Namibia Special Risks Insurance Limited (NASRIA) through a statement announced it 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.
The scheme, which will be launched with a pilot project, will further incentivise farmers to embrace commercial agriculture. NASRIA Managing Director Ndjoura Tjozongoro, has 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 to incentivize farmers to embrace commercial agriculture. It will be piloted in five regions starting October 2022,” the statement reads.
Insurable interest
The scheme will allow farmers to restock animals lost following a severe drought or epidemics, adding that the scheme 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. The scheme also intends to cover all farmers (both commercial and communal) in the pilot regions who have insurable interest (owning indigenous breed 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; and that the 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 basis to avoid any discontinuity of the scheme, risk coverage,” the statement reads.
The Namibia Special Risks Insurance Association Ltd is regarded as a critical player in the insurance market, being the only insurer in Namibia which provides cover against damage to property and consequential loss caused by, among others, riots or civil commotion, strikes, lockouts and labour disturbances.
”As a company that is resilient and eager to continue its growth for the broader benefit of all Namibians, we have scaled greater height 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,” the statement concluded.
 through a statement announced it 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.){kind=link}