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African insurers consider food security programs for farmers to encourage risk protection

June 11, 2014 - 6:00am


African insurers are mulling food security programs that will encourage farmers to take up agriculture insurance, in turn deepening market penetration, Business Day reported.

Bode Opadokun, managing director at Nigerian Agricultural Insurance Corp., said "being that 2014 is the year Africa has declared food security, all of efforts were being put in place to strengthen capacity for food production through adequate insurance."

Frank Gosselink, director of risk management at Cardano Development, said "adopting satellite-based crop insurance" would help insurance sector growth.

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