The importance of agricultural insurance will be a side-event during the next Committee on Food Security meeting at the Food and Agricultural Organisattion (FAO) of the United Nation’s headquarters in Rome, Italy on October 13, 2015.
Organised by the FARM Foundation- an agric organisation based in France, the theme of the event which is: “Enhancing food security through agriculture insurance, a concrete tool for the future of African farmers” is expected to chart the way forward on providing cover for small holder farmers in Africa.
According to FARM, agriculture insurance can assist in reducing poverty and making a difference in food security.
This tool is projected to be even more important in the future with the rising likelihood of severe climate hazards. Insurance protects farmers from climate-related crop and livestock losses, thereby helping in stabilizing and increasing their income.
The organisation opines that agricultural insurance makes it easier to obtain credit for investing in their farm, thus boosting yields and increasing the quantities that can be sold on the market.
Panelists will highlight the obstacles that stand in the way of the development of agricultural insurance in Africa and suggest solutions to provide all farmers the protection they deserve.
Over 90% of farmers in Nigeria do not have insurance cover as such suffer greatly whenever they experience flood or any natural disaster.
Farmers in Nasarawa, Kaduna, Kebbi, and other states suffered severe losses due to flood occasioned by release of water from the dam in Cameroon, with some recording total destruction of their crops.