The farmers were mainly engaged in the cultivation of maize that is relied upon by growers in the region to supplement their income.
APA Insurance is the lead insurer and Pula is the service provider who designed the AreaYield Index product and did risk assessment to determine the claims for the smallholder farmers.
The Nairobi-based insurer that operates across 13 African markets said at the time the funding would help boost its local expansion in Kenya and beyond the African continent.
APA Insurance in partnership with Kenyan agriculture insurance startup Pula has paid Sh12 million to maize farmers in Nandi County for losses incurred during the 2021 season.
The payment benefited 5,647 farmers in the county who were affected by drought last year. The farmers were mainly engaged in the cultivation of maize that is relied upon by growers in the region to supplement their income.
APA Insurance made the payment on behalf of Kenya Agriculture Insurance Group (KAIG). KAIG comprises of seven top insurers – UAP, CIC, Amaco, Jubilee, Kenya Orient, Geminia & APA Insurance.
APA Insurance is the lead insurer, Apollo Agriculture is the client, and Pula is the service provider and did risk assessment to determine the claims for the smallholder farmers. “In Kenya, agriculture is vital to the economy and over 75 percent of our fellow countrymen rely on agriculture at various degrees for their livelihoods,” said Ashok Shah, CEO of Apollo Group which owns APA Insurance.
“The government has identified agriculture insurance as part of the broader risk management programme and a key strategy to de-risk agriculture.”
The programme reached over 100,000 farmers by the end of 2021, providing them with inputs, access to markets, and crop insurance.
APA Insurance is the lead insurer and Pula is the service provider who designed the AreaYield Index product and did risk assessment to determine the claims for the smallholder farmers.
Small farmers produce up to 80 per cent of the food supply in Africa and Asia and face a 90 per cent chance of crop loss due to factors outside of their control, such as pest outbreaks and severe drought.
In 2020, Pula raised $6 million (Sh681.9 million) from global venture capital firms for Africa and Asia expansion.
The Nairobi-based insurer that operates across 13 African markets said at the time the funding would help boost its local expansion in Kenya and beyond the African continent.
