Agri-Fishery Insurance Program of the Cebu provincial government. (FREEMAN)