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JUBILEE INSURANCE PARTNERS TO LAUNCH NEW COVER FOR FARMERS

 East Africa’s leading insurance company, Jubilee  Insurance
has partnered with six insurance companies, (Amaco, CIC, Heritage, APA, Kenya Orient
and  UAP)  to  launch  The  Area  Yield  Index  Insurance  that  covers  smallholder  maize
farmers  against  poor  yields  as  a  result  of  adverse  climatic  conditions,  diseases  and
damage by insects.
The  launch  of  the  product  is  in  partnership  with  the  Government  of  Kenya,  who  will
grant  a  50  percent  subsidy  on  Insurance  premium  for  up  to  five  acres  per  farmer.  The
Area  Yield  Index  Insurance  covers  farmers  against  shortfall  in  yield  below  80  percent
form the expected harvest during the policy period. Jubilee Insurance is currently offering
the  product  to  farmers  in  Nakuru,  Embu  and  Bungoma  counties  and  later  expands  to
other counties.
Smallholder  farmers’  account  for  75  percent  of  agricultural  production  in  Kenya,  now
farmers can concentrate  on production and not the effects of natural disaster and other
risk  related  crop  production  with  the  new  cover.  This  will  also  help  farmers  reduce
financial risks as they have limited means as compared to large-scale farmers.
Jubilee Insurance  Chief Executive Officer, Partrick Tumbo said:  “Agriculture dominates
24 percent of Kenya’s economy therefore, this product will be supporting the heart of our
agricultural production. Smallholder farmers face vast challenges due to climate change,
which is  a risk that is uncertain. Jubilee Insurance is determined to help the farmers live
free of huge crop losses.”
The product’s effectiveness is dependent on the farmers’ payment of their share  of the
premium and the harvest history of the unit farm. The farmers can sign up before the 14th
March for the long rains and second week of October for the short rains.

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