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Oromia Insurance Company begins 6th Sales Windows for Livestocks Insurance

Even though Ethiopia ranked first in Africa and third in the world through its livestock resource, neither the country nor its pastoralists have properly been profiting from the sector. The pastoralists lose their livestock which they merely depend on for existence as a result of inadequate forage and allied problems crop up each year.  In line with this, to solve the problem and elevate the country’s revenue earned from livestock sector, Oromia Insurance Company in collaboration with International Livestock Research Institute (IRLI) has started offering Index Based Livestock Insurance in July 2012. At present, this service is being provided in 8 weredas of Borena Zone where 90% of the community is believed to be pastoralists.

The company sales the policy twice a year, i.e. August and September as well as January and February sales windows. Five sales windows were made since the service commenced. A promising result has also been registered and a payout of above half a million Birr was payed to policy holders in November 2014.

The six round (January/February) sales window has commenced in January 1, 2015 and will last for two months until November 28, 2015. The Company in collaboration with International Livestock Research Institute (IRLI) and in partnership with Community Initiative and Facilitation Assistance (CIFA) gave a 10 days training for stakeholders from ten weredas of Yabolo and Moyale from December 26, 2014 to January 5, 2015.  

Depending on the rising awareness of the community; the company foresees a highest sales performance. It has planned to increase the sales by 100% from the last sales windows.   

The Microinsurance Department of the company says that the performance is good that it is working on the possibilities of scaling it up to other pastoral regions.  The Department had also tipped that a preparation is underway to implement new product that is more innovative and beneficial to the pastoral community.