IDRA Advances National Livestock Insurance Policy

The Insurance Development and Regulatory Authority (IDRA) held a high-level workshop on Sunday, 15 March, to advance the development of the National Livestock Insurance Policy 2025. The initiative aims to establish a comprehensive insurance framework to protect farmers from financial losses caused by livestock diseases, natural disasters, and market fluctuations, thereby promoting resilience in the agricultural sector.

The workshop was chaired by Mr. Fazlul Haque, Member (Administration) of IDRA, who highlighted the critical role of insurance in safeguarding rural livelihoods and ensuring food security. Mr. Mohammad Abu Bakar Siddique, Member (Non-Life) of IDRA, co-chaired the session, emphasising the importance of developing accessible and sustainable non-life insurance schemes tailored to the livestock and fisheries sectors.

Attendees included senior representatives from the Ministry of Fisheries and Livestock, the Farmers’ Insurance Development Institute (FIDI), the Department of Livestock Services, and various divisions of IDRA. The participants engaged in detailed discussions on draft policy proposals, identifying coverage gaps, risk mitigation strategies, and methods to enhance implementation effectiveness.

Key topics covered during the workshop included:

Designing inclusive insurance products for livestock, poultry, and aquaculture farmers.

Establishing standardised methods for risk assessment and premium calculation.

Introducing digital platforms for efficient claims management and monitoring.

Strengthening collaboration between government agencies, insurers, and farmer organisations to ensure policy outreach.

The workshop also stressed the need for data-driven decision-making, actuarial accuracy, and modern risk management tools to ensure that insurance schemes are both effective and financially sustainable.

Workshop Participants Overview

IDRA announced that feedback from the workshop would be incorporated into the final version of the National Livestock Insurance Policy 2025, anticipated to be officially released later this year. Officials underscored that a robust and inclusive insurance framework is essential not only to protect farmers’ incomes but also to foster investment and growth in Bangladesh’s livestock sector.

The workshop represents a major step toward institutionalising livestock insurance, reflecting a commitment to modernising agricultural risk management and enhancing the resilience of rural communities across the country.