Over 500, 000 farmers are expected to be paid from the over K8.8 Million Crop Index Insurance Payout for the 2023/2024 farming season by four insurance companies namely ZSIC General Insurance, Savenda General Insurance, Professional Insurance Corporation and Madison General.
Speaking at the launch of the Largest Crop Index Insurance Payout in Africa today, Agriculture Minister Reuben Mtolo has also disclosed that his ministry is in the process of contracting expatriates in the formulation of an insurance mechanism that aimed at finding modern and effective ways to enhance insurance provision for farmers.
Mr. Mtolo said currently, about 3 million farmers do not have Access to insurance services and there is a need for collaboration between the government and insurance companies so as to cover such farmers.
Mr. Mtolo also disclosed that getting hold of farmer beneficiaries of insurance has proven to be challenging as most of them give wrong contact details.
And speaking on behalf of the four insurance companies, Professional Insurance Corporation Zambia Managing Director Moses Siame noted the need to enhance insurance coverage to a level where it can be used as collateral for small scale farmers.
Mr. Siame said the payout launched today is a testament of a resilient and forecast government direction of the government and its collaboration with the insurance companies in the country.
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