November 8, 2023

Agriculture Insurance in Africa

This is the latest episode of Insurance Matters, a podcast series brought to you by Continental Reinsurance!

In this podcast episode, Juliette Foster explores the world of agriculture and insurance in Africa with Ashok Shah, the APA Group CEO, and Liz Booth, Managing Editor at Africa Ahead.  They discuss the importance of insurance for smallholder farmers in Africa, the role of premium subsidies in encouraging farmers to take up insurance, and the challenges of insuring agriculture in a high-risk environment.

Ashok emphasizes the positive impact of premium subsidies in Kenya and encourages other African countries to adopt similar approaches to support smallholder farmers.  He also discusses the importance of addressing moral hazard and monitoring weather patterns to manage claims efficiently.

Liz highlights the evolving landscape of agriculture insurance in Africa and the role of aggregators in distributing claims efficiently.  She mentions the use of technology and mobile money to make direct payments to farmers a reality, making insurance more accessible to a broader population.

Ashok concludes with a call to fellow insurance leaders, urging them to allocate at least 10% of their premium income to the microinsurance market, emphasizing the potential for increased financial inclusion and positive impact on people's lives.

Listen to the Podcast here

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