ANNOUNCED AS TEMPORARYYes
On 16 March 2018, the Ministry of Agriculture, Livestock, and Farming of Brazil announced the new budget to finance the subsidy to contract rural insurance to be released between the months of March and November of this year. The total budget for 2018 was set at BRL 384 million (USD 116.7 million) which represents a decrease when compared to the BRL 400 million (circa USD 121.6 million) approved in 2017.
Of the total amount, at least BRL 115 million (USD 34.9 million) will be granted to contract policies for safflower, maize, wheat and other winter grains; BRL 175 million (USD 53.2 million) for summer grains; BRL 72 million for fruits (USD 21.9 million), BRL 1 million (USD 304,000) for livestock insurance and BRL 21 million (USD 6.4 million) for other crops.
The rural insurance subsidy is based on the conception that the payment of the insurance premium amount is shared between the producer, a private agent interested in the protection of the crop and the government who finances part of the insurance premium with a grant.
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