Global food prices soaring by 41% in May 2021 and 34% in March 2022, primarily driven by supply shocks, A recent report highlights that, despite global progress in crop resilience, approximately 60% of insurable crops remained unprotected by insurance in 2022. This protection gap is estimated at a staggering USD 113 billion globally in premium equivalent terms.
Sources: Swiss Re Institute & SRI Crop Insurance Resilience Index