Crops and livestock insurance in Kenya

As a farmer, you face many risks. Some of the worst are climate change and its effects. Prolonged drought, unreliable rainfall or floods can wipe your crops or livestock in a day. Other general threats include theft and fire that can destroy your premises and farm machines. luckily, there are various crops and livestock insurance companies that insure farmers, ranchers and herders in Kenya.

The products include crops and livestock insurance against the above risks. In some counties, you can enjoy a subsidy under the Kenya livestock insurance program (KLIP) or the  Kenya National Agricultural Insurance Program, and pay cheap premiums from underwriters. There is diversity in the sector with banks and Saccos which offer bancassurance services.

Crops and livestock insurance Companies in Kenya

Are you wondering which company to insure your plants or animals in Kenya? The following list has the registered crop and livestock insurance firms which cover various farm risks.

1. APA Insurance Company
2. CIC General Insurance Company; The livestock policy covers Dairy, beef and breeding stock from 3 months up to 8 years of age
3. Kenya Orient Insurance Company
4. ICEALION General Insurance Company
5. UAP General Insurance Company
6. Jubilee Insurance Company
7. Heritage Insurance Company
8. Madison Insurance Company
9. African Merchant Assurance Co. Ltd.
10. Takaful Insurance of Africa Limited

Besides the above players, there is IRA, AKI, CBK Brokers and banks. Their role is awareness creation, oversight and regulation of the sector.

Insurance Regulatory Authority (IRA)

The IRA regulates the insurance industry. It is a statutory agency established under the Insurance Act 2006 or CAP 487 of laws of Kenya. Its role is to regulate, supervise and develop the sector.

Banks, MFIs or Saccos broke and sell insurance products alongside banking. The Central Bank of Kenya (CBK) regulates the banking and financial sector in the country.

The Association of Kenya Insurers (AKI)

AKI is a voluntary membership and non-profit advisory association body for the insurers. Its role is the self-regulation of the sector and its development.

Besides the major players, there are others in the agriculture insurance. These include brokers who give agency services on behalf of underwriters. They will facilitate you to search and identify the products for your crops or livestock. In the case of compensation, they may help in the claiming process.

Others like PULA offer disruptive solutions for the sector. It provides farmers with insurance bundled with other inputs such as seeds and fertilizers. Besides, they give you the advice to increase yields and income.

We hope this article has helped you to understand the agriculture insurance landscape in Kenya. As a commercial farmer, do not suffer losses from your farm any longer. Take a crop or livestock insurance today. To do it, search for a product that is suitable for you. Settle on a reliable insurer and negotiate for an affordable premium.