Browsing: Insurance in Africa

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 the country against losses when they experience various disasters that may affect their production, according to Tanzania Daily News.