Gana Unnayan Kendra (GUK) organized a payout event at the District Commissioner’s Office in Kurigram to celebrate the disbursal of a payout worth BDT 15,70,234 made to 1,200 farmers of Kurigram Sadar, Rajarhat, and Chilmari upazila of Kurigram district to compensate for their losses in Boro paddy investment due to excess rainfall during the insurance coverage period. The payout event was held on August 31, 2023.
With the support of the United Nations World Food Program (WFP), Oxfam in Bangladesh, Green Delta Insurance Company Limited, and funding from the Korea International Co-Operation Agency (KOICA), this activity is under the Climate Risk Insurance (CRI) component of the project ‘Building Resilience to Achieve Zero Hunger (BRAZH)’ funded by KOICA.
“This payout event marks a significant milestone towards empowering farmers who are vulnerable to the adverse effects of climatic shocks,” said Md. Saidul Arif, District Commissioner, Kurigram. “The government of Bangladesh is considering insurance as one of the most effective risk mitigation tools to increase the financial stability and security of the people. As a result, the government has launched the Universal Pension Scheme. Climate risk insurance can also show promising and effective results to benefit the marginal grower community if upscaled across the whole country”, he added.
“This event is an opportunity for us to reflect on our journey, share our gratitude with those who have contributed to our success, and build connections between all relevant stakeholders, including government offices”, said Md. Quamrul Hasan, Climate Risk Insurance and Livelihood Analyst, WFP.
Farmers from Kurigram Sadar, Chilmari, Roumari, and Rajarhat participated in the event, along with representatives from the local public and other pertinent stakeholders.
Around 4,700 policyholders (smallholder farmers and agricultural day laborers) in Kurigram have received compensation of BDT 78,23,460 from the Weather Index-Based Crop and Flood Index-based insurance as of 2020 under the Climate Risk Insurance (CRI) component.
By offering climate risk insurance coverage for a variety of dangers and timeframes, the CRI component intends to protect smallholder farmers and vulnerable households against crop losses and other climate-related risks, strengthening their resilience and securing their livelihoods.
