Insuring agriculture in times of climate change

Scientific evidence has established that climate change is accelerating the frequency and intensity of extreme weather events like droughts, floods, unseasonal rainfall and extreme temperatures. Evidence also reveals that, globally, the poorest bear maximum losses and damage as a result of climate impacts, even though they have contributed least to the cause of climate change. Further, the impacts on the agriculture sector are felt most by developing countries since their economy is largely agro-based. This being the case, the importance of tools like climate risk insurance, that enable reducing, sharing and transferring the risks related to climate extremes is being increasingly recognized.