The Insurance Development and Regulatory Authority (IDRA) convened a comprehensive workshop on Sunday, 15 March, to advance the formulation of the National Livestock Insurance Policy 2025. The initiative aims to strengthen risk management frameworks in the country’s livestock and fisheries sectors, enhance insurance coverage, and ensure sustainable agricultural development.
The workshop took place at the IDRA headquarters and was presided over by Mr. Fazlul Haque, Member (Administration) of IDRA. Acting as co-chair, Mr. Mohammad Abu Bakar Siddique, Member (Non-Life) of IDRA, underscored the critical role of insurance in mitigating sector-specific risks, including disease outbreaks, natural disasters, and market fluctuations.
Representatives from key government bodies and sectoral organisations participated actively in the discussions. These included officials from the Ministry of Fisheries and Livestock, the Farmers’ Insurance Development Institute (FIDI), the Department of Livestock Services, and various IDRA departments. The workshop provided a platform for stakeholders to review draft proposals, identify coverage gaps, and recommend practical strategies for implementation.
Key objectives of the workshop included:
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Reviewing the proposed framework for livestock insurance coverage.
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Assessing risk evaluation methods and premium determination.
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Identifying sector-specific challenges such as veterinary costs, livestock mortality, and market price volatility.
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Promoting collaboration between government authorities, insurers, and farmers’ organisations.
The discussions highlighted the necessity of integrating modern actuarial methods, data-driven monitoring systems, and digital claim-processing platforms to ensure efficient service delivery. Participants emphasised that a robust insurance policy could not only protect farmers’ livelihoods but also encourage investment in livestock and fisheries, contributing to national food security.
Workshop Participation Overview
| Organisation / Department | Role in Workshop | Key Contribution |
|---|---|---|
| Ministry of Fisheries and Livestock | Policy Guidance | Shared sectoral priorities and challenges |
| Farmers’ Insurance Development Institute (FIDI) | Technical Advisory | Provided actuarial and insurance expertise |
| Department of Livestock Services | Implementation Support | Highlighted operational and field-level issues |
| IDRA | Coordination and Oversight | Presented draft policy framework |
IDRA announced that feedback from this workshop will be incorporated into the final version of the National Livestock Insurance Policy 2025, expected to be officially released later this year. The authority reaffirmed its commitment to creating an inclusive and effective insurance system, which balances risk protection with affordability for farmers across the country.
The workshop marks a pivotal step in formalising livestock insurance and reflects a broader commitment to strengthening agricultural resilience in Bangladesh.