Agricultural insurance scheme to be unveiled soon
Namibia Special Risks Insurance Limited (NASRIA) will soon unveil its much anticipated new product, the Namibia Agriculture Insurance Scheme (NAIS) which will insure crop and livestock farmers against natural calamities in a sustainable manner.
This scheme, which will launch with a pilot project imminently, will further incentivize farmers to embrace commercial agriculture.
Speaking about the scheme in a statement, NASRIA Managing Director Ndjoura Tjozongoro highlighted that this timely scheme will go a long way in preserving the wealth of Namibian farmers while at the same time helping them to protect their wealth.
“NAIS is being introduced at an opportune time to help protect the wealth of Namibian farmers. NAIS will insure crop and livestock farmers against natural calamities in a sustainable manner and incentivize farmers to embrace commercial agriculture. It will be piloted in five regions starting October 2022.”
“What is crucial about this scheme is that among other things, farmers can restock animals lost following a severe drought or epidemics; it protects the farmer from loss of animals and income due to death or disability of animal and that the insurance protection will greatly facilitate credit support in this sector from financial lending institutions as it is the best form of collateral security,” he said.
The scheme intends to cover all farmers (including both commercial and communal) in the pilot regions who have insurable interests (owning indigenous breeds and/or exotic cattle) and are eligible.
As we encourage farmers to look out for this new scheme that will take the agricultural industry by storm, you may also want to know that the policy is issued annually; insured value is as per veterinary’s certificate (based on breed, age, and market value); the cover is comprehensive, affordable and convenient and premium is payable upfront on an annual mode basis to avoid any discontinuity of the scheme, risk coverage,” further explained Tjozongoro.
Since its inception, the Namibia Special Risks Insurance Association Ltd has always been a critical player in the insurance market being the only insurer in Namibia that provides cover against damage to property and consequential loss caused by, among others, riots or civil commotion, strikes, lockouts, and labour disturbances.
Established and registered as a Section 21 company in 1987, NASRIA Ltd commenced business in 1988, a period in which other conventional insurance companies had distanced themselves from the risk associated with special risk insurance.
“As a company that is resilient and eager to continue its growth for the broader benefit of all Namibians, we have scaled greater heights over the last three decades some of which have seen us being successfully converted from a Section 21 company to a Public Enterprise in July 2019. This has positioned us to better participate in the mainstream economy where we, on an annual basis declare dividends to the Government of Namibia as our sole shareholder,” concluded Tjozongoro.