Jupiter insurance companys marketing executive, Sindiso Sibanda said farmers had realised the importance of insuring their livestock, as insurance policies can be used as collateral when they want to access funds.
Big financial houses like CBZ, MBCA, Agribank and ZB bank now allow farmers to use their policies as collateral when accessing funds. A lot of farmers have come to us after being told to first insure their livestock, he said.
Organisations supplying farm implements and inputs have made insurance of livestock and crops by farmers a prerequisite for the access to these materials.
Insurance has also increased with wheat at 70 percent, tobacco at 80 percent and maize at 60 percent. However farmers still need to be educated on the importance of insuring their farms together with their cars, watering systems and even workers, the figure currently stands at 50 percent, said Sibanda.
Jupiter Insurance and the Zimbabwe Farmers Union have an alliance emphasizing agriculture policies that are developmental in nature.
Post published in: Economy