The Insurance Development and Regulatory Authority (IDRA) organised a dedicated workshop on Sunday, 15 March, as part of its ongoing efforts to develop the National Livestock Insurance Policy 2025. The initiative is designed to bolster insurance mechanisms for livestock and fisheries, offering farmers protection against economic losses due to disease outbreaks, natural hazards, and market fluctuations.
The workshop was chaired by Mr. Fazlul Haque, Member (Administration) of IDRA, who emphasised the importance of structured insurance schemes in safeguarding the livelihoods of farmers. Mr. Mohammad Abu Bakar Siddique, Member (Non-Life) of IDRA, served as co-chair and highlighted the strategic role of non-life insurance in promoting agricultural stability and sustainable rural development.
Participants included senior officials from the Ministry of Fisheries and Livestock, the Farmers’ Insurance Development Institute (FIDI), the Department of Livestock Services, and IDRA representatives. The discussions focused on assessing current gaps in livestock insurance, reviewing risk management practices, and evaluating mechanisms to ensure accessible and efficient coverage for farmers nationwide.
Key areas of deliberation during the workshop included:
Establishing comprehensive insurance coverage for livestock, poultry, and aquaculture.
Standardising risk assessment and premium calculation methodologies.
Integrating technological solutions for monitoring, claims processing, and fraud prevention.
Strengthening coordination among government agencies, insurers, and farmer cooperatives.
The workshop concluded with a consensus that a robust livestock insurance framework could significantly enhance agricultural resilience, encourage investment in the livestock sector, and improve national food security outcomes.
Workshop Participants and Contributions
| Organisation / Agency | Role in Workshop | Key Contribution |
|---|---|---|
| Ministry of Fisheries and Livestock | Policy Advisory | Highlighted sector priorities and challenges |
| Farmers’ Insurance Development Institute (FIDI) | Technical Expertise | Shared actuarial models and insurance solutions |
| Department of Livestock Services | Operational Input | Provided ground-level data and implementation guidance |
| IDRA | Policy Coordination | Presented draft framework and facilitated discussions |
IDRA confirmed that insights and recommendations from the workshop would be incorporated into the National Livestock Insurance Policy 2025, which is expected to be finalised later this year. Officials stressed the importance of an inclusive insurance model that is both affordable for farmers and sustainable for insurers.
This workshop marks a significant milestone in Bangladesh’s journey toward formalising livestock insurance, reflecting a growing commitment to modernising agricultural risk management and supporting rural livelihoods.