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Browsing: Insurance in Africa
- Last year, about 90 percent of climate change-related disaster losses in Africa were not insured.
- Global insurance broker Gallagher Re says affordability of premiums, quality of data, and technical capacity is hindering insurance uptake.
- DRC has appointed Gallagher Re to find ways to enhance the country’s insurance penetration rate in mining industry.
Climate change has led to an increase in the frequency and intensity of extreme weather events such as droughts, and floods in many parts of Africa. These extreme weather events are resulting in significant damage to property, infrastructure, and livelihoods.
Flooding induced by climate change
Last year, for instance, at least 2,000 people died in Africa as a result of unprecedented flooding, which was partly induced by climate change. South Africa (Durban) and Nigeria were particularly hit hard following above-average rains in the year under focus.
Storm Issa, which is now regarded as one of the greatest storms …
- The bulk of Tanzania’s population is not under any form of cover with industry statistics putting penetration at 1.68 percent.
- Gross premiums hit $486 million last year from $388 million in 2021, the Association of Tanzania Insurers (ATI) says.
- As of May 2023, a total of 34 insurers including three reinsurance companies had presence in Tanzania.
Insurance saves lives. This was how Sicola Enock, a mother summarised Tanzanian’s Community Health Fund (CHF), a social welfare cover that was introduced in 2001 to help families in rural areas.
“When my husband got sick, we incurred many consultation fees before treatment. But, when we acquired the CHF, things changed. Now the health insurance serves more than ten family members,” Sicola added.
Sicola is part of about 15 percent of Tanzania’s population now covered CHF health insurance.
However, the bulk of Tanzania’s population is not under any form of cover. Latest figures show …
Insurance provides farm income stability by compensating the losses to the farmers in a timely and efficient manner. It ensures that the farmer is kept on the farm doing what they know and loves best, farming, thereby contributing to food security.
The majority of the farming community in Africa generally operates on thin margins. Most do not have title to land or any bankable assets that they can use as collateral to access finance for the much-needed inputs. By using the insurance policy as collateral, the farmers can access the finance they need, source the right inputs on time and be more productive per unit area, thereby contributing to the food security of their country, apart from also creating their own margins.
The National Bank of Commerce (NBC) in Tanzania have an Agricultural Insurance product in collaboration with Jubilee Insurance Company, aimed at protecting farmers, fishermen, and livestock keepers in …
