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Agricultural insurance to be offered separately amid rising climate risks
Agricultural insurance products are significantly more complex to structure as losses are often systemic rather than isolated, meaning one weather event can trigger massive simultaneous claims.
The government has proposed a major overhaul of Kenya’s agricultural insurance market by creating a standalone class of underwriting business targeting risks unique to the farming sector.
In his budget speech, Treasury Cabinet Secretary John Mbadi announced that the government will amend the Insurance Act to formally establish agricultural insurance as an independent insurance category.
