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Insurance industry has an important role to play in addressing food security in Africa and should be seen as an integral part of the agricultural system, President, African Insurance Organisation, Dr. Ben Kajwang, has said.
He disclosed this in his opening speech at the 49th Conference and Annual General Assembly of the AIO, yesterday in Algiers, Algeria.
He noted that according to the 2023 Africa Insurance Pulse, agricultural insurance, in particular, is a viable
option for reducing agricultural production risks caused by weather events, pests and market price fluctuations and is critical to improving food security in Africa by providing a safety net for farmers in the event of crop failure or disaster, reducing vulnerability to climate change,
increasing investment in agriculture, improving access to credit and encouraging the adoption of new technologies and practices.
He submitted that in recent years, agricultural insurance has benefited from innovation in both products and processes.
“We also wish to appeal to African governments to provide financial support for the development of agricultural insurance markets in emerging economies. In addition to premium subsidies, governments can support the sector by improving the accuracy of data on the sector, enhancing financial education or providing catastrophe reinsurance,” he said.
