80,000 farmers get IAZ insurance cover

80,000 farmers get IAZ insurance cover

The Insurers Association of Zambia (IAZ) provided insurance cover to over 80,000 small-scale and commercial farmers across the country last year.

IAZ president Paul Nkhoma said the association intends to work with Government to structure workable public private partnership (PPP) in the agriculture sector as a way of providing security to the farmers.

Mr Nkhoma said the creation of PPPs will help to create viable agriculture insurance for all small-scale farmers, especially, those on the Farmers Input Support Programme.

In an interview, he said ensuring that the agriculture sector is well supported will help Zambia achieve its diversification agenda and further register economic growth.

“In his inauguration speech, President Lungu stressed the need to develop the agriculture sector as a key economic driver. As a sector, we are positioning ourselves to be able to assist in achieving this important policy pronouncement. Our members to date collectively insured over 80,000 small-scale and commercial farmers across the country,” Mr Nkhoma said.

He said IAZ is keen to play its part in creating a resilient economy by providing innovative risk management solutions that will help the country move forward.

Mr Nkhoma also said there is need for Government to put in place measures that will encourage the growth of the industry to positively contribute to economic development.

He said measures such as micro-insurance for the low-income market will help reduce the number of the uninsured in the country.

A micro-insurance plan provides protection to individuals who have little savings and is tailored specifically for lower valued assets and compensation for illness, injury or death.

“Micro-insurance is the way to go. IAZ has targeted to reach six million Zambians by 2019 to help in moving a lot of people out of poverty,” Mr Nkhoma said.

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