The Agricultural and Agrarian Insurance Board has introduced a new insurance scheme for coconut seedlings, aimed at supporting new coconut cultivation in Sri Lanka.
Under the scheme, losses and damages caused by drought, floods, excessive rainfall, cyclones, landslides, and wild elephant attacks will be covered at a concessionary premium rate.
According to the Board, growers can obtain an annual insurance cover of Rs. 550 per coconut seedling by paying a premium of Rs. 40.
In addition, for the maximum insurance period of six years, growers can secure annual insurance coverage of up to Rs. 12,450 per coconut seedling by paying a total premium of Rs. 875.
The Agricultural and Agrarian Insurance Board stated that the initiative has been introduced to minimize losses incurred by coconut growers as a result of natural disasters and damage caused by wild elephants.
The Board further noted that the insurance scheme is expected to provide greater security for growers and contribute to the sustainable development of Sri Lanka’s coconut industry.
