The Namibia Agriculture Insurance Scheme (NAIS), which would sustainably protect farmers of crops and livestock against natural calamities, will soon be unveiled by Namibia Special Risks Insurance Limited (NASRIA).
This program, which will soon begin with a trial experiment, will provide farmers with even more incentives to embrace commercial agriculture.
Ndjoura Tjozongoro, managing director of NASRIA, spoke about the program and emphasized that it is a timely program that will significantly contribute to the preservation of Namibian farmers’ wealth while also assisting them in protecting it.
“NAIS is being launched at a good time to support safeguarding the riches of Namibian farmers. To encourage farmers to adopt commercial agriculture, NAIS would provide sustainable insurance for crop and livestock farmers against natural disasters. Starting in October 2022, five locations will pilot it.
The farmer is protected from losing animals or income due to the death or disability of an animal, and the insurance protection will greatly facilitate credit support in this sector from financial lending institutions as it is the best form of collateral security, according to the expert. “What is crucial about this scheme is that farmers can, among other things, restock animals lost following a severe drought or epidemics; it protects the farmer from loss of animals and income due to the death or disability of an animal,” he said.
All farmers (commercial and communal) in the pilot regions who are eligible and have an insurable interest (holding cattle of an indigenous breed or an exotic variety) are intended to be covered by the program.
Tjozongoro continued, “As we urge farmers to be on the lookout for this innovative program that will revolutionize the agricultural sector, you might 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 practical; and premium is payable ahead on an annual basis to avoid any discontinuity of the program, risk coverage.
Being the only insurer in Namibia that offers coverage against property damage and consequential loss caused by, among other things, riots or civil commotion, strikes, lockouts, and labour disturbances, the Namibia Special Risks Insurance Association Ltd. has always been a significant player in the insurance market.
While other traditional insurance companies had disassociated themselves from the danger connected with special risk insurance by the time NASRIA Ltd was founded and registered as a Section 21 company in 1987, the company didn’t officially open for business until 1988.
“Over the past three decades, we have reached greater heights, some of which have seen us being successfully converted from a Section 21 company to a Public Enterprise in July 2019. As a company that is resilient and eager to continue its growth for the greater benefit of all Namibians, we have scaled greater heights. As a result, we are now better positioned to participate in the mainstream economy, where we annually declare dividends to the Government of Namibia, which serves as our sole shareholder.
