Developing partnerships with govts to offer agric insurance
The International Labour Organisation (ILO) has said six out of 10 Kenyans depend on farming, livestock or fishing for a living, and a majority are smallholder farmers.
According to a report by the organisation, these farmers are particularly vulnerable to climate risks.
The report stated that since 2008, the Kenyan government, the private sector and development partners have collaborated and experimented to develop the agricultural insurance market.
The report read: “Usually, public-private insurance schemes are promoted by a government through subsidised premiums and by signing up designated population groups. Insurance companies are invited to bid to provide insurance in specific regions of the country. While this has worked in other countries, the Kenyan insurance market was inexperienced in agricultural risks and too fragmented for one insurance company to insure a large group or the entire area.
“The formation of a consortium of insurance companies that pooled the risks was a necessary, yet unprecedented step in 2015. APA Insurance, one of the largest agricultural insurance companies in Kenya, took lead role in the consortium. Bringing together so many players inevitably came with challenges, such as different expectations and corporate cultures. The consortium established a clear organisational structure for better coordination as well as a management board with CEOs from all members to develop a strategy. The consortium also allowed for insurance companies to take on more responsibilities (such as client sign-up and claims delivery) than would normally happen in a public-private insurance scheme.
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