Oromia Insurance S.C. facilitated a 39 million Br payout in claims to Amhara Regional State farmers who suffered crop losses due to pest and drought. The initiative involved key stakeholders including the World Food Program (WFP), the Agricultural Transformation Institute (ATI), Pula Advisors, Agriculture and Finance ministries, and German development organisations. Spearheaded by Pula Advisors, the program has reached over 122,000 smallholder farmers, providing insurance against climate risks and diseases. With an ambitious target of 7.5 million farmers, the project offers comprehensive initial coverage, focusing on crucial inputs like fertiliser. Dagmawi Haile, Pula's Country Manager, anticipates expansion into Oromia and Tigray regional states in the coming year. He said the initiative has the potential to improve insurance penetration in Ethiopia's agricultural sector, which currently contributes less than one percent to the GDP. "As more farmers participate, premiums will decrease," he told Fortune.
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