Sub-Saharan Africa

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ACRE Africa (formerly the Kilimo Salama project of the Syngenta Foundation for Sustainable Agriculture) is having an active project in Kenya, Rwanda, and Tanzania. The largest private sector index-based insurance program in Kenya and Africa develops and offers insurance for African farmers (smallholder to large-scale commercial farmers) so that they can feel confident investing in their farms and feed their communities. The initiative has designed insurance products to cover a variety of crops against drought, erratic rain, and disease. is an insurance initiative of the Syngenta Foundation for Sustainable Agriculture. It develops and offers insurance for African farmers (smallholder to large-scale commercial farmers) so that they can feel confident investing in their farms and feed their communities. The initiative has designed insurance products to cover a variety of crops against drought, erratic rain, and disease.
Agricultural insurance was introduced in Nigeria in 1987 through the creation of the Nigerian Agricultural Insurance Scheme (NAIS). In 1993, the private company in charge of underwriting and implementing the NAIS was dissolved and replaced by a public-sector corporation, the Nigerian Agricultural Insurance Corporation, NAIC. Currently, NAIC writes a portfolio of crop, forestry, livestock, poultry and aquaculture insurance and also non-life commercial insurance lines. NAIC has received government support both in the form of the initial capitalization of the company and 50% premium subsidies on...
Benin is a small country with a population estimated at just under 10 million in 2011, and the national economy relies on the agriculture sector, in particular on cotton. Indeed, the agriculture sector accounts for about 32% of GDP and is the source of livelihood for nearly 70% of the country’s workforce. As part of its Growth and Poverty Reduction Strategy (2011-2015), Benin has identified agricultural diversification and improved agricultural productivity as two key priorities.
At the request of the Ministry of Finance of Senegal, a feasibility study was completed in 2009 to assess the potential of index insurance. This study recommended the development of weather-based index insurance for commercial farmers, and suggested a pilot for groundnut farmers in two departments – Nioro and Kaffrine. As a follow-up to these recommendations, CNAAS requested in 2011 financial and technical assistance from the World Bank in order to pilot-test index insurance for groundnut farmers. The objective of the pilot was 1) to test the operational and technical procedures of the...
In 2011, at the request of CIMA and FANAF, a regional study on microinsurance was conducted with the technical assistance and financial support from the World Bank. This report showed that a new regional framework was required for microinsurance and agricultural index-based insurance, which had been absent, in the CIMA zone. The member countries are Benin, Burkina Faso, Cameroon, Central African Republic, Comoros, Chad, Cote d’Ivoire, Gabon, Guinea, Equatorial Guinea, Mali, Niger, Senegal, and Togo.
The Insurance Regulatory Authority of Kenya (IRA) requested financial, technical, the human resources assistance from GIIF for a legal and regulatory review as well as some assistance in drafting a new legal and regulatory framework for microinsurance and index-insurance. IRA also expressed an urgent need for assistance in building its technical capacity and the promotion of consumer awareness and insurance understanding.
With the amendment of the Insurance act in 2011, the IRA of Uganda has become in charge of the regulation of micro-insurance. One of the main products considered under this business is a microinsurance product for farmers which would enhance their access to credit.
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May
The 2014 Africa Insurance & Reinsurance Conference will keep you up-to-date with the latest industry developments, marketing strategies and product innovations relevant for the African market. New technologies, development of new client segments and the overall economic growth in the continent is not only forcing regional insurers to rethink the way they conduct business but also forcing the global players to look at Africa as a strategic market for growth.
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