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Ethiopia: Company Reaching Out to Farmers, Pastoralists for Weather Insurance Services

12.07.2017

 | Source:  The Ethiopian Herald; All Africa

With concerted efforts of the government and other stakeholders, Nyala Insurance Company is providing weather insurance services to small scale farmers and pastorals in various states, said Micro Insurance Business General Manager Solomon Zegeye.

The manager told The Ethiopian Herald that with an intention of delivering social responsibility and promoting saving culture in the rural parts of the country his company provides weather insurance services to farmers who lost their products due to drought.

According to Solomon, the payment would be settled based on the information received from the Ethiopian Meteorology Agency.

He further said that in order to get the insurance services farmers and pastorals should organized themselves in a cooperative association and make agreement with the company. Over the past seven years, 25,000 farmers in Tigray State who are members of the micro-finance institutions received over one million Birr insurance money.

Similarly, from 2012 to 2015 6,655 people in Amhara State received 220, 078 Birr, and from 2015 to 2016 over 2,000 people in Gambella and Tigray states received over two million Birr, he said.

As to Solomon, the insurance money is used for risk management tool and for promoting autonomous adaptation of climate change. Currently, the company provides various types of insurance coverage and among others multiple peril crops, livestock and weather index insurances. Read more on All Africa.

Source: All Africa