Agtech platform nurture.farm has partnered with SWAL Corporation Ltd, an agri solution provider, to build smart risk cover solutions for farmers to ensure financial safety and resilience against weather irregularities.
A statement said nurture.farm has scaled its weather protection cover by offering a product that is part of its flagship resilience programme ‘Kavach’.
‘Weather Kavach’ is a flexible cover option where farmers can opt-in for any sum assured value, and claims are disbursed in the event of excessive rain, heat waves, or rain deficit, it said.
The advantages of the product offering include an index-based trigger, shorter disbursal window, and direct transfer of the claim amount to the farmer’s bank account.
Increasing risks
Dhruv Sawhney, COO and Business Head, nurture.farm, said in a statement that 2022 was the fifth warmest year on record globally and as per reports, scientists have warned that 2023 could be a comeback year for El Nino, pushing temperatures by over 1.5°C compared to the average temperature a century ago.
As per the reports published in the US scientific journal ‘Proceedings of the National Academy of Sciences’, each degree celsius increase in global temperature can. on average, reduce global yields of wheat by 6 per cent, rice by 3.2 per cent, maize by 7.4 per cent, and soyabean by 3.1 per cent.
Sawhney said the global rise in temperature increases the risks of floods, drought, extreme heat waves, and water shortages, and could possibly push millions into poverty. Despite knowing the pitfalls, and suffering agricultural losses every year, less than 20 per cent of farmers opt for risk-cover products owing to the lack of trust, education, and high premium costs.
The statement said that through this partnership, SWAL Corporation Ltd is offering ‘Weather Kavach’ at no additional cost to all its farmers who purchase Wuxal and Delma products. While Wuxal provides nutrients to the crop, Delma protects it from various diseases that can be triggered due to wild fluctuations in temperature during critical growth stages.
It said that with the likely possibility of higher temperatures predicted for February and March and the harvest window for rabi crops around the corner, the partnership couldn’t have come at a better time.
Pramod Tiwari, Head of Marketing, SWAL Corporation Ltd, said, “Our teams have been working with the farmers, helping them select the right inputs, imparting technical know-how, educating them about innovative farming practices, and delivering access to technology and advisory throughout the cultivation windows.”
Tiwari added, “SWAL will continue to improve farmer profitability, drive the adoption of authentic and high-quality, inputs including natural plant protection solutions, and impart farmer education at the grass-roots level.”