Study visit on risk management and agricultural insurance in Spain

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A delegation from the Philippine Government visited Madrid, Spain to learn about private-public partnerships in agricultural insurance. The visit aimed to support ongoing reforms in the Philippines and explore the role of the private sector in agricultural insurance. Currently, agricultural insurance in the Philippines is implemented by the public-sector insurer, but only one third of farmers and fisherfolk are insured. The government plans to make major reforms to increase cost-efficiency and value for farmers. The Spanish agricultural insurance scheme, managed by AGROSEGURO, is considered a world-leading example of effective public-private collaboration. The study trip covered various topics such as the Spanish government's role, reinsurance in the Spanish system, insurance program management, loss adjustment process, and supervision of the scheme. The delegates discussed the benefits of private-public partnerships and set the direction for reforms in the Philippines.

The outcomes of the working session were to define the next steps and key takeaways for reforms in the Philippines regarding agricultural insurance. The participants shared different perspectives on the benefits of private-public partnerships (PPP) and discussed how it could be organized in the Philippines. They also discussed future stakeholders and key requirements for legal frameworks. The group of delegates aligned on various aspects for future reforms based on the lessons learned during the study visit. The agreed course of actions includes additional discussions, legal adjustments, and a market segmentation analysis to ensure that ongoing reforms can continue to evolve in the best interest of the country.