(3 minutes read)
· A Kenyan agriculture insurance start-up-Pula- in partnership with APA Insurance, the major insurance player in the country, announced a Sh85.1 million initial pay out to 13,523 insured farmers in the coastal region for losses incurred during the 2021 March to May season
· The farmers are mostly from Kwale, Taita Taveta, and Kilifi counties of Kenya, who are mainly cultivators of cowpeas, green grams, sorghum, and maize and were hard hit by the drought occurred between March and May 2021
A Kenyan agriculture insurance start-up-Pula- in partnership with APA Insurance, the major insurance player in the country, announced a Sh85.1 million initial pay out to 13,523 insured farmers in the coastal region for losses incurred during the 2021 March to May season.
The farmers are mostly from Kwale, Taita Taveta, and Kilifi counties of Kenya, who are mainly cultivators of cowpeas, green grams, sorghum, and maize and were hard hit by the drought that occurred between March and May 2021.
The lead insurer AIP Insurance, targeted farmers participating in the KCEP-CRAL Program run by the Government of Kenya with support from European Union, IFAD, and FAO. The programme covered over 100,000 farmers by the end of 2021. The highlight of the programme was that it provided farmers with inputs, access to markets, and crop insurance.
The insurance product was developed by Pula to cover smallholder farmers from risks such as floods, drought, diseases, and pests that significantly affect farm yield.
APA Insurance is the lead insurer and Pula is the service provider who designed the AreaYield Index product and did risk assessment.
