Agriculture is the backbone of the Kenyan economy with the sector contributing 33% of the country’s GDP. It also contributes another 27% indirectly through linkages with other sectors of the economy. Not to mention that it employs more than 40% of the total population and more than 70% of Kenya’s rural population. This goes to show how important this sector and why there is a need for agriculture insurance by Equity.
In as much as the agricultural sector is a lucrative venture and provides employment for a large number of Kenyans. Climate change has become a significant risk to farmers who mostly rely on the rain. This is due to the erratic weather patterns characterized by droughts, flooding and at times inadequate rainfall.
The vulnerability of this sector poses a danger not only to the farmers but also to the country’s food security. To cater for this uncertainty, Equity has tailor-made insurance covers for the agriculture sector. The insurance covers work to provide farmers with a safety net giving them peace of mind.
Here are some of the agriculture insurance covers offered by Equity.
Equity Crop Insurance
Multi-Peril Crop Insurance covers risks such as hail, fire, and uncontrollable pests and diseases. This ensures even when there are extreme weather events, farmers are compensated.
Bima Ya Mifugo
This product covers livestock loss due to diseases or accidents for dairy cattle, poultry, pigs, goats, and other livestock, with compensation based on veterinary valuations. It helps farmers protect the value of their livestock investments.
Greenhouse Insurance
For those who have adopted modern farming techniques such as greenhouses, Equity Bank offers insurance protection against property damage caused by fire, floods, lightning, earthquakes, theft, and even riots.
Benefits of taking up Equity agriculture insurance includes.
Financial Security
Nowadays farming has become a risky venture because the erratic weather patterns say failed rains can easily lead to the loss of an entire crop. Such a scenario would ordinarily spell doom for our farmers but this is no longer the case for those who have taken agriculture insurance with Equity.
With guaranteed compensation for potential losses, farmers are now able to plan their investments and operations with greater confidence. This allows farmers to reinvest in their farms, adopt better practices, and purchase necessary equipment without the fear of financial losses.
Risk Mitigation
Crop and livestock insurance enables farmers to manage uncertainty due to natural disasters, pests, and diseases. This allows them to focus on improving their farming practices without the constant fear of losing their crops and livestock.
Protection Against Natural Disasters
Crop and livestock insurance provides essential protection against natural disasters such as floods, landslides, and storms that can devastate crops and livestock leading to significant financial losses.
Equity insurance makes it easier for farmers to quickly recover from a financial crisis due to crop damage or loss and resume production with minimal disruption to the next crop cycle.
Higher Productivity
Other than crop and livestock protection, having an insurance cover in place gives farmers the confidence to invest in high quality seeds, fertilizers and advances farming techniques.
This is because they are protected against financial losses by the Equity insurance cover. This in turn leads to higher productivity and better crop quality, which goes a long way in ensuring food security.
Given the benefits of taking agriculture insurance, the only drawback is the cost of the cover. However, with Equity you don’t have to worry about that as they offer insurance premium financing which enables you to enjoy the cover without an upfront payment.
As a farmer, don’t wait for a calamity to strike, visit your nearest Equity branch or visit the Equity Bank Website for
more information about insurance today.