Farmers finally have a much-needed alternative to loans as they seek to safeguard against the ruinous effects of natural disasterNatural disasters can come with six-digit figures of damage and debt attached, even in Latin America's poorest country. Bolivia's rural areas, still dependent on rain cycles, are the most financially vulnerable to drought, frost, hail, floods and other weather adversities. Lose your crops, farmers say, and you're left with nothing but your debts.
Luis Alvaro Toledo, who's worked in the insurance business for more than 30 years, believes he has a solution. "To think of crop insurance in Bolivia used to be a utopia," he says. "But we're now going to give cheap and accessible insurance to very small farmers."
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