ICZ bemoans low agric insurance uptake

By Newsday | Sep. 6, 2021 | 1 Min read

THE Insurance Council of Zimbabwe (ICZ) has bemoaned low uptake of agricultural insurance saying this was detrimental to the growth of the sector.

BY OBERT SIAMILANDU

THE Insurance Council of Zimbabwe (ICZ) has bemoaned low uptake of agricultural insurance saying this was detrimental to the growth of the sector.

Speaking at a virtual conference on how short-term insurance could protect the agricultural community against loss, theft, accidents, damage and other every day risks at the weekend, ICZ chief executive Tendai Karonga said such protection helped farmers recover in the event of disasters.

“Agriculture plays a bigger role in contributing to our GDP [gross domestic product] if supported fully and if farmers make use of the available insurance products which guarantee security for production,” Karonga said.

Karonga attributed the low uptake of agricultural insurance to lack of resource optimisation by the farming community. He said consumers of agricultural insurance were commercial farmers who had better knowledge and understanding of issues.

Zimbabwe Farmers Union secretary general Paul Zakaria emphassed the need to educate farmers on agricultural insurance.

“When we look at the market price risks in Zimbabwe, I think we should revise the things that we have done over the years,” he said.

“Looking at farm risks, there is clear need to educate our farmers on agricultural risks management through insurance. Our insurers need to be more innovative because the agricultural terrain has changed since the year 2000 with the land reform programme.”