Agricultural Insurance Services in Guatemala.

Agricultural insurance is a new financial product created with the purpose of providing economic coverage to small-scale producers who are affected by two types of climate events: heavy rainfall or prolonged drought. The parametric and catastrophic insurance was designed by the expert organization MiCRO (Microinsurance Catastrophe Risk Organization) and contracted with the National Mortgage Credit Bank (CHN). Unlike traditional insurance, which requires an on-site assessment of the losses, parametric insurance estimates them by analyzing the historical behavior of normal climate conditions and studying the economic losses derived from extreme events such as storms and prolonged dry spells.