Soras launches new microinsurance product for farmers in Rwanda
A new low-cost microinsurance product is being launched in Rwanda to protect farmers against losses caused by natural disasters such as droughts and floods.A new low-cost microinsurance product is being launched in Rwanda to protect farmers against losses caused by natural disasters such as droughts and floods.
Created through a partnership between the insurer SORAS, the Ministry of Agriculture of Rwanda, Swiss Re Corporate Solutions, Syngenta Foundation for Sustainable Agriculture and One Acre Fund, this product is expected to benefit 20,000 farmers in Rwanda's western and southern provinces, news agency Ecofin reported.
Called Kilimo Salama, it will allow farmers to obtain a refund on expenses incurred for the purchase of seeds, fertilisers and other production materials.
This product is expected to boost the development of agriculture by giving farmers better access to credit, with the insurance acting as a guarantee with banks.
Agriculture accounts for a third of Rwanda's GDP and the industry employs 80 per cent of the country's workforce. The performance of this sector therefore has a strong impact on the national economy.