999 farmers out of the 1,125 insured farmers in the first cycle of JICA’s Index-based Crop Insurance Promotion project have received insurance payouts.

According to the farmers, a shortage in rainfall and pests and diseases damaged their crops in the 2020 season. As a result, 999 farmers, around 90% of the total insured farmers, received insurance payouts in March 2021. These farmers purchased the Vegetation Index Insurance under the project in the 2020 season.

The total insurance payout amount is 256,713.00 ETB (6,200.00 USD) approximately 20% of the total insured amount.

The payout ceremonies were organized in various kebele’s and wereda’s within Amhara and Oromia regions. Our insurance partner, Oromia Insurance Company, announced the completion of the payout process.

The “Index-based Crop Insurance Promotion Project for Rural Resilience Enhancement Project” launched in March 2019 aims to promote “Resilience Enhancement Packages (REPs)” that combine index-based insurance products, agricultural materials, and agricultural technologies.

Source: JICA Ethiopia