A consortium of five Ethiopian insurance companies, assembled by Pula Advisors, a Kenyan insure-tech firm, aims to provide 10 million farmers with bundled agricultural insurance services. Dubbed Ethiopia’s Agricultural Insurance Consortium (AICE), the ensemble includes Abay Insurance, Africa Insurance, Nyala Insurance, Oromia Insurance, and the state-owned Ethiopian Insurance Corporation (EIC).
With Pula as the technical advisor, the Consortium, launched at the Hyatt Regency Hotel on Thursday, looks to tackle “persistent challenges” that have undermined the growth of Agri-insurance in Ethiopia. AICE aims to address low farmer awareness, underutilization of technology, limited technical capacity, and unaffordable premiums through an insurance scheme that starts off with 200 Birr annual premiums embedded within agricultural input purchases.
“Our packages are priced with affordability in mind,” said Dagmawi Haileyesus, Pula’s country manager.
The insurance package covers 14 perils, including yield losses from adverse weather, while claim settlements are calibrated based on the extent of losses
“If one farmer who purchased 20,000 Birr worth of fertilizer sees 10% damage, and another who bought 1,0000 Birr worth suffers an 80% loss, their payouts are adjusted accordingly,” the country manager told Shega.
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