from MARIA MACHARIA in Nairobi, Kenya
NAIROBI, (CAJ News) – ONE of the world’s main insurers and asset managers is eyeing the agriculture insurance coverage sector in Kenya and the East African area.
Allianz Africa estimates that the worth of the agriculture insurance coverage phase to face at US$10 million however consider it holds the potential to develop to $30 million.
They goal at partnering with aggregators akin to banks, cooperatives, agro-dealers, and commodity associations to deploy the answer.
Allianz entered the East African market final yr after signing an settlement with Jubilee Insurance to determine a strategic partnership within the 5 African nations the place Jubilee Insurance presently operates.
The partnership covers the final insurance coverage enterprise in Kenya, Tanzania and Uganda in addition to the short-term insurance coverage phase in Burundi and Mauritius.
JHL retains its possession of its life and pensions operations and its medical insurance coverage enterprise in Kenya, Uganda and Tanzania.
Lovemore Forichi, senior underwriter of Aagriculture at Allianz, mentioned in line with their estimates, agriculture insurance coverage premium globally is $32 billion.
East Africa contributes about $18 million of which Kenya is about $10 million.
Governments and the non-public sector in East Africa are working collectively to extend agriculture insurance coverage penetration within the area,”. Less than 5% of the Kenya farming neighborhood is insured,” Forichi mentioned.
The Kenyan authorities of President Uhuru Kenyatta and personal sector are additionally actively contributing to the insurance coverage penetration by means of premium subsidies for crop and livestock farmers.
Less than 5 p.c of the Kenya farming neighborhood are insured. – CAJ News