Allianz Africa is eyeing the agriculture insurance coverage sector in
“According to our estimates, Agriculture Insurance Premium globally is
The partnership covers the final insurance coverage enterprise (also referred to as the property & casualty insurance coverage phase) in
Lovermore says that
“Operationally, parametric solutions are less cumbersome as the insurance company does not need to visit the farm and occupy the farmer’s time. Monitoring of the index can be done remotely through satellite imagery and data. The farmer can also have access to the data and they can closely monitor the development of the index throughout the growing season on their mobile phone or tablet. This also makes it very transparent, traceable, efficient, and paperless,” stated the official.
Through parametrics, farmers can select which parameter is of concern to them, so far as affecting their crop yield is anxious. The most typical parameter is rainfall. Lack of rainfall through the cropping season (drought) in addition to an excessive amount of rainfall (extreme rainfall) have a huge effect on the farmers’ yield and subsequently the income.
So the farmer will select to insure in opposition to drought and/or extreme rainfall to hedge their losses. When the insurance coverage firm makes use of index insurance coverage options resembling Rainfall Index, Evapotranspiration Index, Soil Moisture Index, and Area Yield Index, these are categorised as parametric options.
Over the years, extra insurance coverage corporations are venturing into the agricultural house as farmers are more and more understanding the worth of insurance coverage as they be taught from different folks’s experiences.
The Kenyan authorities and personal sector are additionally actively contributing to the insurance coverage penetration by premium subsidies for each crop and livestock farmers as solely lower than 5% of the
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